A blogger runs into the top securities watchdog in China for spreading inaccurate information that affected the stock market. The securities watchdog was accused of engaging in a closed-door meeting with financial institutions and property developers.
The China Securities Regulatory Commission (CSRC) on Friday issued a statement that a blogger it identified only by the surname Cao was fined 200,000 yuan, or around US$31,650 at the current exchange rate, for publishing a post containing wrong information. The said penalty is the maximum punishment for such violation, reports Reuters.
According to the CSRC, Cao took WeChat in November 2017 to say that financial institutions and property developers were holding a private meeting at the premises of the CSRC. The said statement caused disruptions on the stock market, the securities watchdog stressed on Friday.
CSRC clarified that the meeting was a routine gathering, and it was never involved at all. It added that internet platforms such as social networking WeChat and Weibo play a vital role in the capital market and false information could influence them in the worst way possible.
Media platforms should also abide by the rules and laws; otherwise, they will face consequences and be punished accordingly.