China fines blogger for misinformation
A photo of a blogger for representation purposes only Pixabay

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.

Also read: China's Cedar interested in buying Noble Group: Report

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.