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The
brief statement by the Central Commission for Discipline
Inspection gave no further details of the probe into Yao Gang, a
vice chairman of the China Securities Regulatory Commission (CSRC).
It was not possible to reach Yao for comment and unclear if he
has a lawyer or what the detailed accusations are against him.
But the move comes as authorities work to restore confidence in
the stock market after a fumbled intervention and suspicion of
irregular trading following market turmoil which began in June.
Since then, authorities have swept up market participants,
journalists, fund managers and social media commentators in a
crackdown on alleged market manipulation.
China's financial regulators have been under heavy pressure
since stock markets collapsed in mid-June following a long bull
run, though the statement made no mention of the markets.
Yao, 53, is the second senior CSRC official to come under
investigation following the market turmoil. He has a doctorate
in economics and took up his current job in 2008, according to
his official resume.
In September, the graft watchdog began a probe into an assistant
chairman at the securities regulator called Zhang Yujun, also
for suspected serious violations of discipline.
China's Cabinet said on Friday it had asked financial regulators
to improve their supervision of market players to better protect
consumer rights.
(Reporting by Ben Blanchard; Editing by Nick Macfie)
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