China's securities regulator restricts big share sales as stocks nosedive
Major shareholders asked not to sell more than 1% of a listed company's share capital through bourses' centralised bidding system every three months
 "Despite a cash injection of around $20 billion, Chinese shares listed in Shanghai and Shenzen ended no better than little changed on Tuesday")
Despite a cash injection of around $20 billion, Chinese shares listed in Shanghai and Shenzen ended no better than little changed on Tuesday
China's securities regulator issued rules to restrict share sales by listed companies' major shareholders, saying the move will stabilise market expectations, but doesn't signal an imminent exit of the "national team" of investors.
Major shareholders must not sell more than 1% of a listed company's share capital through stock exchanges' centralised bidding system every three months, according to the rules published by the China Securities Regulatory Commission that will take effect January 9.
In addition, major shareholders must file their plans 15 trading days in advance of sales.
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First Published: Jan 07 2016 | 10:02 AM IST