Sealand Securities, Sinvo Fund receive punishments for scandal and default

China's top securities regulator on Friday vowed stricter regulations of the country's securities firms and funds, warning that repetitive rule violations and illegal practices will lead to business suspensions and license revocations.

The China Securities Regulatory Commission announced it is enforcing penalties on Sealand Securities Co, a mid-sized securities firm, over the bond trading scandal involving up to 16.5 billion yuan ($2.4 billion) that emerged last December.