(Yicai) Aug. 15 -- Chinese authorities have doled out 75 fines so far this year to listed companies, intermediate agencies and individuals for failing to properly observe rules and regulations, more than double the 36 fines that were issued over the same period last year, as regulators crack down on shortfalls in transparency and accountability.

Thirty disciplinary sanctions and 45 enforcements of regulatory measures were handed out to 117 individuals, including lawyers, certified accountants, sponsor representatives, executives of securities firms and financial advisors.

Institutions, which include listed companies, brokerages, accounting firms and legal practices, have received 53 disciplinary actions, according to the Shanghai and Shenzhen Stock Exchanges websites. Many of these are repeat offenders.

Most of the enforcements of regulatory measures were in the form of written warnings or other punishments. Those who received disciplinary sanctions were openly criticized in a circulated notice or had their professional qualifications docked. The two bourses have issued seven professional qualification penalties against institutions or individuals so far this year.

Jintongling Technology Group and its senior managers, for example, were punished by the Jiangsu arm of the China Securities Regulatory Commission in May for declaring false financial data in six of the 13 annual reports published since the industrial fan supplier went public. The company’s auditor Moore Stphens Da Hua Certified Public Accountants, accountants, its IPO underwriter Huaxi Securities and sponsor representative were either suspended or received other penalties.

“Under the regulation of ‘assuming responsibility immediately upon the filing of applications,’ issuers and intermediary institutions will bear responsibility when submitting IPO application materials for listed companies,” Tian Lihui, dean of the Institute of Finance and Development at Nankai University, told Yicai.

The quality of the work done by third-party institutions directly affects the quality and transparency of IPOs, Tian said. Exchanges should enhance supervision on intermediaries and hike punishments for misconduct to regulate their practices.

Editors: Tang Shihua, Kim Taylor