(Yicai Global) March 22 -- The Zhejiang Securities Regulatory Bureau under China Securities Regulatory Commission, CSRC, has ordered Ant (Hangzhou) Fund Sales Co., affiliated to Ant Financial Services Group, to rectify what it called illegal behavior of giving red envelopes, digital money gifts, to boost fund sales, online news outlet The Paper reported today.

The regulator found that Ant Fund's practice violated the regulations set out in the administrative measures on securities investment fund sales, it said in a statement on March 20.

The regulations stipulate that fund sales institutions shall not use means such as raffles, kickbacks, gifts, insurance, or fund shares to boost fund sales, it said. The Zhejiang Securities Regulatory Bureau, therefore, decided to take supervisory administrative measures by ordering Ant Fund to make corrections immediately and improve the level of compliance management, it added.

Ant Financial Services Group is an affiliate of Alibaba Group Holding Ltd. Its businesses include China's popular online payment platform AliPay.