Appeal of ex-Everbright Securities executive rejected

Xiao told the work conference that CSRC investigators should "sufficiently use power both in and out of the system, especially public security organs in all levels, to ensure the safety of investigators". The conference discussed new guidelines on investigations and law enforcement involving the stock and futures markets.

Xiao said the 600 new investigators will be sent to six equity and futures exchanges.

"Investigation and hearing of a case should be finished within one year. Exceeding the time limit requires clear explanation," he said.

Analysts said Xiao may have received higher-level support to get around bureaucratic and budget constraints The CSRC reports directly to the State Council, China's cabinet.

Investors want the CSRC to release the results of the probe into last Friday's "fat finger" incident involving Everbright as soon as possible.

"I don't understand what takes so long for the CSRC to decide whether Everbright manipulated the market. In my opinion, the answer is crystal clear," said Gen Shuang, senior partner of the Guangzhou-based Bestfound Law Firm.

Glitch rings regulator's alarm bell

Why was there no warning?

The debacle "has exposed the lack of a comprehensive warning mechanism in the stock exchanges," said Yin Zhongli, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences.

How to protect individual investors?

"Clearly small investors buying blue chips without knowing the entire insider information became the biggest victims, while mature institutions and investors profiteer by taking advantage of the situation," she added.

What Everbright Securities was told to do?

Everbright Securities said Shanghai securities authorities had told them to suspend trading of proprietary stocks in the spot market for three months until Nov 18.

The China Financial Futures Exchange imposed restrictions on Everbright Securities, limiting its ability to establish fresh stock index futures.