Watchdog levies over W60b in fines in 2 yrs over illegal short selling: data
South Korea's financial watchdog has imposed over 60 billion won ($41 million) in fines on global and local investors over illegal short selling over the past two years, data showed Tuesday, with the country set to lift its temporary ban on the stock trading practice at the end of this month.
According to the data compiled by the Financial Supervisory Service and submitted to Rep. Lee Kang-il of the main opposition Democratic Party, the watchdog imposed a combined 63.5 billion won in fines in 58 illegal short selling cases from March 2023 to last month.
The figure may further rise as details of measures currently under review were not disclosed.
The FSS has been investigating 14 global investors and is planning to complete its probe before March 31, when the short selling is scheduled to resume.
The country imposed a temporary ban on the practice in November 2023 after a series of naked short selling violations involving several global investment banks were discovered.
Kim Byoung-hwan, the chief of the Financial Services Commission, said earlier the regulator is planning to allow short selling on all publicly traded companies here.
Before the short selling ban, only 350 listed firms, namely the constituents of the KOSPI 200 index and the KOSDAQ 150 index, had been subject to short selling. (Yonhap)
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