(Yicai) Dec. 27 -- The Shanghai and Shenzhen stock exchanges tightened regulatory oversight this year, issuing 135 fines for violations related to initial public offerings and refinancing projects, an almost three-fold increase from 50 last year.

The number of disciplinary actions surged 3.8 times to 53, while regulatory measures concerning issues such as inadequate information disclosure by issuers and irregular practices by intermediaries rose 110 percent to 82, according to their websites.

The Shanghai Stock Exchange has issued disciplinary actions 29 times and took regulatory measures 33 times, while the corresponding number stands at 24 and 49, respectively, for the Shenzhen Stock Exchange.

Following the full implementation of the registration-based IPO system, stricter requirements have been imposed on both issuers and intermediaries. When IPO or refinancing applicants are penalized, their sponsors, representatives, accountants, law firms, and attorneys are often punished as well.

Intermediaries play a critical role in IPOs, as their work directly impacts the quality and transparency of offerings, Tian Lihui, dean of Nankai University's Institute of Finance and Development, told Yicai. To regulate the professional behavior of intermediaries, stock exchanges need to strengthen the supervision and punishment of intermediaries, he added.

Brokerage giant China Securities received five fines this year, the most among all punished sponsors, followed by Haitong Securities with four and Minsheng Securities with three.

Editors: Shi Yi, Martin Kadiev