BEIJING -- China's Supreme People's Court (SPC) on Aug 18 stressed that crimes in the security market must be severely punished to better reform the ChiNext stock market and pilot a registration-based initial public offering system.

According to a set of guidelines issued by the SPC, measures will be taken to provide a judicial guarantee for the reform and the pilot project, raise the cost of breaking laws and rules, and protect the legitimate interests of investors.

No tolerance will be shown for securities crimes, the regulations said, calling for efforts to step up the punishments of crimes concerning the insurance of stocks and bonds by fraudulent means, illegal disclosure of important information, and submitting false supporting materials.

Those involved in insider trading and security market manipulation will face heavier economic punishments, the regulations said.

The regulations also encouraged courts across the country to improve court proceedings to make it easier for investors to protect their rights.