CHINA’S banking and insurance regulator for the first time published names of companies that it alleges committed shareholder violations in the industry, warning investors against misbehavior as the sector tries to attract private and foreign capital.

The China Banking and Insurance Regulatory Commission’s (CBIRC) list of 38 companies, published on its website Saturday, didn’t identify the banks or insurers they invested in but included a few firms that were previously known as shareholders of Anbang Insurance Group Co.

The violations included illegal connected transactions, seeking illicit gains, exceeding shareholding ceilings without approval and fabricating materials.

The list includes shareholders in Kunlun Health Insurance and Ningbo Donghai Bank, according to the CBIRC statement.

Shareholder violations have “seriously affected the stable operations of financial institutions,” the regulator said. “The purpose of the disclosure is to send a signal that shareholder supervision will be further tightened.”

China’s financial regulators have been clamping down on shareholder conduct in the past few years to curb irregularities and financial risks, jailing Anbang’s former chairman for illegal fundraising and injecting State capital to take ownership control in the most high-profile case. The government has also removed foreign ownership ceilings in banks and insurers as the nation opens up its financial market.

The CBIRC will encourage private investors in banks and insurers, especially those with capital strength and management experience in strategic investments, according to the statement.(SD-Agencies)