BEIJING — The Chinese regulator handed out hefty fines to individuals and companies in the securities sector for illegal practices last year as the country stepped up efforts to contain financial risks.

In 2019, the China Securities Regulatory Commission (CSRC) confiscated and fined a total of 4.18 billion yuan (about $591.5 million) in the sector, according to a report released by the CSRC on April 17. 

During the same period, the CSRC handed out 296 administrative penalties and prohibited 66 people from entering the securities market, the report said.

The harsh crackdown on illegal practices came as China's rapidly expanding financial industry has been placed under greater regulatory scrutiny in recent years to curb financial risks.