China's stock market regulatory body has announced via Weibo on Saturday that it has fired a top official in its stock issuance supervision department after discovering that her husband had been involved in illegal trading.

Li Zhiling has been reportedly handed over to the police and is set to be arraigned in court, according to Global Times.

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At the moment, details of the case are scanty. China Securities Regulatory Commission (CSRC) did not reveal further information about the crimes of her crime and the circumstances of her arrest. A statement from CSRC simply says that "She is suspected of breaking the law by taking advantage of her position." The organization has vowed to investigate and prosecute all wrongdoers accordingly.

Li is the first person to be dismissed by China's securities watchdog since the country embarked on its anti-corruption campaign about three years ago. However, several top officials from other branches of the government have fallen victims to the government's anti-corruption campaign.

According to local sources, Li was appointed as a section chief in China Securities Regulatory Commission (CSRC) stock issuance department in 2012. Shortly after she was appointed, the organization reshuffled its top officials in a bid to cut down exploitation and corruption. However, Li was not removed from her post.

Although Li is the first person to be dismissed by China's stock market regulatory body, she is not the first person to be placed under the organization's spotlight. Last year, the chief of the investor protection bureau, Li Liang, was investigated for graft, according to Caixin.

Li's dismissal comes at a time when investors are apprehensive about the stock market following the abysmal performance of the Shanghai Composite Index and the Shenzhen Composite Index this week.  Officials at China Regulatory Securities Commission (CSRC) have called on investors to remain calm.

CRIENGLISH.com reports that some investors are blaming CSRC for the recent performance of the stock market as they say the organization spooked investors into selling-off after failing to inform them properly about its new method of calculating trade volumes.

TagsLi Zhiling, China stock market, China Securities Regulatory Commission (CSRC), Li Liang