Seoul: The head of South Korea's financial regulator on Wednesday pledged to step up efforts to crack down on stock manipulation and other unfair trading practices. Lee Eog-weon, chairman of the Financial Services Commission (FSC), made the remarks during a ceremony marking the first anniversary of a joint task force established to detect and investigate illegal and unfair stock trading.

According to Yonhap News Agency, the joint task force, comprising officials from the FSC, the Financial Supervisory Service (FSS), and the Korea Exchange, was launched in July last year. "The joint task force has been at the forefront of protecting trust in the capital market by swiftly detecting illegal activities and imposing strict sanctions," Lee stated.

Over the past year, the team has detected 10 cases, including one involving journalists, and referred them to prosecutors. The government plans to expand the task force and grant it greater investigative and enforcement powers to eradicate unfair practices in the capital market.

"We will not rest on our laurels but will respond even more rigorously through 'swift detection, strict investigation and zero-tolerance sanctions,'" Lee further emphasized.