Seoul: The financial regulator announced Wednesday its plan to revise regulations to eliminate the ceiling on rewards for individuals who help expose stock manipulation and accounting fraud.

According to Yonhap News Agency, the Financial Services Commission (FSC) aims to fully compensate whistleblowers to effectively track and punish instances of stock rigging and accounting fraud. Currently, the reward cap for uncovering unfair stock trading is set at 3 billion won (approximately US$2.1 million), while the cap for identifying fraudulent accounting practices stands at 1 billion won.

With the revision of the decree of the Capital Market Act and the External Audit Act, whistleblowers could receive up to 30 percent of the gains from unfair stock trading and the fines imposed for such illegal activities. This regulatory change follows President Lee Jae Myung's renewed warning earlier this month against stock price manipulation.

President Lee has consistently emphasized his dedication to eradicating stock manipulation and other unlawful acts that threaten the stability of financial markets.