China’s top securities regulator published a draft rule on Friday aiming to give stock exchanges more power in regulating the market, Yicai.com reported.

The China Securities Regulatory Commission (CSRC) released the draft rule with the aim of reforming current stock exchange management. According to the arrangement, the Shanghai and Shenzhen stock exchanges will be expected to enjoy more autonomy, including developing measures to deal with abnormal transactions, conducting on-site inspections and executing a certain degree of punishment.

While first-line supervision will be strengthened at stock exchanges, the CSRC will focus more on cracking down on financial chaos and protecting investor rights, the report added.

Liu Shiyu, Chairman of the CSRC, said that the draft rule reflected the lessons they learned from stock markets overseas and the volatility in Chinese stock markets in 2015.

“In the past, our first-line supervisory functions were not solid enough. The volatility of the stock market in 2015 fully exposed this point,” Liu said.

The proposed revision would help ensure market orders, reduce risk and fight against market manipulation and insider trading, the report added.