BEIJING, Dec. 23 (Xinhua) -- A draft amendment to China's securities law was submitted Monday to the ongoing bimonthly session of the National People's Congress Standing Committee, China's top legislature, for a fourth reading.

The latest revisions to the law were proposed in terms of the initial public offering system, compensation in civil litigations, and increasing the penalties for illegal activities.

In April 2015, the draft amendment to the law was submitted to the top legislature for the first reading. The second and third readings were reviewed in April 2017 and April 2019, respectively.

The revision of the securities law is related to market construction and the vital interests of all parties involved.

The pilot of the registration system has been implemented and steadily operational on the Shanghai Stock Exchange's sci-tech innovation board, commonly known as the STAR market, providing a good basis for the revision of the law.