(March 26 – 11:40 ET) – There has been a large housecleaning in the upper echelons of China’s developing fund management industry according to an article in today’s Financial Times.

The FT reports about 30 executives at China’s top fund managers have been fired or disciplined after an investigation into stock manipulation by the China Securities Regulatory Commission. The investigation revealed some fairly rudimentary manipulation, mostly fund managers trading between their own accounts to artificially boost prices.

Only two of the country’s top 10 firms got a clean bill of health from the CSRC. “Companies must punish people who make big mistakes,” said the CSRC report.

The FT says that the investigation was launched in response to a magazine article in Cajing magazine uncovered corruption in the industry.

The CSRC said in a statement on the weekend that it was also considering charges against executives in Boshi Fund Management. It alleges that it found more than 10,000 “abnormal trades” by Boshi.