Yi Huiman, former chairman of the China Securities Regulatory Commission, has been expelled from the Communist Party of China and removed from public office due to severe breaches of Party discipline and national laws, China's top anti-corruption bodies said Thursday.

Yi came under investigation in September while serving as deputy head of the Committee on Economic Affairs of the 14th National Committee of the Chinese People's Political Consultative Conference, the country's top political advisory body.

The investigation was conducted by the CPC Central Commission for Discipline Inspection and the National Commission of Supervision.

The commissions said Thursday that they found Yi paid lip service to the central leadership's major policies and plans for the capital market while secretly obstructing their implementation, avoided taking responsibility by blaming others, and engaged in superstitious activities.

Yi was also found to have accepted gifts and cash, attended banquets and taken trips arranged by private parties that could undermine his impartiality in carrying out official duties. He secured appointments and promotions for others in exchange for money and valuables, the commissions said.

He knowingly allowed his family members to use his position for personal gain and participated in profit-seeking activities, and leveraged his power to benefit relatives. He also had others pay expenses that should have been his own, according to the commissions.

Additionally, he was found to have traded power for sexual favors and accepted large sums of money in return after using his positions to seek benefits for others in matters including job promotions, listing approvals and financing loans, they said.

The commissions said Yi has been expelled from the Party and removed from office because he seriously violated Party discipline and national laws. His suspected criminal case has been transferred to prosecutors for further review, and assets involved have been handed over.

The 61-year-old Yi, a native of Zhejiang province, served as chairman of the China Securities Regulatory Commission from January 2019 to February 2024, after working in China's banking system for many years.