Liu Shiyu, China Securities Regulatory Commission's (CSRC) former chief deputy, has been dismissed from his post in the government, and will be placed on probation within the Communist Party of China (CPC) for two years, said China's anti-corruption watchdog on Friday. 

Liu has been under investigation on suspicion of "violations of laws and discipline" and turned himself in this May.

He "severely violated political discipline and political rules", "poorly implemented decisions made by the CPC Central Committee," and "lacked political vigilance and confidentiality" among other things, according to the statement of the Central Commission for Discipline Inspection. Liu received gifts and used his power and position to seek personal gains.

The statement added that Liu seriously violated his duties, but on consideration that he turned himself in and cooperated with the commission for the investigation, he was dealt with leniently.

Liu will no longer serve as a deputy to the 19th National People's Congress, and his illegal income will be confiscated.

Liu worked as chairman of the CSRC from February 2016 to January 2019 and deputy Party secretary of the All-China Federation of Supply and Marketing Cooperatives since January.