China Securities Regulatory Commission chairman Xiao Gang may leave his post to join the new State Security Committee chaired by President Xi Jinping, mainland media reported.
But responding to a report in a weekly publication under the 21st Century Business Herald the CSRC said it has not received any notice of Xiao's move.
The CSRC boss is reportedly becoming a member of the finance department under the State Security Committee. The 56-year-old took the helm of the mainland stocks regulator in March.
A structural reform was initiated at the CSRC during a meeting on January 21, and all its six departments will have new chiefs soon, the weekly magazine, Wealth Management Weekly, reported.
Also, the Issuance Examination Commission - a major body that approves initial public offerings - will be abolished.
There is also a possibility that Xiao may not have to leave his present post, but could hold both positions concurrently,the report said.
Meanwhile, China has announced a pilot program for consumer finance companies focusing on providing consumption-related loans to individuals.
Investors with at least five year's expertise in the finance industry can set up a consumer finance firm as long as they have minimum assets of 60 billion yuan (HK$77 billion) in the past year, the China Banking Regulatory Commission said yesterday.