The China Securities Regulatory Commission (CSRC) on Friday released new rules to further reform the country's IPOs and is seeking public opinion.

The CSRC has called for more transparency and more accountability from controlling stakeholders in IPOs. Chairs and executives holding initial shares should vow in the prospectus that they will not cash in their shares for less than the issue price after the two year lock-up period ends, the CSRC said in a statement posted on its website.

Pricing of new shares will also be more market-oriented, the commission said.