Penalties for stock market manipulation need to increase in line with amount of harm caused - Nabiullina

MOSCOW. May 15 (Interfax) - Current financial penalties for stock market manipulation are not making an impact on the problem; they need to be increased in proportion to the amount of harm caused, Elvira Nabiullina, head of the Russian Central Bank, said.

"Our fines for manipulation are just catastrophically low; 5,000-10,000 rubles. What is that? Nothing!" she said at the NAUFOR conference on Wednesday, answering a question from Oleg Vyugin on the main risks to the country's stock market as the regulator sees them.

"In our opinion, the fines here need to be increased, that is, they should depend on the amount of damage done by this manipulation," Nabiullina said.