The China Securities Regulatory Commission, China's top securities watchdog, plans to impose a lifetime ban from the securities market on Xu Jiayin, the founder and former chairman of real estate developer China Evergrande Group, according to filings by its flagship subsidiary Evergrande Real Estate Group on Monday night.

Evergrande Real Estate Group said it has received advance notice of administrative penalties and market bans from the regulator.

The regulator will fine Xu 47 million yuan ($6.53 million) for involvement in serious financial fraud. Xia Haijun, former vice-chairman and president of Evergrande, will also be banned from entering the securities market for life, with a fine of 15 million yuan. Some other executives will also be punished.

The regulator also plans to issue a warning to Evergrande Real Estate, together with a fine of about 4.18 billion yuan.