BEIJING, Nov. 28 -- China's top securities regulator has completed a draft plan to reform the nation's stock issuance regime.

The draft plan, seen as major move in introducing a registration-based system for stock issuance, replacing the current system of administration, will be sent to the State Council for review before the end of this month, said Zhang Xiaojun, spokesman of the China Securities Regulatory Commission (CSRC).

CSRC led the drafting of the reform plan, with participation by multiples agencies including the National Development and Reform Commission, Ministry of Finance, and the central bank, Zhang said.

Under the current approval-based IPO system, newly listed candidates often experience a complicated application process that can take multiple rounds of reviews and several years to receive approval from the CSRC, while the registration-based IPO system will focus on companies' compliance review and be market-oriented and more transparent.