The London Stock Exchange has come under fire for keeping the names of four companies fined a total of £170,000 secret.

LSE watchdogs hit the companies with penalties for a number of rule breaches including making misleading statements, but drew the line at naming them.

The LSE has said that companies are only given a public censure in the 'most serious cases', the Daily Telegraph said.

However, last month the LSE issued a public censure of Meridian Petroleum and hit the company with a £75,000 fine for similar offences to those committed by the unidentified companies.

'Keeping this confidential seems ridiculous to me,' said Roger Lawson, a spokesman for the UK Shareholders Association. 'It's toothless and a prime example of the LSE's failure to properly regulate the market.'

Further reading:

AIM company hit with £75k reporting fine