The head of South Korea's financial regulatory body said on Thursday that the decision to introduce single-stock leveraged exchange-traded funds (ETFs) reflected a range of viewpoints, denying claims that the move was directed by the presidential office.

Lee Eog-weon, chairman of the Financial Services Commission (FSC), made the remarks while responding to questioning at the National Assembly, after an opposition lawmaker asked about the reasons behind launching such products.

"We listened to opinions from all sides," Lee said.

In May of this year, 16 single-stock leveraged ETFs listed on South Korea's main board, triggering sharp market volatility.

To curb the swings, South Korea subsequently raised the minimum cash margin required to invest in single-stock leveraged ETFs from 10 million won (about US$22,400) to 30 million won in late July.

"Given that overseas markets allow the launch of single-stock leveraged ETFs while South Korea had not previously permitted them, there had been persistent calls to introduce such products," Lee said.

However, Lee disputed a recent market estimate that South Korean retail investors had suffered about 54 trillion won in losses from single-stock leveraged ETFs, saying the figure was "not accurate."

"Regardless of whether this policy was necessary, I deeply apologize for the losses, concerns and harm it has caused," he said.