—(1) The Authority may, if it thinks it necessary or expedient —
for ensuring fair, orderly and transparent markets;
for ensuring the integrity and stability of the capital markets or the financial system;
in the interests of the public or a section of the public or for the protection of investors;
for the effective administration of this Act; or
for ensuring compliance with any condition or restriction as may be imposed by the Authority under section 8(4) or (5), 14(5), (6), (8) or (9), 17(2), 27(5) or (10), 28(11), 29(2), 35, 42(2) or 43A(2), or such other obligations or requirements under this Act or as may be prescribed by the Authority,
[2/2009 wef 29/07/2009]
issue directions, whether of a general or specific nature, by notice in writing, to an approved exchange, a recognised market operator or an exempt market operator, and the approved exchange, recognised market operator or exempt market operator shall comply with such directions.
(2) Any approved exchange, a recognised market operator or an exempt market operator which, without reasonable excuse, contravenes a direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.
(3) It shall not be necessary to publish any direction issued under subsection (1) in the Gazette.