Section 89: License may be revoked

1) The Board may, on any of the following circumstances, revoke a license obtained by any stock exchange or securities business person to operate the stock exchange or securities business under this Act:-

(a) If one stops operating the stock exchange or securities business,

(b) If one operates the stock exchange or securities business contrary to the interest of investors,

(c) If one violates the terms set forth in the license,

(d) If one violates this Act or the Rules and By -laws framed under this Act,

(e) If one fails to observe any order or direction issued by the Board,

(f) If one becomes insolvent, being unable to repay credit to creditors,

(g) If the company or body having obtained a license to operate the stock exchange or securities business is wound up,

(h) If the stock exchange or securities business person having obtained a license to operate the stock exchange or securities business makes an application for the revocation of a license,

(i) If the securities business person who has removed an agent appointed by it does not appoint another agent in lieu of such an agent,

(j) If one fails to submit such financial and transaction-related statements as required to be submitted to the Board,

(k) If one fails to pay such fees as required to be paid pursuant to Section 50 to the Board within the time limit specified by such a Section.

2) No revocation of a license made pursuant to sub- section (1) shall have any effect on any liabilities arising from any activities done by such a stock exchange or securities business person prior to the cancellation of license.