(1) A person that carries on a business as an operator specified in section 109 (1) without a licence issued under this Act is liable to pay to the Commission an administrative penalty of four thousand five hundred penalty units.

(2) A person that

(a) being a bank or other financial institution that intends to do business in the capital market other than the business of a trustee, custodian, primary dealer, nominee, registrar and underwriter, fails to incorporate a subsidiary company under the Companies Act, 1963 (Act 179) and to apply for the relevant licence, contrary to section 114;

(b) being a public company, closed-end collective investment scheme, statutory body, local government authority and any other organization that issues securities to die public, fails to register with the Commission on terms and conditions prescribed by the Commission, contrary to section 145;

(d) being an auditor in the performance of functions as an auditor of a broker-dealer, fails to report a prescribed matter to the Commission, contrary to section 165; or

(e) being a bank, fails to make a full disclosure to the Commission, contrary to section 170; is liable to pay to the Commission an administrative penalty of one thousand penalty units.

(3) A person who

(a) engages in false trading and market rigging transactions, contrary to section 147;

(b) engages in stock market manipulation, contrary to section 148;

(c) makes a false or misleading statement in a material particular that is likely to induce the sale or purchase of securities by any other person or is likely to have the effect of raising, maintaining or stabilizing the market price of securities, contrary to section 149;

(d) fraudulently induces a person to deal in securities, contrary to section 150;

(e) disseminates information about illegal transactions, contrary to section 151;

(f) employs manipulative and deceptive devices in connection with the purchase or sale of securities, contrary to section 152; or

(g) engages in insider trading of securities, contrary to section 153, commits an offence and is liable on summary conviction to a fine of not less than one thousand penalty units and not more than two thousand five hundred penalty units or to a term of imprisonment of not less than four years and not more than five years or to both.

(4) A person who is convicted of an offence under this Act for which no specific penalty is provided is liable on summary conviction to a fine of not less than one hundred and fifty penalty units and not more than five hundred penalty units or to a term of imprisonment of not less than one year and not more than three years or to both.

(5) The Commission may impose an administrative penalty of three hundred penalty units for a breach of a non-criminal nature under this Act for which a specific penalty is not provided.