(1) A licence is revoked in the case of

(a) an individual, if the individual dies; or

(b) a body corporate or incorporated private partnership, if it is wound up.

(2) The Commission may revoke a licence

(a) in the case of a licensed person who is an individual

(i) if a levy of execution in respect of that individual has not been satisfied;

(ii) if the individual ceases to carry on business for which the licence was granted;

(iii) if the individual is adjudged bankrupt in any jurisdiction;

(iv) if in the case of a representative, die licence of the market operator, in relation to whom the licence was granted, is revoked;

(v) if the Commission has reason to believe that die licensed person has not performed the functions of that person efficiently, honestly or fairly; or that  the person has furnished die Commission with false or untruthful information;

(vi) if the licensed person is convicted of an offence involving fraud or dishonesty punishable by a term of imprisonment of not less than four months;

(vii) if the licensed person contravenes or fails to comply with a condition or restriction applicable in respect of the licence or any other provision of this Act; or

(viii) if the licensed person wilfully furnishes information or makes a statement that is false or misleading to the Commission; or

(b) in the case of a body corporate or an incorporated private partnership

(i) if it is being or will be wound up;

(ii) if a levy of execution in respect of it has not been satisfied;

(iii) if a receiver or a receiver and manager have been appointed whether by a Court or creditors in respect of its property;

(iv) if it has entered into a composition or arrangement with its creditors;

(v) if it ceases to carry on the business for which it was licensed;

(vi) if the Commission has reason to believe that the licensed body or any of its directors or employees, has not performed its functions or the functions of the directors efficiently, honestly or fairly; or

(vii) if the licensed body contravenes or fails to comply with a condition or restriction applicable in respect of the licence or any other provision of this Act.

(3) In a case to which subsection (2) applies, the Commission may, instead of revoking a licence, suspend the licence for a specific period and may remove the suspension.

(4) The Commission shall not revoke or suspend a licence under subsection (2) or (3) without first giving the licence holder an opportunity of being heard.

(5) A person whose licence is revoked under this section shall, for the purpose of this Act be deemed not to be licensed from the date that the Commission revokes the licence.

(6) A revocation or suspension of a licence of a person shall not operate so as to

(a) avoid or affect an agreement, transaction or arrangement relating to the trading in securities entered into by that person, whether the agreement, transaction or arrangement was entered into before or after die revocation or suspension of the licence; or

(b) affect a right, obligation or liability arising under an agreement, transaction or arrangement.

(7) The Commission may revoke the licence of a person who fails to commence business within six months of being granted a licence.