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Article 14

The Exchange shall have a disciplinary board which shall be responsible for deciding on violations of the provisions of this law, regulations and resolutions regulating the Exchange, as well as any violation affecting the proper conduct of business and order therein.

The disciplinary board shall consist of three members appointed by a Resolution of the Chairman of the Board, and shall be presided over by the Director.

The disciplinary board shall be empowered to inflict the following penalties:

1. Reprimand
2. Warning
3. Confiscating all or part of the bank guarantee provided by the stockbroker.
4. Suspension of trading in respect of the violating company, for a period not exceeding four months.
5. Striking off listed and unlisted companies from the Exchange, or conversion of a listed company into an unlisted company whose securities are admitted for trading.
6. Suspension of the activities of stockbrokers, market makers and other parties of similar status, for a period not exceeding four months.
7. Cancellation of the membership of stockbrokers, market makers and others from the Exchange.

The deliberations of the disciplinary board shall be held in camera, and its decisions shall be passed by a majority vote, and shall be notified to the persons concerned by a registered letter, with an acknowledgement slip.

The Internal Regulations shall set forth the procedures to be followed on the disciplinary board.

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