Regardless whether or not there has been any notification by a Trading Member under Rule 11.2.3, if the base capital or net head office funds of the Trading Member, as the case may be, is/are below the base capital requirement prescribed under Rule 11.2 or such higher base capital requirement as SGX-ST may have imposed under Rule 11.5, it shall be deemed a breach of a provision of the SGX-ST Rules by the Trading Member. SGX-ST may refer the matter to the Disciplinary Committee, and may take such interim control measures, including but not limited to do all or any of the following, as SGX-ST deems fit and appropriate:—
(1) require the Trading Member to operate its business subject to such restrictions or conditions as SGX-ST decides;
(2) suspend the Trading Member for a period SGX-ST decides. The suspension may be announced to all Trading Members. During the suspension, the Trading Member:—
(a) must not enter into a new transaction without the approval of SGX-ST;
(b) remains liable to complete all contracts outstanding at the time of suspension. However, it must not deliver any securities or settle any transaction without the approval of SGX-ST.
(3) require a Director to step down from day-to-day conduct of the business affairs of the Trading Member; and
(4) appoint a person or persons (which may include a firm of auditors) as Manager to manage the business of the Trading Member. SGX-ST will fix the remuneration of the Manager, which must be paid by the Trading Member. The Trading Member is solely responsible for the Manager's acts and defaults. The Manager must carry out directions given by SGX-ST in relation to the business of the Trading Member, including carrying on the business of the Trading Member in accordance with instructions.