Section 36: Power of Commission to prohibit trading in particular securities.

(1) Where the Commission deems it necessary for the protection of persons buying or selling particular securities made available by a body corporate on a securities exchange, capital trade point or any other self regulatory organisation, it may suspend or prohibit further trading in the securities and give notice in writing to the securities exchange, capital trade point or self regulatory organisation.
(2) If, after receiving the notice given under subsection (1) of this section, the securities exchange or capital trade point or self regulatory organisation fails to take action to prevent trading in the securities to which the notice relates, the Commission may, by notice in writing, to the securities exchange, capital trade point or other self regulatory organisation prohibit trading in the securities of the body corporate during such period, not exceeding 14 days; provided that the Commission shall have the power by notice in writing to increase the period for a further period not exceeding 30 days at a time.
(3) A securities exchange, capital trade point or any other self regulatory organisation, which permits trading in securities in contravention of a notice under subsection (2) of this section is liable to a penalty of N1,000,000 and a further sum of N50,000 for every day during which the contravention continues.
(4) Where, after the expiration of the second period of suspension of trading in the securities of a body corporate, the body corporate, securities exchange, capital trade point or self regulatory organisation, still refuses to comply with the directives of the Commission given pursuant to the provisions of this section, the Commission may:
(a) revoke the registration of either or both the body corporate and securities exchange, capital trade point or self regulatory organisation;
(b) refuse to consider or process any further request or application for approval, registration or consent made or to be made to the Commission by the body corporate or securities exchange, capital trade point or self regulatory organisation;
(c) apply to the Court under the Companies and Allied Matters Act for-
(i) the winding up of the body corporate or securities exchange, capital trade point or self regulatory organisation;
(ii) an official receiver to take over management under supervision of the court in respect of the registered company or securities exchange, capital trade point or self regulatory organization as if the Commission were a creditor thereof;
(d) after giving a hearing to serving officers, appoint competent person(s) nominated by the Commission in place of the serving chief executive officer and executive management and board of the registered company or securities exchange, capital trade point or self regulatory organisation;
(e) apply to the Tribunal for an enforcement order in respect of its directive to suspend trading on the specified securities:
Provided that the Commission may take any of the forgoing actions where it considers that the interest of investors or of members of the public or the integrity of the market so requires.