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<h1>Power to issue directions and disgorgement: regulator may direct intermediaries and levy penalties after inquiry to protect investors.</h1> Section 11B authorises the securities regulator to issue directions to market participants and companies to protect investors and ensure orderly market development, and to direct disgorgement of wrongful gains or losses averted by contraventions. Separately, after holding prescribed inquiries and recording reasons in writing, the Board may levy penalties under specified penal provisions.