Directions by the Board enable refunds, market access restrictions and exchange directives to enforce investor protection obligations. The Board may direct refunds, market access restrictions, refusal of listing or trading, forfeiture of security deposits, and other measures to protect investors; it must afford reasonable opportunity to be heard, though interim directions may be followed by post decisional hearings. The Board may suspend or cancel intermediary registrations for non compliance subject to applicable procedures. Exemptions may be granted for technical violations or factors beyond control. The 1992 Guidelines are repealed, with past actions and pending applications deemed to fall under corresponding provisions of the current Guidelines.