Power to issue directions and penalties enables regulatory enforcement to protect investors and market integrity. The Board may, suo motu or on information or during or after inspection, issue directions to divest prohibited equity holdings, transfer proceeds or securities to a depository's Investor Protection Fund, or debar persons from market access. The Board may also enforce against depositories and associated persons by restricting products and activities, imposing monetary penalties, or limiting participation, having regard to mala fide intent, commission or omission, negligence or repeated failures; penalty quantum is to be assessed with reference to disproportionate gain, loss to the depository or market, and repetitiveness of the default.