(1) The Board shall revoke the license of the organization that has received the license in the following cases:-
(a) If the license period expires without renewal of the license as per section 8,
(b) If infrastructure is not arranged according to section 9,
(c) If the commodity exchange market, commodity trading business, rough-and-tumble business or warehouse ceases to operate,
(d) In case of dissolution or in any other manner in accordance with prevailing law, or
(e) If an application is made to revoke the permit.
(2) The Board may revoke the license of the organization that has received the license in the following cases:-
(a) In case of breach of conditions mentioned in the licence,
(b) in contravention of this Act or the rules or regulations made under this Act,
(c) In case of conducting commodity exchange market, commodity trading business, rough and fast shipping business or warehouse in a manner contrary to the interests of investors,
(d) In case of repeated violation of orders or directions issued by the Board,
(e) fails to provide the financial and business details requested by the Board within the period of suspension, or (f) If the amount to be paid according to this Act is not paid.
(3) Before revoking the license according to sub-section (2), the organization that received the license should be given an opportunity to clean up.
(4) Due to the cancellation of the license in accordance with sub-sections (1) and (2), there will be no impact on the liability created by the activities of the organization that received such license prior to the cancellation of the license.