JUDGMENT

Lau Bee Lan JCA:

Introduction

[1] This is an appeal from the appellant against the decision of the High Court dated 15 June 2020 allowing the respondent's judicial review application primarily for the following orders:

(a) a certiorari order to quash the appellant's Listing Committee's decision dated 18 December 2018 ('LC's Decision') and Appeals Committee's decision dated 6 May 2019 ('AC's Decision'); and

(b) a mandamus order to direct the appellant to issue an announcement that the public reprimand imposed against the respondent by the appellant be nullified and declared invalid within 14 days from the date of the Court's order. This order was upheld by the AC.

[2] Having considered the respective parties' written submissions and the oral arguments and the relevant Records of Appeal, we had dismissed the appeal with costs. These are our reasons in respect of the said decision.

Background Facts

[3] The facts relevant to this appeal are as follows:

(a) The appellant is the regulator of the Malaysian capital market and maintains, among others, the Main Market and ACE Market. Section 11 of the Capital Markets and Securities Act 2007 (Act 671) ('CMSA') empowers the appellant to put