Ann: Commences Federal Court Action against ASX, page-2449

No, the ASX is the market operator and can suspend and delist companies as per the listing rules. If you want ASIC to take over then you would have to rip up the listing rules, which is technically what seems to be ISX's main argument. ISX got suspended, cry foul and want the listing rules (that they presumably contractually agreed on) changed to suit them. SH realise their money is in peril and is now cheering for the company TO PROTECT THEIR MONEY not finding out the truth.