8. (1) A licence granted or renewed under section 4 may be suspended or cancelled by the Director on his own motion or on the recommendations of the Market Advisory Committee-(i) if there is any contravention of any of the provisions of this Act and the rules or any breach of the conditions subject to which the licence was granted or renewed, or(ii) if the holder of the licence has ceased to carry on the business or has sold or otherwise transferred his interest in the business in respect of which the licence was granted or renewed. (2) The holder of a licence shall not be entitled to any compensation for any loss or damage suffered by him as a result of such suspension or cancellation of his licence under this section.