It seems to me that the ASX's primary role is to create and...

It seems to me that the ASX's primary role is to create and maintain an orderly market.

For which they receive considerable fees and, until recently a monopoly.
And as a result of which they enjoy a M. Cap of AUD 11.29 Billion.

Chopping the head off your prize rooster (even though his crowing is a nuisance) is no way to win prizes at the Show. Nor is delisting a company (even if it has transgressed) a way to achieve an orderly market in its equities.

Still looking at the big picture, if ASX has no other recourse than delisting and referral to ASIC then it is time for a Royal Commission of Inquiry to sort out all the shortcommings. After all the people who run the exchanges, brokerages, investment funds etc are cut from the same silk as those who run the big banks and insurance companies.