In a rare statement issued on Thursday night night, the SGX urged board members and audit committees to 'heighten their vigilance...in identifying, addressing and managing risks' that may impact businesses in this 'challenging market environment'.

It also reiterated the importance of timely disclosure by companies to provide 'clear, concise and meaningful information' to shareholders.

'We expect listed companies, being mindful of current economic and financial uncertainties, to be responsive to our communication and take prompt action as necessary,' SGX said.

'Boilerplate statements and disclosure that is imprecise or could be misconstrued should be avoided as they do not meet the standards required.'

This follows a public reprimand of Neptune Orient Lines on Tuesday, which breached listing rules for failing to quash market rumours over a rights issue.

Industry observers say SGX's unusual statement underscores the tough economic climate under which firms are operating, and where temptation of fraud and misreporting is high.

Some firms that have made the news include Catalist-listed Chinese education provider Oriental Century and Fibrechem Technologies, who were suspended from trading over alleged accounting irregularities.

SGX said it has been engaging listed firms and industry players such as auditors since September to communicate and identify high-risk areas that deserve more attention.

Some of these areas include safeguarding of cash, potential bad debts, and liabilities not necessarily stated in a company's balance sheet.