UPDATE 1-Singapore Exchange reprimands Omega Capital

(Updates with details, background)

SINGAPORE, July 23 (Reuters) - Singapore Exchange (SGXL.SI) said on Wednesday it is not satisfied with Omega Capital's performance as a financial adviser, effectively preventing the firm from handling share issues.

Omega, a Singapore-based boutique corporate finance firm, will now have to appoint an independent professional firm to review and improve its internal processes, SGX said in a statement.

"Omega may re-commence submitting applications to the exchange only upon the satisfactory completion of this exercise," SGX said.

According to its web site, Omega Capital has served as financial adviser to private education firm Auston International AUST.SI and rights issue manager for ornamental fish company Qian Hu (QIAN.SI). (Reporting by Saeed Azhar and Yvonne Cheong; editing by Kevin Lim)