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What can I do if I found a broker who is not registered agent? If I report it to BOVAEAP, what consequences will be suffered by the broker? Is there any other way to report or complaint?

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I heard the BOVAEAP will request MCMC to blacklist the phone number of the illegal broker after investigation. The punishment seems too light for me though

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Besides lodging a report to BOVAEA, you can also file a complaint at MIEA http://www.miea.com.my/file-a-complaint . There's this channel for you to do so as they will verify with the supporting docs you have place and check on it before they do anything about it.

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There is no any specific clauses or sections in the Act 242 mentioning about illegal agent. Normally BOVAEA will only lodge a police report whenever they receive complaint about illegal agent/ REN  from public. My advise is whenever you deal with REN/REA/PEA, you can anytime do the checking yourself by using their REN #/E#/PEA# via BOVAEA website to search for his or her info. you can go in the following website check their info:  www.lppeh.gov.my