Regulation 12 - Procedure where registration is not granted - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999

Procedure where registration is not granted 12. (1) Where an application made under regulation 4 for grant of registration does not satisfy the conditions specified in regulation 9, the Board may reject the application after giving the applicant a reasonable opportunity of being heard and inform the applicant of the same. (2) The decision shall be communicated to the applicant by the Board within 30 days of such decision stating therein the grounds on which the application has been rejected.