Regulation 10 - Procedure where registration is not granted - Securities and Exchange Board of India (Underwriters) Regulations, 1993

Procedure where registration is not granted. 10. 1 [ (1) Where an application for grant of a certificate of registration under regulation 3A does not fulfil the requirements set out in regulation 6, the Board shall reject the application after giving an opportunity of being heard.] 2 [(2) The decision shall be communicated by the Board within thirty days of such decision stating therein the grounds on which the application has been rejected.] (3) Any applicant may, being aggrieved by the decision of the Board under subregulation (2), apply within a period of thirty days from the date of receipt of such intimation, to the Board for reconsideration of its decision. (4) On receipt of the application made under sub-regulation (3), the Board shall reconsider its decision and communicate its findings thereon as soon as possible in writing to the applicant. ******** 1 Substituted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations, 2016 w.e.f. 08-12-2016. Prior to substitution subregulation (1) read as under: (1) Where an application for grant of a certificate 40[of initial registration under regulation 3A or of permanent registration under regulation 8A] does not fulfil the requirements set out in regulation 6, the Board may reject the application, after giving an opportunity of being heard. Prior to this the words of initial registration under regulation 3A or of permanent registration under regulation 8A were substituted for the words and figures under regulation 3 or of renewal under regulation 9 by the SEBI (Underwriters) (Amendment) Regulations, 2011, w.e.f. 5-7-2011. 2 Substituted by the SEBI (Underwriters) (Amendment) Regulations, 1997, w.e.f. 17-1-1997. Prior to substitution, it read as under: The refusal to grant or renew the certificate shall be communicated by the Board within 30 days of such refusal to the applicant stating therein the grounds on which the application has been rejected.