Regulation 24 - Procedure where certificate of initial or permanent registration is not granted. - Securities And Exchange Board of India (Depositories And Participants) Regulations, 1996

Procedure where certificate of 1 [initial or permanent] registration is not granted. 24. (1) Where an application for the grant of certificate of 2 [initial registration under regulation 16 or of permanent registration under regulation 20A] does not satisfy the requirements specified in regulation 19, the Board shall reject the application after giving the applicant an opportunity of being heard. (2) The decision of the Board to reject the application shall be communicated to the applicant in writing within thirty days of such decision, stating therein the grounds on which the application has been rejected. ********** 1 Inserted, ibid. 2 Substituted for the words and figures registration under regulation 16 or for its renewal under regulation 22 , ibid.