Regulation 25 - Effect of refusal to grant certificate of permanent registration. - Securities And Exchange Board of India (Depositories And Participants) Regulations, 1996

Effect of refusal to 1 [grant certificate of permanent] registration. 25. Any participant whose application for a certificate of 2 [permanent registration] has been rejected by the Board under regulation 3 [20A], shall from the date of expiry of the certificate of registration sought to be renewed, cease to carry on any activity as a participant : Provided that the Board may, in the interest of the investors in the securities market permit the participant to carry on activities undertaken prior to the receipt of the intimation of refusal subject to such condition as the Board may specify. ********** 1 Substituted for the words renew a certificate of , ibid. 2 Substituted for the words registration as a participant , ibid. 3 Substituted for 24 , ibid.