Effect of refusal to grant certificate

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..... -regulation (1) of regulation 10 shall not undertake any activity as Self Regulatory Organization. (2) A Self Regulatory Organization referred to in regulation 9 whose application for the renewal of certificate has been rejected by the Board shall on and from the date of the receipt of the communication from the Board under sub regulation (2) of regulation 10 cease to carry on any activity as Self .....

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