Effect of refusal to grant certificate of permanent registration

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..... oard, on and from the date of receipt of the communication, shall not carry on any activity as a merchant banker: Provided that the Board may, in the interest of investors in the securities market, permit the merchant banker to carry on activities undertaken prior to the receipt of the intimation of refusal subject to such condition as the Board may specify.] ************* NOTES:- 1 Omitted by the .....

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..... ipt of the intimation of refusal subject to such condition as the Board may specify. - Prior to substitution by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2011 w.e.f. 05-07-2011, the regulation read as under: Effect of refusal to grant certificate. 11. Any merchant banker whose application for a certificate has been refused by the Board shall, on and fro .....

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