Section 11 in Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999
11. Procedure where certificate is not granted.
(1)If, after considering an application made under regulation 3 or [regulation 8A] [Substituted 'regulation 10' by Notification No. F.No LAD-NRO/GN/2011-12/10/21232. dated 5.7.2011 (w.e.f. 7.7.1999)] as the case may be, the Board is of the opinion that a certificate [of initial or permanent registration should not be granted] [Substituted 'should not be granted or renewed' by Notification No. F.No LAD-NRO/GN/2011-12/10/21232. dated 5.7.2011 (w.e.f. 7.7.1999)], as the case may be, it may, after giving the applicant a reasonable opportunity of being heard, reject the application.(2)The decision of the Board, not to grant [certificate of initial or permanent registration, as the case may be,] [Substituted 'or not to renew the certificate' by Notification No. F.No LAD-NRO/GN/2011-12/10/21232. dated 5.7.2011 (w.e.f. 7.7.1999).] under sub-regulation (1) shall be communicated by the Board to the applicant within a period of thirty days of such decision, stating the grounds of the decision.(3)Any applicant aggrieved by the decision of the Board rejecting his application under sub-regulation (1) may, within a period of thirty days from the date of receipt by him of the communication referred to in sub-regulation (2) apply to the Board in writing for reconsideration of such decision.(4)Where an application for re-consideration is made under sub-regulation (3) the Board shall consider the application and communicate to the applicant its decision in writing, as soon as may be.
