Section 10 in Securities and Exchange Board of India (Debenture Trustees) Rules, 1993
10. Procedure where registration is not granted.
(1)Where an application for grant of a certificate [of initial registration under regulation 3 or of permanent registration under regulation 8A] [Substituted 'under regulation 3 or of renewal under regulation 9' by the SEBI (Debenture Trustees) (Amendment) Regulations, 2011, w.e.f. 5-7-2011.] does not fulfil the requirements set out in regulation 6, the Board may reject the application, after giving a reasonable opportunity of being heard.(2)The [refusal to grant initial or permanent registration, as the case may be] [Substituted 'refusal to grant or renew the certificate' by the SEBI (Debenture Trustees) (Amendment) Regulations, 2011, w.e.f. 5-7-2011.] shall be communicated by the Board within thirty days of such refusal to the applicant stating therein the grounds on which the application has been rejected.(3)Any applicant may, being aggrieved by the decision of the Board under sub-regulation (2), apply within a period of thirty days from the date of receipt of such intimation, to the Board for, reconsideration of its decision.(4)On receipt of the application made under sub-regulation (3), the Board shall reconsider its decision and communicate its findings thereon as soon as possible in writing to the applicant.
