Section 39 in Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018
39. Procedure where certificate of registration is not granted.
(1)Where an application for the grant of certificate of registration under regulation 32 does not satisfy the requirements specified in regulation 35, the Board shall reject the application after giving the applicant an opportunity of being heard.(2)The decision of the Board to reject the application shall be communicated to the applicant in writing within thirty days of such decision, stating therein the grounds on which the application has been rejected.
