Section 7 in Securities And Exchange Board Of India (Foreign Institutional Investors) Regulations, 1995
7. Procedure and grant of certificate.-
Where an application is made for grant of certificate under these regulations, the Board shall, as soon as possible but not later than three months after information called for by it is furnished, if satisfied that the application is complete in all respects, all particulars sought have been furnished and the applicant is found to be eligible for the grant of certificate, grant a certificate in form B, subject to payment of fees in accordance with the Second Schedule.
