Section 15 in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019
15. Procedure where approval is not granted.
(1)Where an application for grant of an approval does not satisfy the requirements specified in these regulations, the Board may reject the application after giving the applicant a reasonable opportunity of being heard.(2)The decision to reject the application shall be communicated by the Board to the applicant in writing stating therein the grounds on which the application has been rejected.(3)The applicant, who is aggrieved by the decision of the Board under sub-regulation (1) may, within a period of thirty days from the date of receipt of communication under sub-regulation (2), apply to the Board for reconsideration of its decision.(4)The Board shall, as soon as possible, in light of the submissions made in the application for reconsideration made under sub-regulation (3) and after giving a reasonable opportunity of being heard, convey its decision in writing to the applicant.
