Section 10 in Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993
10. Procedure where registration is not granted.
(1)Where an application for grant of a certificate under regulation 3 [***] [Omitted 'or of renewal under regulation 9' by the Securities and Exchange Board of India (Change In Conditions Of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 w.e.f. 08- 12-2016.] does not satisfy the requirements set out in regulation 6, the Board may reject the application, after giving an opportunity of being heard.(2)The refusal to grant registration 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 (1), apply within a period of thirty days from the date of receipt of such intimation, to the Board for reconsideration of its decision.(4)The Board shall reconsider an application made under sub-regulation (3) and communicate its decision as soon as possible in writing to the applicant.
