Section 9 in Securities And Exchange Board Of India (Venture Capital Funds) Regulations, 1996
9. Procedure where certificate is not granted.-
(1)After considering an application made under regulation 3, if the Board is of the opinion that a certificate should not be granted, it may reject the application after giving the applicant a reasonable opportunity of being heard.(2)The decision of the Board to reject the application shall be communicated to the applicant within thirty days.
