Section 12 in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
12. Procedure where a registration is not granted.
(1)Where an application for grant of a registration under regulation 4 or renewal thereof under regulation 11, does not satisfy the conditions set out in regulation 7, the Authority may refuse to grant or renew the Certificate of Registration.Provided that no application shall be rejected unless the applicant has been given a reasonable opportunity of being heard.(2)The refusal to grant or renew a Certificate of Registration shall be communicated by the Authority within thirty days of such refusal to the applicant stating therein the grounds on which the application has been rejected.(3)Any applicant aggrieved by the decision of the Authority may make an appeal to Securities Appellate Tribunal, as per the procedure prescribed for such an appeal, within a period of forty-five days from the date on which a copy of the order made by the Authority under sub-regulation (2) above is received by it.
