Regulation 11 - Procedure where certificate is not granted - Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999

Procedure where certificate is not granted 11. 1 [(1) If, after considering an application made under regulation 3, the Board is of the opinion that a certificate of registration should not be granted, it may, after giving the applicant a reasonable opportunity of being heard, reject the application.] (2) The decision of the Board, not to grant 2 [certificate of initial or permanent registration, as the case may be,] under sub-regulation (1) shall be communicated by the Board to the applicant within a period of thirty days of such decision, stating the grounds of the decision. (3) Any applicant aggrieved by the decision of the Board rejecting his application under sub-regulation (1) may, within a period of thirty days from the date of receipt by him of the communication referred to in sub-regulation (2) apply to the Board in writing for reconsideration of such decision. (4) Where an application for re-consideration is made under sub-regulation (3) the Board shall consider the application and communicate to the applicant its decision in writing, as soon as may be. ******* 1 Substituted 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. Prior to substitution it read as under: (1) If, after considering an application made under regulation 3 or 34[regulation 8A] as the case may be, the Board is of the opinion that a certificate 34[of initial or permanent registration should not be granted], as the case may be, it may, after giving the applicant a reasonable opportunity of being heard, reject the application. Also the words regulation 8A substituted the words regulation 10 ; and the words of initial or permanent registration should not be granted substituted the words should not be granted or renewed substituted by the SEBI (Credit Rating Agencies) (Amendment) Regulations, 2011 w.e.f. 05.07.2011 2 Substituted for the words or not to renew the certificate by the SEBI (Credit Rating Agencies) (Amendment) Regulations, 2011 w.e.f. 05.07.2011.