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..... ior to omission regulation 12 read as under: Effect of refusal to grant certificate 12. (1) 1 [ A credit rating agency whose application for grant of a certificate of permanent registration has been refused by the Board, on and from the date of the receipt of the communication, shall cease to undertake any credit rating activity.] 1 [(2) The decision of the Board, .....

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..... as been rejected. (5) The Board may, in order to protect the interests of investors, appoint any person to take charge of the records, documents or reports relating to the rating activities of a credit rating agency referred to in sub-regulation (4) and for this purpose also determine the terms and conditions of such appointment. Also, prior to omission as the above, sub-regulatio .....

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