GENERAL OBLIGATIONS AND RESPONSIBILITIES OF DESIGNATED DEPOSITORY PARTICIPANTS - Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014
GENERAL OBLIGATIONS AND RESPONSIBILITIES OF DESIGNATED DEPOSITORY PARTICIPANTS - Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014
Reconsideration right allows applicants to seek Board review after rejection, with written reasons and an opportunity to be heard. Regulation 16 provides that if an application for approval does not meet regulatory requirements, the Board may reject it after giving the applicant a ... Summary
Reconsideration right allows applicants to seek Board review after rejection, with written reasons and an opportunity to be heard.
Regulation 16 provides that if an application for approval does not meet regulatory requirements, the Board may reject it after giving the applicant a reasonable opportunity of being heard and must communicate the rejection in writing with stated grounds. An aggrieved applicant may apply to the Board for reconsideration within the prescribed period; the Board must consider the submissions, afford a reasonable opportunity of being heard, and promptly convey its written decision.
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