Cancellation of registration applies where manipulation, serious financial deterioration, fraud or repeated defaults threaten investor interests.

Regulation 32 prescribes grounds for cancellation of registration of a portfolio manager: deliberate market manipulation or price rigging affecting the market and investors; severe deterioration of financial position rendering continuation not in investors' interest; fraud or criminal conviction; and repeated defaults of the type in the preceding regulation, with the Board required to provide written reasons when cancellation is based on repeated defaults.

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