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of <h1>SEBI to Reject Applications Not Meeting Regulation 7 Criteria; Applicants Granted Opportunity to Be Heard Before Rejection.</h1> If an application for a certificate of registration under regulation 3 does not meet the criteria outlined in regulation 7, the Securities and Exchange Board of India (SEBI) will reject the application. However, before doing so, SEBI must provide the applicant an opportunity to be heard. The rejection decision, along with the reasons for rejection, must be communicated to the applicant in writing within thirty days of the decision.
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