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of <h1>SEBI May Reject Depository Business Certificate if Regulation 14 Requirements Aren't Met; Must Notify Within 30 Days</h1> If the Securities and Exchange Board of India (SEBI) decides not to grant a certificate of commencement of business to a depository, it may either instruct the depository to comply with specific requirements outlined in regulation 14 or reject the application after allowing the applicant a chance to be heard. If the application is rejected, SEBI must notify the depository in writing within thirty days, detailing the reasons for the rejection.
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