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of <h1>SEBI May Reject Application for Registration Under Regulation 3; Applicant Must Cease Acting as Research Analyst If Rejected.</h1> After reviewing an application for registration under regulation 3, if the Securities and Exchange Board of India (SEBI) decides not to grant a certificate to the applicant, it may reject the application after providing a reasonable opportunity for the applicant to be heard. The decision to reject must be communicated to the applicant within thirty days. If rejected, the applicant must immediately stop acting as a research analyst, although this does not affect any legal liabilities the applicant may have.
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