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of <h1>SEBI must allow an opportunity to be heard before rejecting an Alternative Investment Fund registration application.</h1> If the Securities and Exchange Board of India (SEBI) decides not to grant a registration certificate for an Alternative Investment Fund after reviewing the application, it must provide the applicant an opportunity to be heard before rejecting the application. The decision to reject must be communicated within thirty days. Upon rejection, the applicant must stop operating as an Alternative Investment Fund, but this does not affect any existing legal or contractual obligations to current investors.
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