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of <h1>SEBI can reject registration applications not meeting Regulation 9 conditions, but must first allow applicants to be heard.</h1> Where an application for registration under regulation 4 does not meet the conditions of regulation 9, the Securities and Exchange Board of India (SEBI) may reject it. Before doing so, SEBI must provide the applicant with a reasonable opportunity to be heard. The decision, including the reasons for rejection, must be communicated to the applicant within 30 days.
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