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of <h1>SEBI Must Provide Hearing Before Rejecting Custodian Certificate Application Under Custodian Regulations, 1996; Reconsideration Possible.</h1> If the Securities and Exchange Board of India (SEBI) decides not to grant a certificate to an applicant under the Custodian Regulations, 1996, it must provide the applicant with a reasonable opportunity to be heard before rejecting the application. The rejection decision, along with the reasons, must be communicated in writing within thirty days. An aggrieved applicant can request reconsideration within thirty days of receiving the rejection notice. SEBI must then review the reconsideration request, possibly providing another opportunity for a hearing, and communicate its final decision in writing to the applicant.
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