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of <h1>SEBI may reject applications under Regulation 23 if they don't meet criteria in Regulations 19, 21, and 86.</h1> Where an application for approval under regulation 19 fails to meet the eligibility criteria specified in regulation 21 and regulation 86, the Securities and Exchange Board of India (SEBI) may reject the application. This procedure is outlined in Regulation 23 of the SEBI (Mutual Funds) Regulations, 1996, concerning the constitution and management of asset management companies and custodians.
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