Registration refusal consequences: omitted provision formerly required bankers to an issue to cease operations, subject to investor-protection conditions.

Omission of Regulation 10 removed the provision requiring a banker to an issue to cease activities following refusal of registration. Earlier versions required cessation upon receipt of the refusal communication, including where permanent registration was refused. Activities undertaken before receipt of a refusal intimation could continue if permitted in the interest of securities-market investors, subject to specified conditions.

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