Registration refusal procedure requires a hearing, reasoned communication, and reconsideration of rejected merchant banker registration applications.

Refusal of merchant banker registration requires the Board to give an applicant an opportunity of being heard before rejecting an application that does not satisfy the prescribed eligibility criteria. Refusal must be communicated in writing within thirty days with reasons. An aggrieved applicant may apply for reconsideration within thirty days of receiving the refusal intimation, and the Board must reconsider the application and communicate its written decision as soon as possible.

---

---

---