Refusal to grant registration: notice of grounds and right to seek reconsideration, with prompt Board review. The Board may reject a stock-broker registration application that fails to meet requirements only after giving the applicant a reasonable opportunity of being heard. The refusal must be communicated in writing to the applicant and the concerned stock exchange with the grounds stated. The applicant may seek reconsideration within a prescribed period, and the Board must re-examine and communicate its decision in writing to both the applicant and the exchange as soon as possible.