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    <title>Procedure where certificate of commencement of business is not granted</title>
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    <description>If the Board, after considering regulation 14 matters and completing physical verification, determines a depository should not receive a certificate of commencement of business, it may direct the depository to conform to regulation 14 or, after giving an opportunity of being heard, reject the application. Any rejection must be communicated in writing stating the grounds and sent within thirty days of the decision.</description>
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      <description>If the Board, after considering regulation 14 matters and completing physical verification, determines a depository should not receive a certificate of commencement of business, it may direct the depository to conform to regulation 14 or, after giving an opportunity of being heard, reject the application. Any rejection must be communicated in writing stating the grounds and sent within thirty days of the decision.</description>
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