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    <title>Procedure where approval is not granted</title>
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    <description>Where an application made under regulation 19 for grant of approval does not satisfy the eligibility criteria laid down in regulation 21 and regulation 86, the Board may reject the application; this operates as a regulatory gatekeeping mechanism within the mutual funds framework for asset management company and custodian approvals.</description>
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      <description>Where an application made under regulation 19 for grant of approval does not satisfy the eligibility criteria laid down in regulation 21 and regulation 86, the Board may reject the application; this operates as a regulatory gatekeeping mechanism within the mutual funds framework for asset management company and custodian approvals.</description>
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