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    <title>Effect of refusal to grant certificate of permanent registration.</title>
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    <description>A participant whose application for permanent registration is refused by the Board shall, from the date of expiry of the certificate sought to be renewed, cease to carry on any activity as a participant; provided that the Board may, in the interest of investors, permit continuation of activities undertaken prior to the intimation of refusal subject to conditions specified by the Board.</description>
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      <description>A participant whose application for permanent registration is refused by the Board shall, from the date of expiry of the certificate sought to be renewed, cease to carry on any activity as a participant; provided that the Board may, in the interest of investors, permit continuation of activities undertaken prior to the intimation of refusal subject to conditions specified by the Board.</description>
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