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....2 read as under: "Effect of refusal to grant certificate 12. (1) 1[ A credit rating agency whose application for grant of a certificate of permanent registration has been refused by the Board, on and from the date of the receipt of the communication, shall cease to undertake any credit rating activity.] 1[(2) The decision of the Board, not to grant certificate of registration under sub-regulati....

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....f investors, appoint any person to take charge of the records, documents or reports relating to the rating activities of a credit rating agency referred to in sub-regulation (4) and for this purpose also determine the terms and conditions of such appointment." Also, prior to omission as the above, sub-regulation (1) was substituted by the SEBI (Credit Rating Agencies) (Amendment) Regulations, 201....