Procedure where registration is not granted

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.... 6, the Board shall reject the application after giving an opportunity of being heard.] ^3[(2) The refusal to grant registration, shall be communicated by the Board within thirty days of such refusal to the applicant stating therein the grounds on which the application has been rejected.] (3) Any applicant may, being aggrieved by the decision of the Board, under sub-regulation (1), apply wit....

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....ior to substitution it read as under: "(1) Where an application for grant of a certificate 30[of initial registration under regulation 3 or of permanent registration under regulation 7A], does not satisfy the requirements set out in regulation 6, the Board may reject the application after giving an opportunity of being heard." 3. Substituted by the Securities and Exchange Board of India (....