Procedure where registration is not granted

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....egulation 3 does not satisfy the criteria set out in regulation 6, the Board shall reject the application after giving an opportunity of being heard.] 2[(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 ....

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....ill the requirements mentioned in regulation 6, the Board may reject the application after giving a reasonable opportunity of being heard" Prior to this the words "of initial registration under regulation 3 or of permanent registration under regulation 8A" were substituted for the words "under regulation 3 or of renewal under regulation 9" , by the SEBI (Registrars to an Issue and Share Transfer ....