Procedure where registration is not granted

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....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 decision of the Board under sub-regulation (1), apply within a....

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....lication after giving an 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 Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2011 w.e.f. 05-07-2011. 2 Substituted by the ....