Procedure where Certificate is not granted :

SEBI may reject the application if after considering an application is of the opinion that a certificate should not be granted, after giving the applicant a reasonable opportunity of being heard. The decision of SEBI not to grant the certificate should be communicated by SEBI to the applicant within a period of thirty days of such decision, stating the grounds of the decision. Any applicant aggrieved by the decision of SEBI rejecting his application may, within a period of thirty days from the date of receipt by him of the communication apply to SEBI in writing for re-consideration of such decision. Where an application for re-consideration is made, SEBI should consider the application and communicate to the applicant its decision in writing, as soon as may be.