PROCEDURE WHERE CERTIFICATE IS NOT GRANTED :

The designated depository participant 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 the designated depository participant not to grant the certificate should be communicated by the designated depository participant to the applicant stating the grounds on which the application has been rejected. Any applicant aggrieved by the decision of the designated depository participant may apply to SEBI, within a period of thirty days from the date of receipt of communication. SEBI as soon as possible re-consideration the application and after giving a reasonable opportunity of being heard, convey its decision in writing to the applicant.