Every intermediary of securities market has to apply to SEBI for grant of certificate to act as intermediary. Describe various criteria on the basis of which SEBI can reject such application of the intermediary.

An application, for grant of a certificate to act as an Intermediary, has to be made to the SEBI in Form A of Schedule I with such additional information as required to be provided under the relevant regulations, and the application fee, as specified in the relevant regulations. SEBI can reject the application of the intermediary if - it is not complete in all respects and does not conform to the requirements in Form A and the requirements specified in the relevant regulations; it does not contain such additional information as required by SEBI; it is incorrect, false or misleading in nature; the applicant is not in compliance with the eligibility requirements as set out under SEBI (Intermediaries) Regulations, 2008 or the relevant regulations; the applicant is not a fit and proper person; the principal officer does not have the requisite qualification or experience as required under the relevant regulations. On the abovementioned grounds, the application can be rejected by the SEBI for reasons to be recorded by the SEBI in writing. However, the applicant has to be given an opportunity in writing to make good the deficiencies within the time specified by SEBI, for the purpose. Further, where an application is rejected for the reason that it contains false or misleading information, no such opportunity may be given and the applicant cannot make any application for grant of certificate under SEBI (Intermediaries) Regulations, 2008 or any other regulations for a period of 1 year from the date of such rejection.