Government of pakistan securities and exchange commission of pakistan notification

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8. 
Procedure where license is not granted or renewed.
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(1) The Commission, after 
giving a reasonable opportunity of hearing to the applicant, may refuse to grant or renew a license 
if in the opinion of the Commission such applicant does not fulfill the requirements prescribed 
under the Act and these regulations and where the Commission after taking into account the facts, 
is of the view that it is not in the public interest or in the interest of the capital market to grant or 
renew a license.
(2) 
The decision of refusal to grant a license or refusal of renewal of license shall be 
communicated to the applicant stating therein the grounds on which the application has been 
rejected.
(3) 
A credit rating company whose application for renewal of license is refused by the 
Commission under sub-regulation (1) shall, from the date of receipt of the decision of the 
Commission, not act as credit rating company and shall not accept any new rating assignment.
(4) 
The Commission may allow a credit rating company whose application for renewal 
of license is refused to continue to complete the rating of all the pending assignments if it considers 
that doing so is in the interest of the capital market in particular and the public in general.
  
9.
Disciplinary proceedings.- (1) The Commission may take disciplinary action, 
including suspension or cancellation of license, against the credit rating company in accordance 
with the provisions of the Act.
(2) 
The credit rating company may voluntarily apply to the Commission for 
cancellation of its licence at least three months prior to the date of expiry of its licence.
(3) 
The Commission may cancel the license of a credit rating company subject to 
provision of the Act or where the company has amended its Memorandum and Articles of 
Association to act as a credit rating company;
(4) 
The Commission may, upon being satisfied that the credit rating company has 
completed all the formalities for closure of business, accept the application made under sub-
regulation (2) and cancel the licence of such credit rating company.
(5) 
Upon cancellation of license, name of the credit rating company shall be excluded 
from the register of the regulated persons maintained by the Commission under section 72 of the 
Act.

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