Section 60: Power to refuse to issue a license to carry on securities business

The Board may refuse to issue a license to carry on securities business to any company or body on the following circumstances:-

(a) if it is proved that such a company or body has been insolvent upon being unable to repay debts to creditors,

(b) if the application to be made for such a license is not accompanied by such documents and details as required to be accompanied under this Act or the Rules framed under this Act or such other matter as may be specified by the Board,

(c) if, upon considering the matters set forth in sub-section (2) of Section 58, it is not appropriate to issue a license to carry on securities business.