(1) For considering the eligibility of the applicant and grant of certificate to such applicant, the Authority shall take into account all matters which it deems relevant to the activities for record keeping under the National Pension System, or any other pension scheme referred to in clause(b) of sub-section (1) of section 12 of the Act, including but not limited to the following, namely:—
(a) whether the applicant satisfies the eligibility criteria specified in these regulations and also the terms and conditions as may be specified in the selection process referred to in regulation 3;
(b) whether the grant of certificate is in the interest of subscribers and the objective of orderly development of pension sector or the National Pension System.
(2) Any application for grant of certificate may be rejected on any of the following grounds, namely:—
(a) if the application is not complete in all respects and does not conform to the requirements specified in these regulations or any selection criteria determined by the Authority on the date of inviting applications for registration;
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(b) if the application is unaccompanied with fee or relevant documents in support or the applicant fails to furnish such additional information as required by the Authority;
(c) if the application contains incorrect, false or misleading information.
(d) any other ground that the Authority may specify for consideration and rejection of application.
(3) Where an application is rejected under clause (b) of sub-regulation (2), the Authority shall record reasons in writing:
Provided that before rejecting any such application, the Authority shall give the applicant an opportunity to remove the objection within such time as may be specified by the Authority:
Provided further that where an application is rejected for the reason that it contains false or misleading information, no such opportunity may be given and the applicant shall not make any application for grant of certificate under these regulations or any other regulations for a period of one year from the date of such rejection.