(1) Any application under regulation 4 shall be liable to be rejected, interalia on the following grounds :-
(a) is not complete in all respects and does not contain such information as required by the Authority;
(b) does not conform to the relevant requirements specified in the Act or the regulations;
(c) does not contain such additional information as required by the Authority;
(d) is incorrect, false or misleading in nature;
(e) the applicant is not in compliance with the minimum eligibility requirements as set out under these regulations and the selection process on the date of the application;
(f) in the opinion of the Authority is not in the interest of public or subscribers or the orderly development of pension sector or National Pension System or any other pension scheme regulated by the Authority.
(2) Before rejecting an application on the grounds referred to in sub-regulation (1), the Authority may give an opportunity to the applicant to make good the deficiencies within the time specified by the Authority, for the purpose:
Provided that where an application is rejected for the reason that it contains false or misleading information, no such opportunity shall be given and the applicant shall not make any application for grant of certificate of registration, under these regulations or any other regulations under the Act, for a period of at least one year from the date of such rejection.