. -(1) The Controller may, within four weeks from the date of receipt of the application, after considering the documents accompanying the application and such other factors, as he may deem fit, grant or renew the licence or reject the application:

Provided that in exceptional circumstances and for reasons to be recorded in writing, the period of four weeks may be extended to such period, not exceeding eight weeks in all as the Controller may deem fit.

(2)

If the application for licensed Certifying Authority is approved, the applicant shall-

(a) [furnish a performance bond in the form of a banker's guarantee ] [ Substituted by G.S.R. 902(E), dated 21.11.2003, for " submit a performance bond or furnish a banker's guarantee " (w.e.f. 27.11.2003).]within one month from the date of such approval to the Controller in accordance with sub-rule (2) of rule 8; and

(b) [give an undertaking to the Controller] [ Substituted by G.S.R. 535(E), dated 20.8.2004 (w.e.f. 20.9.2004).] binding himself to comply with the terms and conditions of the licence and the provisions of the Act and the rules made thereunder.