Over a third of pre-SIR Form-6 applications face rejection for missing declarations

A significant proportion of pre-SIR Form-6 applications are encountering rejection at the initial stage, with authorities citing the absence of mandatory declaration forms as the primary reason for dismissal. The 37 percent rejection rate underscores widespread non-compliance with submission requirements, even as regulators continue efforts to simplify the registration framework.

The simplified registration process, introduced to ease compliance burdens on applicants, has inadvertently revealed gaps in understanding of required documentation. Applicants submitting under the pre-SIR Form-6 category are required to furnish specific declaration documents alongside their applications, a step that appears to be frequently overlooked or misunderstood.

Regulatory experts attribute the high rejection rate to inadequate guidance on filing requirements and insufficient pre-submission verification by applicants. The volume of rejections suggests the need for enhanced awareness campaigns and clearer procedural guidelines to help stakeholders navigate the application process accurately.

Industry observers note that reducing rejection rates could accelerate the registration process and improve investor confidence. Regulators are expected to review communication strategies and consider additional support mechanisms to ensure applicants fully understand documentation requirements before submission.