If the board is satisfied that it is in the interest of investors and the general public while studying the application and documents received according to section 4, within one hundred and twenty days in the case of the commodity exchange market and within ninety days in the case of the commodity trading business, rough-and-tumble business or warehouse operation, the petitioner shall receive the fee as specified by the board. Permit should be given in the prescribed format.
(2) While studying the application and documents as per sub-section (1), if it appears that additional details or documents should be requested from the applicant or more clarifications are required regarding the details or documents submitted, the board may request such details or documents or clarify more regarding the details or documents submitted. He can issue orders for a period of thirty days.
(3) If there is an order in accordance with sub-section (2), the concerned applicant shall submit the details or documents in accordance with such order or shall further clarify the details or documents submitted.