Ashley, who owns Premier League side Newcastle United, already has an 8.92 per cent stake in Rangers International Football Club and the Scottish Championship side had been looking for him to extend that close to 30 per cent.
In a statement, Scottish football's governing body said: "The Scottish FA Board convened on Tuesday, 23rd December to hear a submission from the Board of
Rangers Football Club.
"This meeting was arranged in respect of a request set out in an Application to Consent to an increase in MASH Holdings Limited's shareholding in Rangers International Football Club to a maximum of 29.9 per cent of the issued share capital.
"The Board has now carefully considered the Application and has decided, unanimously, that the Application should not be granted.
"The Board, under Article 13 of the Scottish FA Articles of Association, is required to have due regard to the need to promote and safeguard the interests and public profile of association football, its players, spectators and others involved with the game. This test is set out in full in Article 13.6."
Tuesday's talks took place despite Ashley and Rangers facing a total of five disciplinary charges from the SFA over his recent moves to strengthen his influence at the club.
Ashley and the club now face a hearing on January 27 which will determine whether the Sports Direct founder's dual interests breached SFA rules and their agreement.
Although his current stake in the club stands under 9 per cent, Rangers' retail division is run by Sports Direct and he has recently handed the club £3m in loans.
Responding to the ruling, Rangers said in a statement: "The board of Rangers Football Club are very disappointed with the SFA's decision and we will now consider all our options."
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