The Parades Commission has ruled that the group must avoid specific stretches of Ormeau Road to prevent harm to community relations.
Submissions for the application were received from residents living in the Lower Ormeau Road area, local police, political representatives and other interested parties.
The planned procession was set to commence at Ballynafeigh Orange Hall at 09:30 GMT on Saturday 7 November with eighty participants and a single band.
The route originally intended to travel towards Donegall Pass where members hoped to join a Remembrance Day parade.
Commission officials noted that recent sectarian attacks on memorials in the Lower Ormeau Road vicinity have heightened tensions in the area.
Security concerns were also raised following disorder at Garvaghy Road in Portadown which occurred recently.
The decision prohibits the march from crossing Ormeau Bridge where it meets the Annadale Embankment.
It also forbids entry into the road section situated between that junction and the intersection with Havelock Bridge.
A separate demonstration involving roughly 1,500 people has been notified to occur at Ormeau Bridge on the same day.
The commission stated that permitting the march along its proposed path would create significant disruption for the local population.
No alternative route was specified in the ruling regarding where the group might proceed instead.