CERTIFICATE OF COMMENCEMENT OF BUSINESS
3. Certificate of commencement of business by depositories -
(1) No depository shall act as a depository unless it obtains
a certificate of commencement of business from the Board.
(2) A certificate granted under sub-section (1) shall be
in such form as may be specified by the regulations.
(3) The Board shall not grant a certificate under sub-
section (1) unless it is satisfied that the depository has
adequate systems and safeguards to prevent manipulation of
records and transactions;
Provided that no certificate shall be refused under this
section unless the depository concerned has been given a
reasonable opportunity of being heard.