Depositories Act : Certificate of commencement of business by depositories. Indian Bare Acts :

Depositories Act,1996

Act No : 22

Section : Certificate of commencement of business by depositories.

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 subsection (1) shall be in such form as may be specified by the regulations. (3) The Board shall not grant it 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.