Section 3: Certificate of commencement of business by depositories.

The Depositories Act, 1996Central Act · Act 22 of 1996

(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 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.

Where this provision sits

Act	The Depositories Act, 1996
Section	3
Marginal note	Certificate of commencement of business by depositories.
Jurisdiction	Central
Status	In force as published by the source

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