(1) An applicant granted a certificate of registration shall commence operations for which it has been authorized, within six months from the date of registration or as may be specified by the Authority at the time of selection process:
Provided that if the entity feels that it will not be able to commence the operations within the specified period, it may, before the expiry of the time limit, seek an extension by a written application to the Authority.
(2) The Authority on receipt of the request may examine such request and communicate its decision in writing within a period not exceeding one month. In any case, no extension of time shall be granted by the Authority beyond twelve months from the date of grant of certificate of registration.
(3) Before commencement of operations, the applicant shall ensure that it has executed all the agreements with other intermediaries or any other person as may be specified by the Authority.