(1) The applicant shall submit a proposal in the format as may be specified by the Authority in respect of the selection process under regulation 3. In order to be eligible for registration, the applicant shall be required to qualify, on the date of submission of its proposal, all the technical and commercial parameters as specified by the Authority under the selection process. Out of all proposals received, the best value proposal shall be given the opportunity to apply for certificate of registration.
(2) The Authority may grant the certificate of registration as a central recordkeeping agency on being satisfied that -
(a) the application for registration is complete in all respects and is accompanied by all documents required therein;
(b) all information given in the application form is correct;
(c) the applicant submitting the application for registration is a bonafide entity and in its opinion, is likely to meet effectively its obligations as the central recordkeeping agency;
(d) the financial condition and the general character of the management of the applicant are sound;
(e) the scale of operations and the capital structure of the applicant shall be adequate;
(f) the interests of the subscribers will be served if the certificate is granted to the applicant and it is competent to discharge its functions as a central recordkeeping agency.
(3) The Authority on being satisfied that the applicant satisfies the eligibility criteria as specified under the Act, the rules and these regulations and also qualify the selection process specified under regulation 3, shall grant a certificate in the form specified in Schedule I and send the intimation to this effect to the applicant.