(1) If the Board, after considering the matters specified in sub-regulation (1) of regulation 14 and making physical verification under sub-regulation (2) of that regulation, is of the opinion that the depository shall not be granted a certificate of commencement of business, it may either—
(a) direct the depository to conform to the matters specified in regulation 14; or
(b) reject the application after giving the applicant an opportunity of being heard.
(2) The decision of the Board to reject the application shall be communicated to the depository in writing within thirty days of such decision, stating therein the grounds on which the application has been rejected.
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CHAPTER IV OWNERSHIP OF DEPOSITORY Definitions
19. For the purposes of this Chapter:
(1) "banking company" shall have the same meaning as assigned to it in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);
(2) "insurance company" shall have the same meaning as assigned to it in sub-section (8) of section 2 of the Insurance Act, 1938 (4 of 1938);
(3) "person resident in India" shall have the same meaning as assigned to it in clause (v) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999);
(4) "person resident outside India" shall have the same meaning as assigned to it in clause
(w) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999).
(5) “public financial institution” shall have the same meaning as assigned to it in sub-section
(72) of section 2 of the Companies Act, 2013 General Conditions