section 3
Certificate of commencement of business by depositories.
The Depositories Act, 1996Corporate199660 sections5 chapters
Chapter II CERTIFICATE OF COMMENCEMENT OF BUSINESS
Statutory text
- (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.
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