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Section 3 – The Depositories Act, 1996

The Depositories Act, 1996

 

 

3. CERTIFICATE OF COMMENCEMENT OF BUSINESS BY DEPOSITORIES.

 

(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 a 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.

 

comments

 

Without obtaining a certificate of commencement of business from the Securities and Exchange Board of India no depository can act as a depository.

 

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The Depositories Act, 1996

 

Indian Laws – Bare Acts

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