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 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.