# The Depositories Act, 1996, Section 3: Certificate of commencement of business by depositories

- Act: The Depositories Act, 1996 (Act 22 of 1996)
- In force from: 1995-09-20
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/depositories-act-1996/section/3/

## 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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