law: 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.