Securities And Exchange Board Of India - Subsection
Section 15(1) in The Securities And Exchange Board Of India (Depositories And Participants) Regulations, 1996
(1)If the Board, after considering the matters specified in sub-regulation (1) of regulation 13 and making physical verification under sub-regulation (2) of that regulation, is of the opinion that the depository shall not be granted a certificate of commencement of business, it may either-(a)direct the depository to conform to the matters specified in regulation 13; or(b)reject the application after giving the applicant an opportunity of being heard.
