Section 14 in The Securities And Exchange Board Of India (Depositories And Participants) Regulations, 1996
14. Grant of certificate of commencement of business.-
After considering the application under regulation 13 with reference to the matters specified in sub-regulation (1) of regulation 13 and making physical verification under sub-regulation (2) of that regulation, if the Board is satisfied that the depository is eligible to commence business as a depository, shall grant a certificate of commencement of business in Form D.
