(1) Every entity desirous of--
         (a) marketing any notified petroleum or petroleum products or natural gas; or
         (b) establishing or operating a liquefied natural gas terminal; or
         (c) establishing storage facilities for petroleum, petroleum products or natural gas exceeding such capacity as may be specified by regulations,
and fulfilling the eligibility conditions as may be prescribed shall make an application to the Board for its registration under this Act:
     Provided that no registration under this Act shall be required for any entity carrying on any activity referred to in clause (a) or clause (b) or clause (c) immediately before the appointed day but shall inform the Board about such activity within six months from the appointed day.
     (2) Every application for registration under sub-section (1) shall be made in such form and in such manner and shall be accompanied by such fee as may be determined by the Board by regulations.
     (3) The Board may, after making such enquiry and subject to such terms and conditions as it may specify, grant a certificate of registration to the entity allowing to commence and carry on the activity referred to in clause (a) or clause (b) or clause (c), as the case may be, of sub-section (1).
     (4) The Board may, by order, suspend or cancel a certificate of registration granted under sub-section (3) in such manner as may be determined by regulations:
     Provided that no order under this sub-section shall be made unless the entity concerned has been given a reasonable opportunity of being heard.