(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.