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<h1>Securities market intermediaries must obtain Board registration certificates and comply with prescribed regulatory conditions to operate.</h1> Persons and entities engaged in the securities market must hold a certificate of registration from the Board and act only under its conditions; regulations determine application form, fees and registration conditions. Transitional provisions allow pre existing intermediaries to continue temporarily pending application disposal or until regulations are made, and the Board may suspend or cancel certificates subject to regulations and a reasonable opportunity to be heard.