Depository registration requires Board approval for non incidental activities and strict governance, disclosure and grievance rules. A depository's certificate of registration is conditional on payment of the prescribed fee, compliance with applicable Acts, bye laws and these regulations, and prior Board approval for non incidental activities (with treasury investment and specified government/regulator assigned activities excepted). The Board may allow such assigned activities via a Strategic Business Unit under conditions including timely transfer to a separate company. Additional requirements include a five year shareholding lock in, governance and shareholding compliance, prompt disclosure of false or changed information, grievance redressal within twenty one calendar days, application for commencement within one year, and bye law amendments as directed by the Board.