The certificate of registration of a central recordkeeping agency (CR

Section 2(1)(p) defines regulated assets as the tangible and intangible assets and properties owned, leased or developed by, and other rights belonging to, the CRA, which defeats E. Under section 21(3), on expiry or earlier revocation of the certificate, the Authority may appropriate and take over these assets itself, through an administrator or a nominee. The first proviso entitles the CRA to fair value, ascertained by the Authority as determined by regulations, so SAT (A), book value (C) and the Central Government (D) are all wrong. The second proviso states that where earlier revocation is based on violation of the certificate's conditions, the Act or regulations, the CRA cannot claim compensation unless the Authority otherwise determines. Hence B.