As per SEBI (Depositories and Participants) Regulations 2018, which of the following is true

SEBI (Depositories and Participants) Regulations 2018 Regulation 3 - (1)No person shall establish a Depository unless he has obtained registration from the Board in accordance with the Act, the Depositories Act, 1996 and these regulations. (2) An application for the grant of a certificate of registration as a depository shall be made to the Board by an applicant in Form A of the First Schedule, shall be accompanied by the fee specified in Part A of the Second Schedule and be paid in the manner specified in Part B thereof. (3)  The  application  shall  be  accompanied  by  draft  bye-laws  of  the  depository  that  is proposed to be set-up Regulation 11 - A depository which has been granted a certificate of registration under regulation 7, shall within one year from the date of issue of such certificate make an application to the Board for commencement of business in Form C of the First Schedule