The existing central depository (Central Depository Company of Pakistan Limited) which had previously been registered under rule 4 of the Central Depository Companies (Establishment and Regulation) Rules, 1996, has been issued license under section 49 of the Act after commencement of the Act and expiry of its registration. Any new applicant may also apply for license as a central depository provided it meets the licensing requirements and other conditions as provided in Part IV of the Act and the Central Depositories (Licensing and Operations) Regulations, 2016.