Section 33 Copyright Act 1957 (substituted by 2012 Amendment) provides that BUSINESS of issuing licences in respect of any work in which copyright subsists may be carried on only by:

1. Section 33(1) Copyright Act 1957 (substituted by 2012 Amendment): 'No person or association of persons shall, after coming into force of the Copyright (Amendment) Act, 1994 commence or, carry on the business of issuing or granting licences in respect of any work in which copyright subsists or in respect of any other rights conferred by this Act except under or in accordance with the registration granted under sub-section (3).' 2. Section 33(3): the Central Government may, having regard to the interests of the authors and other owners of rights under this Act, the interest and convenience of the public and in particular of the groups of persons who are most likely to seek licences in respect of the relevant rights and the ability and professional competence of the applicants, register such association of persons as a copyright society subject to such conditions as may be prescribed. 3. Existing registered societies (IPRS, IPRS, PPL, etc.) must comply. 4. Hence option B is correct. _Source: Patents Act 1970 / Copyright Act 1957 / Trade Marks Act 1999 (Bare Acts, IPIndia portal + Copyright Office) — Copyright Act 1957, Section 33 (substituted by 2012 Amendment)_