Regulation 12 - Payment of fees, and the consequences of failure to pay fees - Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993

12. Payment of fees, and the consequences of failure to pay fees.─ (1) Every applicant eligible for grant of a certificate shall pay fees in such manner and within the period specified in Schedule II. (2) Where a portfolio manager fails to pay the fees as provided in Schedule II, the Board may suspend the certificate, whereupon the portfolio manager shall forthwith cease to carry on the activity as a portfolio manager for the period during which the suspension subsists.