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Regulation 12 - Payment of fees, and the consequences of failure to pay fees - Securities and Exchange Board of India (Underwriters) Regulations, 1993Extract Payment of fees, and the consequences of failure to pay fees. 12. 1 [ (1) Every applicant eligible for grant of registration, shall pay the fees in such manner and within the period specified in Schedule II:] 2 [***] Provided 3 [***] that a stock broker 4 [***], who has been granted a certificate under section 12 of the Act and pays fees under the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992 5 [***], shall not be required to pay fees under sub-regulation (1). (2) Where an underwriter fails to pay the fees as provided in sub-regulation (1), the Board may suspend the certificate, whereupon the underwriter shall forthwith cease to act as an underwriter. ******** 1 Substituted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations, 2016 w.e.f. 08-12-2016. Prior to substitution, subregulation (1) read as under: (1) Every applicant eligible for grant 43[of initial or permanent registration, as the case may be,] shall pay fees in such manner and within the period specified in Schedule II: Prior to this the words of initial or permanent registration, as the case may be, were substituted for the words or renewal of a certificate , by the SEBI (Underwriters) (Amendment) Regulations, 2011, w.e.f. 5- 7-2011 2 Omitted by the SEBI (Underwriters) (Amendment) Regulations, 1997, w.e.f. 17-01-1997. Prior to omission, it read as under: Provided that the Board may on sufficient cause being shown permit the underwriter to pay such fees at any time before the expiry of six months from the date on which such fees become due. 3 Word further omitted, ibid. 4 Words or a merchant banker omitted by the SEBI (Underwriters) (Amendment) Regulations, 2002, w.e.f. 10-12-2002. 5 Words or the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 omitted, ibid.
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