Regulation 12 - Payment of fees and the consequences of failure to pay fee - Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992

Payment of fees and the consequences of failure to pay fee. 12. (1) Every applicant eligible for grant of a certificate shall pay such fees in such manner and within the period specified in Schedule II. (2) Where a merchant banker fails to pay the annual fees as provided in sub-regulation (1), read with Schedule II, the Board may suspend the registration certificate, whereupon the merchant banker shall cease to carry on any activity as a merchant banker for the period during which the suspension subsists.