Regulation 15 - Payment of fees, and the consequences of failure to pay fees - Securities And Exchange Board of India (Portfolio Managers) Regulations, 2020

Payment of fees, and the consequences of failure to pay fees. 15. (1) Every applicant eligible for grant of a certificate shall pay such fees within 15 days of receiving intimation from the Board and in such manner as specified in Schedule II : Provided that the Board may on sufficient cause being shown allow the portfolio manager to pay such fees at any time before the expiry of one month from the date on which such fees become due. (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.