Section 12 in Securities And Exchange Board Of India (Merchant Bankers) Regulations, 1992
12. Payment of fees and the consequences of failure to pay fees.-
(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.
