Section 12 in Securities and Exchange Board of India (Underwriters) Regulations, 1993
12. Payment of fees and the consequences of failure to pay fees:-
(1)Every applicant eligible for grant or renewal of a certificate shall pay fees in such manner and within the period specified in Schedule II: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:Provided further that a stock broker or a merchant banker 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 or the Securities and Exchange Board of India (Merchant Banker) Regulations, 1992 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.
