Fee payment default prevents merchant bankers from undertaking new activities until prescribed registration fees and applicable interest are paid.

Eligible applicants for merchant banker registration must pay prescribed fees in the manner and within the period specified in Schedule II. A merchant banker that fails to pay the required fees cannot undertake any new activity until payment is made and remains liable for prescribed interest on delayed payment, without limiting other action available to the Board. This replaces the earlier framework permitting suspension of registration for non-payment of annual fees.

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