Payment of fees and the consequences of failure to pay fee

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Full Text of the Document

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....pecified in Schedule II. ^1[(2) Where the merchant banker fails to pay such fees as provided in sub-regulation (1), without prejudice to any other action that may be taken by the Board, the merchant banker shall not undertake any new activity till such time the fees is paid by the merchant banker, and shall also be liable to pay interest at 15% per annum for each month of delay or part thereof.....