FEES

²²[ " 1. Every merchant banker shall pay a sum of Rupees five lacs as registration fees at the time of the grant of certificate by the Board.

2. A merchant banker to keep registration in force shall pay renewal fee of Rs 2.5 lacs every three years from the fourth year from the date of initial registration.

3.  (a) The fee referred to in paragraph 1 shall be paid by the merchant banker within fifteen days from the date of receipt of the intimation from the Board under sub- regulation (1) of Regulation 8.

     (b) The fee referred to in paragraph 2, shall be paid by the merchant banker within fifteen days from the date of receipt of intimation from the Board under sub -regulation (3) of Regulation 9.

4. The fees specified in paragraphs1 and 2,shall be payable by merchant banker by a demand draft in favour of �Securities and Exchange Board of India� payable at Mumbai or at the respective regional office."]