Section 42: Validity period and renewal of a license to carry on stock exchange

(1) The license issued to carry on a stock exchange shall remain valid only until the last day of the fiscal year of its issue.

(2) The corporation carrying on a stock exchange shall have to renew the license to carry on a stock exchange by paying to the Board an annual fee as prescribed not later than three months after the expiry of each fiscal year.

(3) In the event of failure to get renewed such a license by paying the annual fee within the time limit referred to in subsection (2), the license may be renewed by paying a fine of twenty -five percent of the annual fee up to three months after the expiry of such time limit.

(4) The license to operate a stock exchange obtained by a body corporate which fails to renew even within the time limit referred to in sub-section (3) shall be terminated.