Section 61: Validity and renewal of a license to carry on securities business:

(1) The license issued to a securities business person to carry on securities business under this Act shall remain valid only until the end of the fiscal year in which it has been issued.

(2) The securities business shall have to get such a license renewed by paying the annual fees as prescribed to the Board within three months from the date of expiry of each fiscal year.

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

(4) The Board shall revoke the license of a securities business person who has failed to get such a license renewed even within the time limit referred to in sub-section (3), and publish a notice thereof for information to the general public.