(1) The license granted to operate the securities market which is issued in the financial year will remain valid only until the end of the same financial year. The permit must be renewed. (3) If the permit cannot be renewed by paying the annual fee within the period specified in sub-section (2), the permit can be renewed by paying a fine of twenty-five percent of the annual fee up to three months after the expiry of the said period. (4) Also within the period specified in sub-section (3). The license to operate the securities market obtained by the organized organization that does not renew such license will be revoked.