(1) The license granted to a securities dealer to conduct securities business in accordance with this Act shall be valid only until the end of the financial year in which it is issued. (2) The securities dealer shall renew such license by paying the prescribed annual fee to the board within three months of the end of each financial year. (3) If the annual fee cannot be renewed within the period specified in sub-section (2), such license may be renewed by paying a penalty of twenty-five percent of the annual fee up to three months after the expiry of that period. The permit board shall cancel the permit and publish the notice thereof for public information.