(1) In order to renew the broker's license, within the period specified in sub-section (1) of section 31 of the Act, an application must be submitted to the office of the committee in the format specified in schedule-20, along with twenty-five thousand rupees for the renewal fee. If the application is received in this way, the committee will have to renew the license of such broker.
(2) If a broker fails to submit an application for the renewal of his license within the period specified in sub-rule (1), if an application is made to the office of the Opening Committee, if the reason is deemed reasonable by the committee, five thousand rupees will be charged for the first two months of the expiry of the renewal and two hundred rupees per day for the next four months. Such license can be renewed by taking a fee.