commenses the business operation in the first year shall pay the fee on the first day of business operation; (2) a licensee under Clause 19/1 who has paid the minimum fee to the SEC Office shall comply with

each mutual fund, which shall be submitted as per Form 117-8 attached to this Notification within fourteen days from the next following date after such mutual fund manager commences or terminates such

calculation under the first and second paragraph, the Office shall deem that the arbitral process commences on the date of appointment of the arbitrator. Notified this 14th day of May 2008. (Mr. Thirachai