Yes. Under Rule 21 of the FVCI Regulations, the Board has the right to suspend the certificate if the FVCI:
Contravenes the provisions of the SEBI Regulations
Fails to furnish the information sought by the Board
Furnishes false or misleading information
Does not cooperate in any inspection or enquiry conducted by SEBI
Does not submit periodic reports or returns
The Board also has the power to cancel the certificate granted if the FVCI:
Commits repeated defaults of any of the activities mentioned above
Is found guilty of fraud or an offence involving moral turpitude
No longer fulfils the eligibility criteria laid down