If it does not, then charge whatever penalty you wish to. Or better still, take full year's AMC in advance or in year's end - and give us mukhti from this jhanjhat. Life is so busy that people mind remains busy with one thing or other you know..that move will only help..
My broker charges AMC on monthly basis (rather they should have named it MMC :lol But I never had a problem simply because they duduct that abysmally low amount from my trading account by themselves and send the bill to me.
Zerodha should evolve this kind of a system. All automatic, hassles free and hands off approach. Time has come when you guys (Zerodha) need to invest in process.
SHEKHAR