THE PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY ACT, 2013

2013 · State unknown · central · act_text

Sections (53)

50A · Powers of Authority not to apply to International Financial Services Centre.

1 · . Short title, extent and commencement . — (1) This Act may be called the Pension Fund Regulatory and Development Authority Act, 2013.

2 · Definitions . — (1) In this Act, unless the context otherwise requires,—

1 · 1st February , 2014,vide Notification No. S.O. 302(E), dated 1st February, 2014, see Gazette of India, Extraordinary, Part II, sec. 3(ii).

3 · Establishment and incorporation of Authority.—(1)With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, an Authority to be called the Pension Fund Regulatory and Development Authority.

5 · Term of office and conditions of service of Chairperson and members of Authority.—(1) The Chairperson and every whole-time member shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for reappointment:

6 · Removal of members from office . — (1) The Central Government may remove from office the Chairperson or any other member who—

7 · Restriction on future employment of members . — (1) The Chairperson and the whole-time members shall not, for a period of two years from the date on which they cease to hold office as such, except with the previous approval of the Central Government, accept—

8 · Administrative powers of Chairperson . — The Chairperson shall have the powers of general superintendence and direction in respect of all administrative matters of the Authority.

9 · Meetings of Authority.—(1) The Authority shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings (including quorum at such meetings) as may be provided by regulations.

10 · Vacancies, etc., not to invalidate proceedings of Authority.—No act or proceeding of the Authority shall be invalid merely by reason of—

11 · Officers and employees of Authority.—(1)The Authority may appoint such officers and other employees as it considers necessary for the efficient discharge of its functions under this Act.

12 · Extent and application.—(1) This Act shall apply to—

13 · Transfer of assets, liabilities, etc., of Interim Pension Fund Regulatory and Development Authority.—On and from the date of establishment of the Pension Fund Regulatory and Development Authority,—

14 · . Duties, powers and functions of Authority.—(1) Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty, to regulate, promote and ensure orderly growth of the National Pension System and pension schemes to which this Act applies and to protect the interests of subscribers of such System and schemes.

15 · Power to issue directions. — Save as otherwise provided in section 14, if after making, or causing to be made, an inquiry, the Authority is satisfied that it is necessary—

16 · Power of investigation.—(1) Where the Authority has a reasonable ground to believe that—

17 · Search and seizure. — (1) Where the Authority, in consequence of information in its possession, has reason to believe that– t–

19 · Management by Administrator.—(1) If at any time the Authority has reason to believe that the central recordkeeping agency or pension fund is acting in a manner likely to be prejudicial to the interest of subscribers, it may, after giving the central recordkeeping agency or pension fund, as the case may be, an opportunity of being heard, make a report thereon to the Central Government.

20 · National Pension System.—(1) The contributory pension system notified by the Government of India in the Ministry of Finance vide notification number F. No. 5/7/2003-ECB & PR, dated the 22nd December, 2003, shall be deemed to be the National Pension System with effect from the 1st day of January, 2004, and such National Pension System may be amended from time to time by regulations.

21 · Central Recordkeeping Agency.—(1) The Authority shall, by granting a certificate of registration under sub-section (3) of section 27, appoint a central recordkeeping agency:

22 · Point of presence.—(1) The Authority may, by granting a certificate of registration under subsection (3) of section 27, permit one or more persons to act as a point of presence for the purpose of receiving contributions and instructions, transmitting them to the Trustee Bank or the central recordkeeping agency, as the case may be, and paying out benefits to subscribers in accordance with the regulations made by the Authority from time to time in this regard.

24 · Certain restrictions on foreign companies or individual or association of persons.—The aggregate holding of equity shares by a foreign company either by itself or through its subsidiary companies or its nominees or by an individual or by an association of persons whether registered or not under any law of a country outside India taken in aggregate in the pension fund shall not exceed twentysix per cent. of the paid-up capital of such fund or such percentage as may be approved for an Indian insurance company under the provisions the Insurance Act, 1938 (4 of 1938) whichever is higher.

25 · Prohibition of investment of funds of subscribers outside India . —N —No pension fund shall, directly or indirectly invest outside India, the funds of subscribers.

26 · Eligibility norms of the central recordkeeping agency, etc . — The central recordkeeping agency, points of presence and pension funds, shall satisfy the eligibility norms as may be specified by the regulations, including minimum capital requirement, past track-record including the ability to provide guaranteed returns, costs and fees, geographical reach, customer base, information technology capability, human resources and such other matters.

27 · Registration of central recordkeeping agency, pension fund, point of presence, etc . — (1) No intermediary, including a pension fund or a point of presence to the extent regulated under this Act, shall commence any activity relating to a pension fund except under and in accordance with the conditions of a certificate of registration granted by the Authority in accordance with the provisions of this Act and the regulations:

28 · Penalty for failure by an intermediary or any other person to comply with provisions or this Act, rules, regulations and directions.—(1) Any person, who is required under this Act or any rules or regulations made thereunder,—

29 · Crediting sums realised by way of penalties to Subscriber Education and Protection Fund . —A —All sums realised by way of penalties under this Act shall be credited to the Subscriber Education and Protection Fund established under sub -section (1) of section 41.

30 · Power to adjudicate . — (1) For the purposes of adjudging under section 28, the Authority shall appoint any of its officers not below the rank specified by regulations to be an adjudicating officer for holding an inquiry as may be determined by regulations, after giving the person concerned a reasonable opportunity of being heard for the purpose of imposing any penalty.

31 · Attachment of assets and supersession of management of intermediary.—(1) Any person aggrieved may apply to the Authority for an interim measure of protection in respect of any of the following matters, namely:–

32 · Offences. — (1) Without prejudice to any award of penalty by the member under this Act, if any person contravenes or attempts to contravene or abets the contravention of the provisions of this Act or of

33 · Power to grant immunity.—(1) The Central Government may, on the recommendation by the Authority, if satisfied, that any person, who is alleged to have violated any of the provisions of this Act or the rules or the regulations made thereunder, has made a full and true disclosure in respect of alleged violation, grant to such person, subject to such conditions as it may think fit to impose, immunity from prosecution for any offence under this Act, or the rules or the regulations made thereunder and also from the imposition of any penalty under this Act with respect to the alleged violation:

34 · Exemption from tax on wealth, income, profits and gains . —N —Notwithstanding anything contained in– n–

35 · Cognizance of offences by court.—(1) No court shall take cognizance of any offence punishable under this Act or any rules or regulations made thereunder, save on a complaint made by the Authority.

37 · Civil Court not to have jurisdiction . —N —No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which an adjudicating officer appointed under this Act or a Securities Appellate Tribunal is empowered by or under this Act to determine and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act.

39 · Grants by Central Government.—The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Authority grants of such sums of money as that Government may think fit for being utilised for the purposes of this Act.

40 · Constitution of Pension Regulatory and Development Fund.—(1) There shall be constituted a fund to be called the Pension Regulatory and Development Fund and there shall be credited thereto—

41 · . Constitution of Subscriber Education and Protection Fund . — (1) The Authority shall establish a fund to be called the Subscriber Education and Protection Fund.

42 · Accounts and audit. — (1) The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India.

44 · Power of Central Government to supersede Authority . — (1) If at any time the Central Government is of the opinion that—

45 · Establishment of Pension Advisory Committee.—(1) The Authority may, by notification, establish with effect from such date as it may specify in the notification, a Committee to be known as the Pension Advisory Committee.

46 · Furnishing of returns, etc., to Central Government.—(1) The Authority shall furnish to the Central Government at such time and in such form and manner as may be prescribed, or as the Central Government may direct to furnish such returns, statements and other particulars in regard to any proposed or existing programme for the promotion and development of the pension industry as the Central Government may, from time to time, require.

47 · Members, officers and employees of Authority to be public servants.—The Chairperson and other members and officers and other employees of the Authority shall be deemed, when acting or purporting to act in pursuance of any of the provisions of this Act, to be public servants within the meaning of section 21 of the Indian Penal Code (45 of 1860) .

48 · Protection of action taken in good faith.—No suit, prosecution or other legal proceedings shall lie against the Central Government or the Authority or any officer of Central Government or any member, officer or other employees of the Authority for anything which is in good faith done or intended to be done under this Act or the rules or regulations made thereunder.

49 · Delegation of powers . — (1) The Authority may, by general or special order in writing, delegate to any member, officer of the Authority or any other person subject to such conditions, if any, as may be specified in the order, such of its powers and functions under this Act (except the powers under section 52) as it may deem necessary.

50 · Offences by companies . — (1) Where an offence under this Act has been committed by a company, every person who at the time the offence was committed was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:

1 · [50A. Powers of Authority not to apply to International Financial Services Centre.— Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Authority under this Act,—

1 · Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020).

52 · Power to make regulations.—(1) The Authority may, by notification, make regulations consistent with this Act and the rules made thereunder for carrying out the provisions of this Act.

53 · Rules and regulations to be laid before Parliament.—Every rule and every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.

54 · Power to remove difficulties. — (1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, published in the Official Gazette, make such provisions not inconsistent with the provisions of this Act as may appear it to be necessary for removing the difficulty:

55 · Application of other laws not barred . — The provisions of this Act shall be in addition to and not in derogation of the provisions of any other law for the time being in force.

56 · Savings.—Anything done or any action taken by the Interim Pension Fund Regulatory and Development Authority and Central Government under the Resolutions of the Government of India in the Ministry of Finance number F. No. 5/7/2003-ECB&PR, dated the 10th October, 2003 and F.No.1(6)2007PR, dated the 14th November, 2008 and notification number F. No. 5/7/2003 -ECB & PR, dated the 22nd December, 2003, shall be deemed to have been done or taken under the corresponding provisions of this Act.

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