44 ro jo rdo-33004/99

44 · ro jo rdo-33004/99

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11 · Effect of refusal to grant certificate Or expiry of certificate. (1) Where an existing central recordkeeping agency has failed to make an application or has been refused grant of certificate under these regulations, the central recordkeeping agency shall- (a) forthwith cease t0 act as the central recordkeeping agency; (b) transfer its activities to another entity which has been granted registration certificate for carrying on such activity; transfer the regulated assets to the new central recordkeeping agency or any other entity as directed by the Authority; make provisions as regards liability incurred or assumed by the central recordkeeping agency; take such other action, within the time limit and in the manner; as may be required under these regulations or aS may be directed by the Authority. (2) While refusing grant of certificate under these regulations to a central recordkeeping agency, the Authority may impose such conditions as it deems fit for protection of subscribers interest and that of other intermediaries and such conditions shall be complied with: 12. Registration fee. ~A non-refundable registration fees of rupees twenty five lakh shall be paid by the applicant to the Authority. 13. Annual fee. (1) The central recordkeeping agency shall pay an annual fee at the rate of 0.05 times of the service charges as specified in regulation 22 before the due date as may be specified by the Authority: (2) For the year in which the certificate of registration is granted, if the business is done for part of the year; the central recordkeeping agency shall pay pro rata annual fee 0n quarterly basis within thirty days from the date of registration. In case, the central recordkeeping agency fails to deposit annual fees on O before the due date, the Authority shall have the right to cancel the certificate of registration of the central recordkeeping agency_ 14_ Commencement of operations. (1) An applicant granted certificate of registration shall commence operations for which it has been authorized, within six months from the date of registration or as may be specified by the Authority at the time of selection process: Provided that if the entity feels that it will not be able to commence the operations within the specified period, it may, before the expiry of the time limit, seek an extension by a written application to the Authority. (2) The Authority on receipt of the request may examine such request and communicate its decision in writing within period not exceeding oe month: In any case, no extension of time shall be granted by the Authority beyond twelve months from the date of grant of certificate of registration. (3) Before commencement of operations, the applicant shall ensure that it has executed all the agreements with other intermediaries or any other person as may be specified by the Authority. 15. Tenure and exit of central recordkeeping agency. (1) Subject to compliance with the provisions of the Act; the rules and regulations, the certificate granted to central recordkeeping agency shall remain valid for period of ten years from the date of grant of registration, O such other term, as specified, unless suspended Or cancelled by the Authority. On the expiry of the tenure of the registration Or in the event of cancellation, the National Pension System Trust shall at least thirty days before the date of cancellation, deliver to the central recordkeeping agency, instructions as to the disposal O transfer of the information and regulated assets held by it (2) The tenure of registration of the central recordkeeping agency shall be brought to an end if central recordkeeping agency contravenes any of the conditions O clauses specified in the certificate of registration. 16. Extension of registration -_The Authority shall through issue of a notice published in the leading newspaper initiate process for fresh registration of a central recordkeeping agency in accordance with these regulations prior to ninety days Or at such other time as may be specified before the date of expiry of tenure of the central recordkeeping agency Or may extend the tenure of such agency, for such period, as it may be determined in the interest of the subscribers Such extension shall be granted for reasons to be recorded in writing; Any extension granted to the central recordkeeping agency upon expiry of tenure of registration shall be binding on the central recordkeeping agency and it shall discharge its functions in accordance with the terms of such extension. 17. Process of transfer of assets in case of termination or expiry 0f tenure._The treatment of the regulated assets at the end of central recordkeeping agency' $ tenure shall be as follows:- a) the central recordkeeping agency software application shall be transferred at zero cost to the new central recordkeeping agency Or any entity authorized for this purpose by the Authority; b) any third party software and components off the shelf specific to the central recordkeeping agency application system, shall also be transferred at zero cost to the new central recordkeeping agency O any other entity authorized for this purpose by the Authority;

30 · Payment of inspection and audit fees. ~The Authority shall be entitled to recover from the central recordkeeping agency such expenses incurred by it for the purposes of inspection O audit undertaken directly or through its authorized representative under sub-regulation (1) of regulation 26. 31. Inspection and audit by National Pension System Trust: =(1) The National Pension System Trust shall undertake directly or through its authorized representative, inspection or audit or both of the central recordkeeping agency, on an annual basis Or at such other period as may be specified by the Authority in relation to operational Service Level Agreements in accordance with the provisions of Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015. The central recordkeeping agency shall allow the National Pension System Trust, o its authorized representative to have reasonable access to the premises occupied by it; books of accounts, records, technology infrastructure, subscriber data and provide necessary information as may be required by it for the purpose of such inspection or audit, as the case may be. (2) The National Pension System Trust shall be entitled to recover from the central recordkeeping agency such expenses incurred by it for the purposes of inspection or audit undertaken directly or through its authorized representative. (3) The scope of audit O1 inspection may be modified by the Authority as may be specified from time to time_ CHAPTER V SUSPENSION OR CANCELLATION OF CERTIFICATE AND ACTION IN CASE OF DEFAULT 32. Cancellation or suspension of certificate of registration. (1) Where any central recordkeeping agency which has been granted a certificate of registration under these regulations_ a) fails to comply with any conditions subject to which a certificate of registration has been granted to it; b) contravenes any of the provisions of the Act; rules O regulations made O any guidelines O notifications, directions, instructions Or circulars issued there under; contravenes any of the provisions of the agreements entered into with other intermediaries; indulges in unfair trade practices Or conducts its business in manner prejudicial to the interests of the subscribers; fails to furnish any information as required by the Authority relating to its area of operations; does not submit periodical returns as required under the Act or by the Authority or NPS Trust; does not cooperate in an inquiry conducted by the Authority; commits any acts of defaults as mentioned under section 28 of the Act; any other reason which in the opinion of the Authority warrants for suspension, cancellation O withdrawal of the certificate of registration granted: The Authority may, without prejudice to any other action under the Act; regulations, directions, instructions O circulars issued there under; by order take such action in the manner provided under these regulations including cancellation or suspension of the registration of such central recordkeeping agency and such other action; as may be deemed appropriate: (2) The Authority may without prejudice to the powers under sub-regulation (1) instead of cancelling or suspending the certificate of registration, direct for varying or modifying the terms and conditions of the certificate of registration, as it may deem fit O pass any other order; as may be deemed beneficial in the interest of the subscribers_ (3) The Authority may resort to any measures including appropriation of the regulated assets of the central recordkeeping agency as specified under sub-section (3) of section 21 of the Act. (4) The central recordkeeping agency once registered shall have to ensure that the eligibility conditions as mentioned in these regulations are strictly adhered to during the entire currency of the registration period and any extension thereto, failing which the registration certificate may be cancelled. A certificate evidencing compliance with the eligibility conditions shall have to be furnished by the registered central recordkeeping agency to the Authority on annual basis within thirty days of closure of accounts for the financial year: 33. Surrender of any certificate 0f registration. (1) Any central recordkeeping agency, which has been granted certificate of registration under the Act or the regulations made thereunder, desirous of giving Up its activity and surrendering the certificate, may make request for such surrender to the Authority. (2) While disposing of request under these regulations, the Authority may require the concerned central recordkeeping agency to satisfy the Authority of the factors as it deems fit; including but not limited to the following:

43 · Confidentiality _ The central recordkeeping agency shall maintain absolute confidentiality with respect to all records, data and information received Or acquired by it during the course of its working: It shall not, without the prior permission of the Authority, produce Or share such data or information as evidence, or for any other purpose, except as required by the due process of law 44_ Management by administrator:_Without prejudice to the powers of the Authority under section 31 of the Act; if at any time the Authority has reason to believe that the central recordkeeping agency is acting in manner likely to be prejudicial t0 the interest of subscribers, it may, after giving the central recordkeeping agency an opportunity of being heard, make report thereon to the Central Government_ If the Central Government; after considering the report is of the opinion; that it is necessary O proper to do SO, it may appoint an Administrator t0 manage the affairs of the central recordkeeping agency, as the case may be_ under the direction and control of the Authority, in such manner as may be specified by notification. 45_ Conflict of interest-_The central recordkeeping agency shall avoid conflict of interest and make adequate disclosure of its interest and shall put in place a mechanism to resolve any conflict of interest situation that may arise in the conduct of its business Or where any conflict of interest arises, shall take reasonable steps t0 resolve the same in an equitable manner: The central recordkeeping agency shall make appropriate disclosure to Authority of its possible source O potential areas of conflict of duties and interest while acting as the central recordkeeping agency which would impair its ability to render fair, objective and unbiased services_ 46. Compliance and corporate governance. ~(1)The central recordkeeping agency shall ensure that good corporate policies and corporate governance is in place_ It shall not engage in fraudulent and manipulative transactions and shall not indulge in any unfair competition including resorting to unfair means for inducing another intermediaries' of the Authority, which is likely to harm the interests of other intermediaries or subscribers or is likely to place such other intermediaries in disadvantageous position while competing for O executing any assignment (2) The central record keeping agency shall take adequate and necessary steps to ensure that continuity in data and record keeping is maintained and that the data O records are not lost Or destroyed. It shall also ensure that for electronic records and data; up-to-date back Up is always available with it: (3) The central recordkeeping agency shall comply with the directions given to it by the Authority, and shall co-operate with any person O entity designated by the Authority, as and when required and shall not make any untrue statement or suppress any material fact in any documents, reports, papers Or information furnished to the Authority Or neglect OT fail O refuse to submit to the Authority O other agencies with which it is registered, such books, documents, correspondence and papers O any part thereof as may be demanded Or requested from time to time_ (4) The central recordkeeping agency shall ensure that any change in its registration status O any penal action taken by the Authority O any material change in financials which may adversely affect the interests of other intermediaries Or subscribers is promptly informed to the Authority and any business remaining outstanding is transferred to another registered person in accordance with any instructions of the Authority and as per the provisions of the relevant regulations. (5) The central recordkeeping agency shall maintain an appropriate level of knowledge and competency and abide by the provisions of the Act; rules, regulations, circulars and guidelines issued by the Authority, Central Government, or any other applicable statutory Or regulatory body, as the case may be. (6) The central recordkeeping agency shall ensure that the Authority is promptly informed about any action_ or legal proceedings initiated against it in respect of any material breach or non-compliance by it, of any law, rules, regulations, and directions of the Authority O of any other regulatory body. 47 . Appointment of Compliance officer: =(1) The central recordkeeping agency must appoint compliance officer who shall be responsible for monitoring compliance by it of the provisions of Act; rules and regulations_ notifications, guidelines, instructions issued by the Authority. (2) The compliance officer must immediately and independently report any non-compliance observed by him OT her to the Authority. 48_ Power of Authority to issue clarifications _ In order to remove any difficulties in the application or interpretation of these regulations, the Authority shall have the power to issue clarifications and guidelines in the form of notes or circulars which shall be binding on the central recordkeeping agency O any person connected with it. HEMANT G. CONTRACTOR, Chairperson [ADVT-IIIA/Exty./203/28/15]