44 ro jo rdo-33004/99

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3874 · 1

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3 · Eligibility criteria for grant of certificate of registration as aggregator:- (1)Subject to the fulfillment of conditions specified under these regulations for grant of certificate of registration, the following entities shall be eligible to be enlisted as an aggregator under the National Pension System:- a) Nodal offices O entities managing the pension schemes for identified beneficiary groups under the Central and State Governments; scheduled banks, Regional Rural Banks and other Financial Institutions; India Post; Insurance companies; Micro-Finance Institutions(MFIs); Non Banking Finance Companies (NBFCs); 8 Non Government Organizations(NGOs); Entities running common service centers under the National E-Governance plan; Housing Finance Institutions; Any other category as may be specified by the Authority from time to time. (2) Apart from the Central and State Government entities mentioned at clauses (a) and (c) of sub-regulation the entities desirous of taking on the role of an aggregator shall be required to be registered under a Central or State enactment, namely: a) Societies Registration Act, 1860(21 of 1860) (including with States amendments of this Act); IndianTrusts _ Act,- 1882 (2 of 1882); Charitable and ReligiousTrustsAct,1920 (14 of 1920); Companies Act,1956 (lof 1956) (Section25,for registration of charitable O other company); Companies Act; 1956 (1 of 1956)[with necessary certification from the Reserve Bank of India (for Non Banking Finance Companies (NBFCs), Micro-Finance Institutions (MFIs)]; Companies Act; 1956 (1 of 1956) (1 of 1956) or Companies Act, 2013 for any other Company; Banking Regulation Act, 1949 (10 of 1949); entities created by State or Central Government for any specified group of beneficiaries; entities regulated by National Housing Bank; any other Act or rule as may be specified by the Authority from time to time. (3) Any other entity O class of entities, not covered under the provisions of sub-regulation (2), may be registered, if in the opinion of the Authority such entity or class of entities facilitates inclusion of their subscriber base under the National Pension System-Swavalamban and which have established capability with proven track record in the area of their operation.

5 · . Application fee. The applicant shall submit non-refundable application fee of rupees ten thousand towards application and administrative fee for processing of application: The application fee shall be paid to the Authority in the manner specified in schedule III. The Authority may, for reasons to be recorded in writing, waive the requirement for payment of application fee in specific and deserving cases 6_ Disclosure of information.- (1)The Authority shall have the right to disclose to the public, the information on such application made by the applicant by placing such information on the website as specified by the Authority: Provided that the other relevant information furnished by the applicant and which relates to commercial confidence and private information of the applicant; which it may state as confidential, may not be disclosed by the Authority, subject to the provisions of any law O rules O regulations O any order O decision pronounced by a court of law Or tribunal, as the case may be, mandating such disclosure. (2) Any material change in the information furnished or placed on a website under these regulations shall be intimated t0 the Authority by the applicant promptly but not later than fifteen days of the occurrence of such change. 7. Furnishing of information clarification and verification (1). The Authority may require an applicant to furnish any further information or clarification for the purpose of disposal of the application for grant of certificate of registration, and, thereafter, in regard to any other matter as may be deemed necessary by the Authority: The applicant Or its principal officer shall, if s0 required, appear before the Authority for personal representation in connection with such application. (2) The applicant shall furnish such information and clarification to the satisfaction of the Authority, within the time specified in this regard by the Authority. (3) While considering the application, the information furnished by the applicant ad its eligibility, the Authority may, if it so desires, verify the information by physical verification of documents and office space or inspect the availability of office space. For the purpose under sub-regulation (3), the Authority may appoint any person including an auditor: 8_ Consideration and evaluation of application: -(1) For considering the eligibility of the applicant and grant of certificate of registration to such applicant, the Authority shall take into account all matters which it deems relevant to the pension sector and National Pension System- Swavalamban, including but not limited to the following whether the applicant has in the past five years been subjected to any major inquiry proceedings O investigation under the Acts, rules, regulations and bye-laws of any regulator or other authority, as may be applicable; whether the applicant satisfies the eligibility criteria and other requirements specified in these regulations; whether the grant of a certificate to the applicant is in the interest of the subscribers. During the course of considering the application under this sub-regulation, the Authority may, if it deems fit, invite the applicant to make presentation to it at a date, time and place determined by it. The purpose of such presentations would be to allow the applicant to present its proposal to the Authority and to apprise it the key strengths in its proposal. (2) Any application for grant of certificate of registration; which is not complete in all respects and does not conform to the eligibility Criteria specified in these regulations; b which does not contain such additional information as may be required by the Authority; which is incorrect; false or misleading in nature; where the applicant is not in compliance with the eligibility requirements specified under these regulations; which in the opinion of the Authority is not in the interest of subscribers or the objective of orderly development of pension sector or the National Pension System;

19 · General obligation: An aggregator shall provide to the Authority certificate duly signed by its compliance officer on annual basis within thirty days of closure of accounts for the financial year. certifying- (a) the compliance by the aggregator with all the obligations, responsibilities and the fulfillment of the eligibility criteria on a continuous basis under these regulations and the relevant regulations that all disclosures made in form A or form B and under the relevant regulations are true and complete; each aggregator prominently displays a copy of the certificate at all its registered offices; the aggregator also prominently displays the name and contact details of the compliance officer to whom complaint may be made in the event of any subscriber grievance. 20. Code of conduct:-The aggregator shall continuously abide by the code of conduct specified below:- (1) the aggregator shall avoid conflicts of interest in managing the affairs of the National Pension System Swavalamban subscribers and keep the interest of all subscribers paramount in all matters. In case of any conflict between the interests of a subscriber and that of the aggregator or its representative, precedence may be given to the subscribers' interests the subscriber shall be provided with updated information on National Pension System-Swavalamban through fair disclosure mechanism as may be prescribed by the Authority from time to time to enable informed decision making by the subscriber: Conditions of such disclosures will be in the form periodicity and in the manner specified by the Authority from time to time. The aggregator shall ensure that it has not given any undue Or unfair advantage to any associates, facilitator or any entities in any manner detrimental to interest of the subscribers; (3) the aggregator shall maintain high standards of integrity and fairness in all its dealings and in conduct of their business. It shall render at all times high standards of service, exercise due diligence which implies standard of skill and care that is commensurate with the honest market practice, good faith, profile of subscriber, the extent of dependency of the subscribers o the aggregator and exercise independent professional judgment; the aggregator is prohibited from indulging in unfair conduct i.e. an act of omission that significantly impairs or iS likely to significantly impair the ability of subscriber to make an informed transactional decision and shall include conduct that is misleading O abusive while dealing with subscribers in- a) providing the subscriber with inaccurate information or information in relation to determinative factor that the aggregator doesn't believe to be true or providing accurate information to the subscriber in a manner that is deceptive; in determining whether the conduct is misleading under this regulation, the following factors shall be considered to be determinative factors:_ the aggregator shall not make any exaggerated statement, whether oral or written, either about their qualifications or capability to render services O its achievements; (ii) the aggregator shall ensure dissemination of accurate, explicit and timely information/data fairly presented in simple language as may be specified by the Authority from time to time; (iii) the aggregator shall follow best practices for maintaining books of accounts and records, systems, procedures, risk management systems and safeguards SO as to ensure that the affairs are conducted in a manner which is in the best interest of the subscribers; the main characteristics of National Pension System ~Swavalamban including its features, benefit and risk to the subscribers; the subscriber needs for National Pension System-Swavalamban or its suitability for the subscriber; right of the subscribers under any law Or regulation

27 · Cancellation or suspension of certificate of registration.-(1) Where any aggregator, which has been granted a certificate of registration (a) fails to comply with any conditions subject to which a certificate of registration has been granted to it; contravenes any of the provisions of the Act Or the rules O the regulations made or guidelines, notifications, directions, instructions O circulars issued by the Authority there under; indulges in unfair trade practices Or conducts its business in a 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; does not co-operate in an inquiry conducted by the Authority; fails in the periodic review of its performance in terms of number of new subscriber registrations done by the aggregator in relation to the business plan submitted at the time of registration or against any other uniform criteria applicable to all the registered aggregator; commits any acts of defaults as mentioned under section 28 of the Act, the Authority may, without prejudice to any other action which may be taken under the Act, regulations, directions, instructions Or circulars issued there under; by order take such action in the manner provided under these regulations including suspension or cancellation or withdrawal of the certificate of registration of an aggregator and such other action, as may be deemed appropriate. (2) An aggregator 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 certificate of registration may be cancelled A certificate evidencing compliance with the eligibility conditions shall have to be furnished by the registered aggregator to the Authority o annual basis within thirty days of closure of accounts for the financial year: (3) No order of cancellation, suspension or withdrawal of certificate of registration granted to an aggregator shall be made unless the aggregator has been afforded a reasonable opportunity of hearing: 28. Surrender of any certificate 0f registration: (1) Any aggregator; who has been granted a certificate of registration under the Act or the regulations made there under, desirous of giving up its activity and surrendering the certificate of registration; may make a request for such surrender to the Authority. (2) While disposing of request under these regulations, the Authority may require the concerned aggregator to satisfy the Authority of such factors as it deems fit; including but not limited to the following: a) the arrangements made by the aggregator at its own costs and expenses for maintenance and preservation of records and other documents required to be maintained under the Act; regulations and guidelines; redressal of subscriber grievances as per the provisions of Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015; transfer of records, funds or securities of the subscribers at its own cost and expenses to another aggregator as specified by the Authority; the arrangements made by it for ensuring continuity of service to the subscribers; defaults o pending actions, if any. (3) While accepting the surrender request; the Authority may impose such conditions upon the aggregator as it deems fit for the protection of interest of the subscribers of the National Pension System and the aggregator concerned shall comply with such conditions

38 · Appeals to Securities Appellate Tribunal:_The aggregator or any person concerned to the proceedings may if aggrieved by any order passed by the designated member prefer an appeal before the Securities Appellate Tribunal under sub-section (1) of section 36 of the Act: Explanation.- For the purposes of this Chapter, the expression; ~designated authority"' means an officer of the Authority appointed under sub- regulation (1) of regulation 31; "designated member" means the Chairperson or a whole-time Member of the Authority designated for the purpose. ~noticee" means the person to whom a notice has been issued under this Chapter. CHAPTER VI

39 · Reports and disclosures: The aggregator shall furnish or provide such reports and disclosure to Authority as it may specify Or require from time to time. 40. Confidentiality.-The aggregator shall maintain absolute confidentiality with respect to all records, data and information received by it under the National Pension System- Swavalamban. The aggregator shall not; without the prior permission of the Authority, produce O share such data Or information as evidence, O for any other purpose, except as required by the due process of law_ 41. Directions.-Without prejudice to any order under Chapter V of these regulations, the Authority may, in the interest of the subscribers or for the purpose of securing the proper management of aggregator; issue, necessary direction including but not limited to any O all of the following: (a) directing the aggregator to refund any contributions or money collected from the subscribers under National Pension System-Swavalamban scheme with or without interest; (b) any other direction which the Authority may deem fit and proper in the circumstances of the case: Provided that before issuing any directions the Authority shall give to the persons concerned reasonable opportunity of being heard: Provided further that if the circumstances warrant that any interim direction is required to be passed immediately, the Authority shall give to the persons concerned reasonable opportunity of being heard after passing the direction, without any undue delay. 42. Power of the Authority to issue clarifications.-In order to remove any difficulties in the application O interpretation of these regulations, the Authority may issue clarifications and guidelines in the form of circulars, notifications O guidelines: HEMANT G. CONTRACTOR, Chairperson [ADVT-III4/Exty./203/14] SCHEDULE [

5 · to 10 Years

2 · List of Independent directors (if mandated under the relevant statute governing the entity.) 3_ Monitoring mechanism 4 Cash handling/monitoring mechanism

5 · Mechanism for detection/control of frauds etc. 6_ Customer grievance redressal process 7 . Any other relevant matter Annexure 5: Technical Manpower Capacity Undertaking