PART III—Section 4

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4 · Application for registration. – (1)On and from the date of commencement of these regulations, an applicant meeting the eligibility criteria as specified in these regulations for grant of a certificate of registration as an aggregator shall make an application to the Authority along with a non-refundable application fee in Form A as specified in Schedule I or Form B as specified in Schedule II of these regulations.

5 · Application fee. -The applicant shall submit a 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:

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 so required, appear before the Authority for a personal representation in connection with such application.

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 -

9 · Grant of certificate of registration (1)The Authority on being satisfied that the applicant is eligible, shall grant a certificate of registration in the form specified in Schedule IV and send intimation to the applicant in this regard:

10 · Grant of certificate of registration subject to conditions.- (1)Any certificate granted by the Authority to an aggregator shall be subject to the following conditions, namely:—

11 · Effect of refusal to grant of certificate of registration.- (1) Where, on and after the commencement of these regulations, an aggregator referred to in sub-regulation (3) of regulation 4 has failed to obtain registration, or an existing aggregator has not obtained or, has been refused the renewal of certificate (or permission) under these regulations, or has surrendered its certificate or permission or, has been directed to be wound up by an order of a court, such aggregator shall-

12 · Aggregator to submit security deposit.- (1) Each entity registered as an aggregator shall be required to submit a security deposit equivalent to one per cent of its net worth or rupees five lakh, which ever is higher. The maximum security deposit shall not exceed rupees twenty lakhs. The security deposit may be in the form of a demand draft, a bank guarantee from a scheduled commercial bank or in any other form as may be specified by the Authority from time to time.

13 · Revenue model for aggregator.-

14 · Role and responsibility of aggregator.- (1) The aggregator shall have the following duties, namely:-

15 · Investment options under National Pension System–Swavalamban.–The following investment options shall be available under the National Pension System-Swavalamban:-

16 · Engagement of facilitator.-(1) An aggregator may, at its discretion engage services of another approved aggregator as a 'facilitator' to operationalise National Pension System-Swavalamban for the target groups.

17 · Appointment of Compliance officer.–(1) Every aggregator shall appoint a compliance officer, from amongst its senior management level officers, who shall be responsible for monitoring compliance by the aggregator of the provisions of the Act, rules and regulations, notifications, guidelines or instructions issued by the Authority.

18 · Maintenance of books and records.–Every aggregator shall keep the following books of accounts:-

19 · General obligation. –

20 · Code of conduct.-The aggregator shall continuously abide by the code of conduct specified below:-

21 · Inspection and audit.—(1) The Authority may undertake directly or through its authorized representative an inspection and audit of books, accounts, records including the telephone records and electronic records and documents of the aggregator for any purpose, including the purposes as specified under this regulation.

22 · Notice before inspection and audit.- (1) Before undertaking an inspection or audit under regulation 21, the Authority or its authorized representative shall give ten working days notice to the concerned aggregator:

23 · Obligations of aggregator on inspection and audit.- (1) It shall be the duty of the aggregator the affairs of which is being inspected or audited, and every director, officer and employee thereof, to produce to the Authority or its authorized representative or auditor, such books, accounts, records, and other documents in its custody or control and furnish it or him with such statements and information relating to the activities entrusted to it by the Authority, as it may require, within such reasonable period as may be specified.

24 · Submission of report.- (1) On completion of the inspection or audit, a report shall be submitted to the Authority, which after consideration of the report, may take such action as it may deem fit and appropriate in the interest of the subscribers.

25 · Payment of inspection and audit fees.-The Authority shall be entitled to recover from the aggregator such expenses incurred by it for the purposes of inspection or audit undertaken by it directly or through its authorized representative.

26 · 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 aggregator, 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 aggregator shall allow the National Pension system Trust, or its authorized representative to have a reasonable access to the premises occupied by it, books of accounts, records and provide necessary information as may be required by it for the purpose of such inspection or audit, as the case may be.

27 · Cancellation or suspension of certificate of registration.-(1) Where any aggregator, which has been granted a certificate of registration—

28 · Surrender of any certificate of 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.

29 · Effect of suspension, cancellation or surrender of certificate of registration.—(1) On and from the date of suspension or cancellation of the certificate, the concerned aggregator shall-

30 · Cancellation or suspension of certificate of registration.—Where any aggregator which has been granted a certificate of registration under these regulations-

31 · Appointment of designated authority.- (1) Where it appears to the designated member, that the aggregator or any other concerned person has committed any default of the nature specified in regulation 27, he may appoint an officer not below the rank of a Chief General Manager or any other officer of an equivalent rank as a designated authority.

32 · Issuance of notice.- (1) The designated authority shall, if he finds reasonable grounds to do so, issue a notice to the aggregator or any other concerned person requiring it to show cause as to why the certificate of registration granted to it, shall not be suspended or cancelled or why any other action provided herein shall not be taken.

33 · Reply by noticee. – (1) The noticee shall submit to the designated authority its written representation within the period specified in the notice along with documentary evidence, if any, in support thereof:

34 · Action in case of default.- After considering the representations, if any, of the noticee, the facts and circumstances of the case and applicable provisions of the Act, regulations, directions or circulars administered by the Authority, the designated authority shall submit a report, where the facts so warrant, recommending,—

35 · Procedure for action on recommendation.- (1) On receipt of the report recommending measures from the designated authority, the designated member shall consider the same and issue a show cause notice to the noticee enclosing a copy of the report submitted by the designated authority calling upon the noticee to submit its written representation as to why the action, including passing of appropriate direction, shall not be taken.

36 · Intimation of order.—(1) Every report made by the designated authority and every order passed by the designated member under these regulations shall be dated and signed.

37 · Penalty and adjudication.—The imposition of penalty, if any, on the aggregator or person concerned shall be in accordance with the provisions of the Act and the Pension Fund Regulatory and Development Authority (Procedure for inquiry by adjudicating officer) Regulations, 2015.

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 or share such data or information as evidence, or 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 or all of the following: -

42 · Power of the Authority to issue clarifications.-In order to remove any difficulties in the application or interpretation of these regulations, the Authority may issue clarifications and guidelines in the form of circulars, notifications or guidelines.

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