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The Pension Fund Regulatory and Development Authority Act, 2013


2. Definitions

1.     In this Act, unless the context otherwise requires,—

a.     “Authority” means the Pension Fund Regulatory and Development Authority established under sub-section (1) of section 3;

b.    “central recordkeeping agency” means an agency registered under section 27 to perform the functions of recordkeeping, accounting, administration and customer service for subscribers to schemes;

c.     “Chairperson” means the Chairperson of the Authority;

d.    “document” shall include any matter written, expressed or described upon any substance by means of letters, figures or marks, or by more than one of those means, in printed or in electronic version, which is intended to be used, or which may be used, by the Interim Pension Fund Regulatory and Development Authority, or Authority or an intermediary or any other entity connected with the National Pension System, for the purpose of recording that matter;

e.     “individual pension account” means an account of a subscriber, executed by a contract setting out the terms and conditions under the National Pension System;

f.     “Interim Pension Fund Regulatory and Development Authority” means the Interim Pension Fund Regulatory and Development Authority set up by the Central Government through Resolutions No. F. No. 5/7/2003-ECB&PR, dated the 10th October, 2003 and F. No. 1(6)/2007-PR, dated the 14th November, 2008;

g.    “intermediary” includes pension fund, central recordkeeping agency, National Pension System Trust, pension fund adviser, retirement adviser, point of presence and such other person or entity connected with collection, management, recordkeeping and distribution of accumulations;

h.     “member” means a member of the Authority and includes its Chairperson;

i.      “National Pension System” means the contributory pension system referred to in section 20 whereby contributions from a subscriber are collected and accumulated in an individual pension account using a system of points of presence, a central recordkeeping agency and pension funds as may be specified by regulations;

j.      "National Pension System Trust" means the Board of Trustees who hold the assets of subscribers for their benefit;

k.     “notification” means a notification published in the Official Gazette;

l.      “pension fund” means an intermediary which has been granted a certificate of registration under sub-section (3) of section 27 by the Authority as a pension fund for receiving contributions, accumulating them and making payments to the subscriber in the manner as may be specified by regulations;

m.   “Pension Regulatory and Development Fund” means the fund constituted under sub-section (1) of section 40;

n.     “point of presence” means an intermediary registered with the Authority under sub-section (3) of section 27 as a point of presence and capable of electronic connectivity with the central recordkeeping agency for the purposes of receiving and transmitting funds and instructions and pay out of funds;

o.    “prescribed” means prescribed by rules made under this Act;

p.    “regulated assets” means the assets and properties, both tangible and intangible, owned, leased or developed by and other rights belonging to, the central recordkeeping agency;

q.    “regulations” means the regulations made by the Authority under this Act;

r.      “scheme” means a scheme of pension fund approved by the Authority under this Act;

s.     “Securities Appellate Tribunal” means a Securities Appellate Tribunal established under sub-section (1) of section 15K of the Securities and Exchange Board of India Act, 1992;

t.      “subscriber” includes a person who subscribes to a scheme of a pension fund;

u.     “Subscriber Education and Protection Fund” means the fund constituted under sub-section (1) of section 41;

v.     “Trustee Bank" means a banking company as defined in the Banking Regulation Act, 1949.

2.     Words and expressions used and not defined in this Act, but defined in—

              i.        the Insurance Act, 1938;

             ii.        the Companies Act, 1956;

            iii.        the Securities Contracts (Regulation) Act, 1956; and

            iv.        the Securities and Exchange Board of India Act, 1992, shall have the meanings respectively assigned to them under those Acts.



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