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The Pension Fund Regulatory and Development Authority Act, 2013


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:

a.     the retention, preservation, interim custody or sale of any asset or property which is regulated by the provisions of this Act;

b.    securing any pension fund, moneys and other assets and properties owned by or under the control of the pension fund;

c.     interim injunction or appointment of an administrator; and

d.    such other interim measures as may appear to the Authority to be just and necessary, and the Authority shall have power to make such orders including an order for attachment of assets of the pension fund as it deems fit in this regard.

2.     Where, on a complaint received by the Authority or suo motu, the Authority, after conducting an inquiry, comes to a conclusion that the governing board or board of directors, by whatever name called, or the persons in control of any intermediary to the extent regulated under this Act are indulging in any activity which is in contravention of the provisions of this Act or regulations, it may supersede the governing board or board of directors or management of the intermediary in accordance with the provisions of the regulations.

3.     In case the governing board or board of directors or management of an intermediary is superseded under sub-section (2), the Authority may appoint an Administrator to manage the affairs of the intermediary in accordance with the provisions contained in the regulations.



The Pension Fund Regulatory and Development Authority Act, 2013 Back




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