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The Pension Fund Regulatory and Development Authority Act, 2013

[18th September, 2013.]

[No. 23 of 2013]

Contents

 

Sections

Particulars

Chapter I

Preliminary

1

Short title, extent and commencement

2

Definitions

Chapter II

Pension Fund Regulatory and Development Authority

3

Establishment and incorporation of Authority

4

Composition of Authority

5

Term of office and conditions of service of Chairperson and members of Authority

6

Removal of members from office

7

Restriction on future employment of members

8

Administrative powers of Chairperson

9

Meetings of Authority

10

Vacancies, etc., not to invalidate proceedings of Authority

11

Officers and employees of Authority

Chapter III

Extent and Application

12

Extent and application

Chapter IV

Transfer of Assets, Liabilities, Etc., of Interim Pension Fund Regulatory and Development Authority

13

Transfer of assets, liabilities, etc., of Interim Pension Fund Regulatory and Development Authority

Chapter V

Duties, Powers and Functions of Authority

14

Duties, powers and functions of Authority

15

Power to issue directions

16

Power of investigation

17

Search and seizure

18

Power of Authority to ensure compliance

19

Management by Administrator

Chapter VI

National Pension System

20

National Pension System

21

Central Recordkeeping Agency

22

Point of presence

23

Pension funds

24

Certain restrictions on foreign companies or individual or association of persons

25

Prohibition of investment of funds of subscribers outside India

26

Eligibility norms of the central recordkeeping agency, etc.

Chapter VII

Registration of Intermediaries

27

Registration of central recordkeeping agency, pension fund, point of presence, etc.

Chapter VIII

Penalties and Adjudication

28

Penalty for failure by an intermediary or any other person to comply with provisions of this Act, rules, regulations and directions

29

Crediting sums realised by way of penalties to Subscriber Education and Protection Fund

30

Power to adjudicate

31

Attachment of assets and supersession of management of intermediary

32

Offences

33

Power to grant immunity

34

Exemption from tax on wealth, income, profits and gains

35

Cognizance of offences by court

36

Appeal to Securities Appellate Tribunal

37

Civil Court not to have jurisdiction

38

Appeal to Supreme Court

Chapter IX

Finance, Account and Audit

39

Grants by Central Government

40

Constitution of Pension Regulatory and Development Fundr

41

Constitution of Subscriber Education and Protection Fund

42

Accounts and audit

Chapter X

Miscellaneous

43

Power of Central Government to issue directions

44

Power of Central Government to supersede Authority

45

Establishment of Pension Advisory Committee

46

Furnishing of returns, etc., to Central Government

47

Members, officers and employees of Authority to be public servants

48

Protection of action taken in good faith

49

Delegation of powers

50

Offences by companies

51

Power to make rules

52

Power to make regulations

53

Rules and regulations to be laid before Parliament

54

Power to remove difficulties

55

Application of other laws not barred

56

Savings

An Act to provide for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.

BE it enacted by Parliament in the Sixty-fourth Year of the Republic of India as follows:



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