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The Pension Fund Regulatory and Development Authority Act, 2013

[18th September, 2013.]

[No. 23 of 2013]

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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