Short title, extent and commencement
1. This Act may be called the Pension Fund Regulatory and Development Authority Act, 2013.2. It extends to the whole of India.3. It shall com...
1. In this Act, unless the context otherwise requires,—a. “Authority” means the Pension Fund Regulatory and Development Authority established under s...
|Chapter II||Pension Fund Regulatory and Development Authority|
Establishment and incorporation of Authority
1. With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, an Autho...
Composition of Authority
The Authority shall consist of the following Members, namely:—a. a Chairperson;b. three whole-time members; andc. three part-time members, to ...
Term of office and conditions of service of Chairperson and members of Authority
1. The Chairperson and every whole-time member shall hold office for a term of five years from the date on which he enters upon his office and shall be e...
Removal of members from office
1. The Central Government may remove from office the Chairperson or any other member who—a. is, or at any time has been, adjudged as insolvent; orb...
Restriction on future employment of members
1. The Chairperson and the whole-time members shall not, for a period of two years from the date on which they cease to hold office as such, except with ...
Administrative powers of Chairperson
The Chairperson shall have the powers of general superintendence and direction in respect of all administrative matters of the Authority....
Meetings of Authority
1. The Authority shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings ...
Vacancies, etc., not to invalidate proceedings of Authority
No act or proceeding of the Authority shall be invalid merely by reason of—a. any vacancy in, or any defect in the constitution of, the Authority; orb. ...
Officers and employees of Authority
1. The Authority may appoint such officers and other employees as it considers necessary for the efficient discharge of its functions under this Act.2. ...
|Chapter III||Extent and Application|
Extent and application
1. This Act shall apply to—a. the National Pension System;b. any other pension scheme not regulated by any other enactment.1. 2. Every...
|Chapter IV||Transfer of Assets, Liabilities, Etc., of Interim Pension Fund Regulatory and Development Authority|
Transfer of assets, liabilities, etc., of Interim Pension Fund Regulatory and Development Authority
On and from the date of establishment of the Pension Fund Regulatory and Development Authority,—a. all the assets and liabilities of the Interim Pension ...
|Chapter V||Duties, Powers and Functions of Authority|
Duties, powers and functions of Authority
1. Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty, to regulate, promote and ensur...
Power to issue directions
Save as otherwise provided in section 14, if after making, or causing to be made, an inquiry, the Authority is satisfied that it is necessary— i. ...
Power of investigation
1. Where the Authority has a reasonable ground to believe that—a. the activities of the pension fund are being conducted in a manner detrimental to t...
Search and seizure
1. Where the Authority, in consequence of information in its possession, has reason to believe that–a. any person who has been required under sub-sec...
Power of Authority to ensure compliance
If the Authority finds, after causing an inquiry to be made, that any person has violated, or is likely to violate, any provisions of this Act, or any rule or...
Management by Administrator
1. If at any time the Authority has reason to believe that the central recordkeeping agency or pension fund is acting in a manner likely to be prejudicial...
|Chapter VI||National Pension System|
National Pension System
1. The contributory pension system notified by the Government of India in the Ministry of Finance vide notification number F. No. 5/7/2003-ECB&PR, dat...
Central Recordkeeping Agency
1. The Authority shall, by granting a certificate of registration under sub-section (3) of section 27, appoint a central recordkeeping agency:Provided th...
Point of presence
1. The Authority may, by granting a certificate of registration under sub-section (3) of section 27, permit one or more persons to act as a point of prese...
1. The Authority may, by granting a certificate of registration under sub-section (3) of section 27, permit one or more persons to act as a pension fund f...
Certain restrictions on foreign companies or individual or association of persons
The aggregate holding of equity shares by a foreign company either by itself or through its subsidiary companies or its nominees or by an individual or by an ...
Prohibition of investment of funds of subscribers outside India
No pension fund shall, directly or indirectly invest outside India, the funds of subscribers....
Eligibility norms of the central recordkeeping agency, etc.
The central recordkeeping agency, points of presence and pension funds, shall satisfy the eligibility norms as may be specified by the regulations, including ...
|Chapter VII||Registration of Intermediaries|
Registration of central recordkeeping agency, pension fund, point of presence, etc.
1. No intermediary, including a pension fund or a point of presence to the extent regulated under this Act, shall commence any activity relating to a pen...
|Chapter VIII||Penalties and Adjudication|
Penalty for failure by an intermediary or any other person to comply with provisions of this Act, rules, regulations and directions
1. Any person, who is required under this Act or any rules or regulations made there under,—a. to obtain a certificate of registration from the Autho...
Crediting sums realised by way of penalties to Subscriber Education and Protection Fund
All sums realised by way of penalties under this Act shall be credited to the Subscriber Education and Protection Fund established under sub-section (1) of se...
Power to adjudicate
1. For the purposes of adjudging under section 28, the Authority shall appoint any of its officers not below the rank specified by regulations to be an ad...
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 r...
1. Without prejudice to any award of penalty by the member under this Act, if any person contravenes or attempts to contravene or abets the contravention ...
Power to grant immunity
1. The Central Government may, on the recommendation by the Authority, if satisfied, that any person, who is alleged to have violated any of the provision...
Exemption from tax on wealth, income, profits and gains
Notwithstanding anything contained in– i. the Wealth-tax Act, 1957; ii. the Income-tax Act, 1961; or iii. any other enac...
Cognizance of offences by court
1. No court shall take cognizance of any offence punishable under this Act or any rules or regulations made there under, save on a complaint made by the A...
Appeal to Securities Appellate Tribunal
1. Any person aggrieved by an order made by the Authority or by an adjudicating officer under this Act may prefer an appeal before the Securities Appellat...
Civil Court not to have jurisdiction
No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which an adjudicating officer appointed under this Act or ...
Appeal to Supreme Court
Any person aggrieved by any decision or order of the Securities Appellate Tribunal under this Act may file an appeal to the Supreme Court within sixty days fr...
|Chapter IX||Finance, Account and Audit|
Grants by Central Government
The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Authority grants of such sums of money as that Gover...
Constitution of Pension Regulatory and Development Fundr
1. There shall be constituted a fund to be called the Pension Regulatory and Development Fund and there shall be credited thereto—a. all Government ...
Constitution of Subscriber Education and Protection Fund
. 1. The Authority shall establish a fund to be called the Subscriber Education and Protection Fund.2. There shall be credited to the Subscriber Educa...
Accounts and audit
1. The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed b...
Power of Central Government to issue directions
1. Without prejudice to the foregoing provisions of this Act, the Authority shall, in exercise of its powers or the performance of its functions under thi...
Power of Central Government to supersede Authority
1. If at any time the Central Government is of the opinion that—a. on account of circumstances beyond the control of the Authority, it is unable to ...
Establishment of Pension Advisory Committee
1. The Authority may, by notification, establish with effect from such date as it may specify in the notification, a Committee to be known as the Pension ...
Furnishing of returns, etc., to Central Government
1. The Authority shall furnish to the Central Government at such time and in such form and manner as may be prescribed, or as the Central Government may d...
Members, officers and employees of Authority to be public servants
The Chairperson and other members and officers and other employees of the Authority shall be deemed, when acting or purporting to act in pursuance of any of t...
Protection of action taken in good faith
No suit, prosecution or other legal proceedings shall lie against the Central Government or the Authority or any officer of Central Government or any member, ...
Delegation of powers
1. The Authority may, by general or special order in writing, delegate to any member, officer of the Authority or any other person subject to such conditi...
Offences by companies
1. Where an offence under this Act has been committed by a company, every person who at the time the offence was committed was in charge of, and was respo...
Power to make regulations
1. The Authority may, by notification, make regulations consistent with this Act and the rules made there under for carrying out the provisions of this Ac...
Rules and regulations to be laid before Parliament
Every rule and every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session...
Power to remove difficulties
1. If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, published in the Official Gazette, make ...
Application of other laws not barred
The provisions of this Act shall be in addition to and not in derogation of the provisions of any other law for the time being in force....
Anything done or any action taken by the Interim Pension Fund Regulatory and Development Authority and Central Government under the Resolutions of the Governm...