The Pension Fund Regulatory and Development Authority Act, 2013
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.
Administered by. Ministry of Finance, Department of Financial Services · Other Acts of 2013
Preamble
THE PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY ACT, 2013
ACT NO. 23 OF 2013
[18th September, 2013.] 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:--
What this Act covers
Summary of the Pension Fund Regulatory and Development Authority Act, 2013
Key Provisions
I. Establishment, Governance, and Transition
1. Establishment & Structure: Pension Fund Regulatory and Development Authority (PFRDA) established as a body corporate with a Chairperson, whole-time, and part-time members.
2. Transition from Interim Authority: - Assets, liabilities, and obligations of the Interim PFRDA transfer to the new Authority (Section 13).
• Continuity for intermediaries with a 6-month registration grace period (Section 27).
II. Regulatory Powers and Functions
1. Core Responsibilities: - Regulate and promote the National Pension System (NPS).
• Protect subscriber interests.
• Approve and regulate pension schemes and intermediaries.
2. Audit and Financial Oversight: - Authority's accounts audited by the Comptroller and Auditor-General of India with broad audit powers.
• Annual submission of audited accounts to the Central Government and Parliament.
III. Operational and Enforcement Provisions
1. Registration of Intermediaries: - Mandatory registration for central recordkeeping agencies, pension funds, points of presence, etc., with specified conditions (Section 27).
2. Investigative and Enforcement Powers: - Investigation, search, seizure, and interim protection measures.
• Suspension or cancellation of registration with due process (Section 27(4)).
IV. Financial and Beneficiary Protection Provisions
1. Funding and Utilisation: - Grants, fees, and other sources for operational and subscriber protection funds.
• Specific utilisation guidelines for each fund (Sections 40 & 41).
2. Subscriber Education and Protection Fund: - Composition and utilisation for subscriber interests (Section 41).
V. Legislative, Judicial, and Miscellaneous Provisions
1. Legislative Oversight: - Rules and regulations to be laid before Parliament (Section 53).
• Power to remove difficulties within 5 years of commencement (Section 54).
2. Judicial and Penalty Provisions: - Appeals to the Securities Appellate Tribunal.
• Significant penalties for contraventions, including imprisonment and fines.
1. Savings and Continuity: - Validation of actions by the Interim PFRDA (Section 56).
• Non-derogation of other laws (Section 55).
Sections
Type to filter. 57 sections.
- 1Short title, extent and commencement
- 2Definitions
- 3Establishment and incorporation of Authority
- 4Composition of Authority
- 5Term of office and conditions of service of Chairperson and members of Authority
- 6Removal of members from office
- 7Restriction on future employment of members
- 8Administrative powers of Chairperson
- 9Meetings of Authority
- 10Vacancies, etc., not to invalidate proceedings of Authority
- 11Officers and employees of Authority
- 12Extent and application
- 13Transfer of assets, liabilities, etc., of Interim Pension Fund Regulatory and Development Authority
- 14Duties, powers and functions of Authority
- 15Power to issue directions
- 16Power of investigation
- 17Search and seizure
- 18Power of Authority to ensure compliance
- 19Management by Administrator
- 20National Pension System
- 21Central Recordkeeping Agency
- 22Point of presence
- 23Pension funds
- 24Certain restrictions on foreign companies or individual or association of persons
- 25Prohibition of investment of funds of subscribers outside India
- 26Eligibility norms of the central recordkeeping agency, etc
- 27Registration of central recordkeeping agency, pension fund, point of presence, etc
- 28Penalty for failure by an intermediary or any other person to comply with provisions of this Act, rules, regulations and directions
- 29Crediting sums realised by way of penalties to Subscriber Education and Protection Fund
- 30Power to adjudicate
- 31Attachment of assets and supersession of management of intermediary
- 32Offences
- 33Power to grant immunity
- 34Exemption from tax on wealth, income, profits and gains
- 35Cognizance of offences by court
- 36Appeal to Securities Appellate Tribunal
- 37Civil Court not to have jurisdiction
- 38Appeal to Supreme Court
- 39Grants by Central Government
- 40Constitution of Pension Regulatory and Development Fund
- 41Constitution of Subscriber Education and Protection Fund
- 42Accounts and audit
- 43Power of Central Government to issue directions
- 44Power of Central Government to supersede Authority
- 45Establishment of Pension Advisory Committee
- 46Furnishing of returns, etc., to Central Government
- 47Members, officers and employees of Authority to be public servants
- 48Protection of action taken in good faith
- 49Delegation of powers
- 50Offences by companies
- 50APowers of Authority not to apply to International Financial Services Centre
- 51Power to make rules
- 52Power to make regulations
- 53Rules and regulations to be laid before Parliament
- 54Power to remove difficulties
- 55Application of other laws not barred
- 56Savings
Rules made under this Act
40 sets of Rules. India Code publishes Rules as a record and a document rather than as text, so these are indexed here and not reproduced. All Rules.
- PFRDA (Employees Services) (Amendment) Regulations, 20222022
- PFRDA (Redressal of Subscriber Grievance) (Amendment) Regulations, 20222022
- PFRDA (CRA) Regulations (Amendment), 20212021
- PFRDA (Custodian of Securities) (Amendment) Regulations, 20212021
- PFRDA (Employees Services) (Amendment) Regulations, 20212021
- PFRDA (Exits and Withdrawals under NPS) ( Second Amendment) Regulations, 20212021
- PFRDA (Exits and Withdrawals under NPS) (Amendment) Regulations, 20212021
- PFRDA (Form of Annual Statement of Accounts and Records) (Amendment) Rules 20222021
- PFRDA (NPS Trust) (Amendment) Regulation, 20212021
- PFRDA (Pension Fund) (Fifth Amendment ) Regulation, 20212021
- PFRDA (Pension Fund) (Fourth Amendment ) Regulation, 20212021
- PFRDA (Pension Fund) (Sixth Amendment ) Regulation, 20212021
- PFRDA (Point of Presence) (Amendment) Regulations, 20212021
- PFRDA (Salary and Allowances Payable to and Other Terms and Conditions of Service of Chairperson and Whole-time Members) (Third Amendment) Rules, 20212021
- PFRDA (CRA) Regulations ( Second Amendment), 20202020
- PFRDA (Employees Services) (Amendment) Regulations, 20202020
- PFRDA (Exits and Withdrawals under NPS) (Amendment) Regulations, 20202020
- PFRDA (NPS Trust) (Second Amendment) Regulation, 20202020
- PFRDA (Pension Fund) (Second Amendment ) Regulation, 20202020
- PFRDA (Pension Fund) (Third Amendment ) Regulation, 20202020
- Notification dated 31 January 20192019
- PFRDA (Exits and Withdrawals under NPS) (Fifth Amendment) Regulations, 20192019
- PFRDA (Exits and Withdrawals under NPS) (Sixth Amendment) Regulations, 20192019
- PFRDA (NPS Trust) (First Amendment) Regulation, 20192019
- PFRDA (Retirement Advisor) (Fifth Amendment) Regulations, 20192019
- PFRDA (Trustee Bank) (First Amendment) Regulations, 20192019
- PFRDA (Employees Services) (First Amendment) Regulations, 20182018
- PFRDA (Salary, Allowances Payable to, and Other Terms and conditions of service of Chairperson, and Whole Time Members) (Second Amendment) Rules, 20172018
- Pension Fund Regulatory And Development Authority (Exits And Withdrawals Under The National Pension System) Regulation2018
- Pension Fund Regulatory And Development Authority(Point Of Presence) Regulations,20182018
- Pension Fund Regulatory and Development Authority (Central Record keeping Agency) (First Amendment) Regulations 20182018
- Pension Fund Regulatory and Development Authority (Exits and Withdrawals Under the National Pension System)(Third Amendment) Regulations, 2018.2018
- Pension Fund Regulatory and Development Authority (Exits and Withdrawals under NPS) (Fourth Amendment) Regulations 20182018
- PFRDA (Salary, Allowances Payable to, and Other Terms and conditions of service of Chairperson, and Whole Time Members) Amendment Rules , 20172017
- Pension Fund Regulatory and Development Authority (Exits and Withdrawals Under the National Pension System)(First Amendment) Regulations, 20172017
- Pension Fund Regulatory and Development Authority (Exits and Withdrawals Under the National Pension System)(Second Amendment) Regulations, 20172017
- Pension Fund Regulatory and Development Authority (Point Of Presence) (Second Amendment) Regulations 20172017
- Pension Fund Regulatory and Development Authority (Retirement Adviser) (First Amendment) Regulations 20172017
- Pension Fund Regulatory and Development Authority (Retirement Adviser) (Fourth Amendment) Regulations 2017.2017
- Pension Fund Regulatory and Development Authority (Retirement Adviser) (Second Amendment) Regulations 20172017
Related Acts
- The Finance Act, 2013142 sections
- The Finance Act, 2014129 sections
- The Finance Act, 2012121 sections
- The Factoring Regulation Act, 201136 sections
- The Finance Act, 2015165 sections
- The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 201588 sections
- The Finance Act, 201136 sections
- The Coinage Act, 201128 sections
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Every one of the 57 sections of this Act has its own page. This page is not a substitute for legal advice.