Power to make regulations

Section 52 of the Pension Fund Regulatory and Development Authority Act, 2013 deals with power to make regulations. The Authority may, by notification, make regulations consistent with this Act and the rules made there under for carrying out the provisions of this Act. The Act came into force on 01 Feb 2014.

(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 Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:

(a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9;

(b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11;

(c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section;

(d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14;

(e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14;

(f) amendment to the National Pension System referred to in sub-section (1) of section 20;

(g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20;

(h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20;

(i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20;

(j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21;

(k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21;

(l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22;

(m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23;

(n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27;

(o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27;

(p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27;

(q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30;

(r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31;

(s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31;

(t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41;

(u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49;

(v) establishment, duties and functioning of the National Pension System Trust;

(w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations.

Section 52, The Pension Fund Regulatory and Development Authority Act, 2013 (Act 23 of 2013).