Section 3 in The Pension Fund Regulatory and Development Authority Act, 2013
Title: 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 Authority to be called the Pension Fund Regulatory and Development Authority.
(2) The Authority shall be a body corporate by the name aforesaid, having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued.
(3) The head office of the Authority shall be in the National Capital Region referred to in clause (f) of section 2 of the National Capital Region Planning Board Act, 1985 (2 of 1985).
(4)The Authority may establish offices at other places in India.
Title: Composition of Authority.
The Authority shall consist of the following Members, namely:—
(a) a Chairperson;
(b) three whole-time members; and
(c) three part-time members,
to be appointed by the Central Government from amongst persons of ability, integrity and standing and having knowledge and experience in economics or finance or law with at least one person from each discipline.
Title: 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 eligible for reappointment:
Provided that no person shall hold office as a Chairperson after he has attained the age of sixty-five years:
Provided further that no person shall hold office as a whole-time member after he has attained the age of sixty-two years.
(2) A part-time member shall hold office as such for a term not exceeding five years from the date on which he enters upon his office.
(3)The salary and allowances payable to, and other terms and conditions of service of, the members other than part-time members shall be such as may be prescribed.
(4)The part-time members shall receive such allowances as may be prescribed.
(5)The salary, allowances and other conditions of service of a member shall not be varied to his disadvantage after his appointment.
(6) Notwithstanding anything contained in sub-section (1) or sub-section (2), a member may—
(a) relinquish his office, by giving in writing to the Central Government, a notice of not less than thirty days; or
(b) be removed from his office in accordance with the provisions of section 6.
Title: 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; or
(b) has become physically or mentally incapable of acting as a member; or
(c) has been convicted of an offence which, in the opinion of the Central Government, involves moral turpitude; or
(d) has acquired such financial or other interest as is likely to affect prejudicially his functions as a member; or
(e) has, in the opinion of the Central Government, so abused his position as to render his continuance in office detrimental to the public interest.
(2) No such Chairperson or other member shall be removed under clause (d) or clause (e) of sub-section (1) unless he has been given a reasonable opportunity of being heard in the matter.
Title: 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 the previous approval of the Central Government, accept—
(a) any employment either under the Central Government or under any State Government; or
(b) any appointment in any regulated entity in the pension sector.
2) The Chairperson and the whole-time members of the Interim Pension Fund Regulatory and Development Authority holding the office as such before the commencement of this Act, shall not, on and after such commencement, accept any appointment in any regulated entity in the pension sector for a period of two years from the date on which they cease to hold office as such, except with the previous approval of the Central Government.