Section 5 in The Pension Fund Regulatory and Development Authority Act, 2013

Title: Term of office and conditions of service of Chairperson and members of Authority.

Description: (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.

Description: (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.

Description: (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.

Title: Administrative powers of Chairperson.

Description: The Chairperson shall have the powers of general superintendence and direction in respect of all administrative matters of the Authority.

Title: Meetings of Authority

Description: (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 (including quorum at such meetings) as may be provided by regulations. (2) The Chairperson or, if for any reason, he is unable to attend a meeting of the Authority, any other member chosen by the members present from amongst themselves at the meeting, shall preside at the meeting. (3) All questions which come up before any meeting of the Authority shall be decided by a majority of votes by the members present and voting, and in the event of an equality of votes, the Chairperson or in his absence, the person presiding shall have a second or casting vote. (4) If any member, who is a director of a company and who as such director, has any direct or indirect pecuniary interest in any matter coming up for consideration at a meeting of the Authority, he shall, as soon as possible after relevant circumstances have come to his knowledge, disclose the nature of his interest at such meeting and such disclosure shall be recorded in the proceedings of the Authority, and the member shall not take part in any deliberation or decision of the Authority with respect to that matter.