Section 11 in The Pension Fund Regulatory and Development Authority Act, 2013
Title: 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) The terms and other conditions of service of officers and other employees of the Authority appointed under sub-section (1) shall be such as may be determined by regulations.
Title: 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.
(2) Every pension scheme referred to in clause (b) shall conform to the regulations made by the Authority within such time as may be specified in the regulations.
(3) Notwithstanding anything contained in sub-section (1), the provisions of this Act shall not apply to—
(a) the schemes or funds under—
(i) the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948 (46 of 1948);
(ii) the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952);
(iii) the Seamen's Provident Fund Act, 1966 (4 of 1966);
(iv) the Assam Tea Plantations Provident Fund and Pension Fund Scheme Act, 1955 (Assam Act X of 1955); and
(v) the Jammu and Kashmir Employees' Provident Funds Act, 1961 (Jammu and Kashmir Act XV of 1961);
(b) contracts referred to in sub-section (11) of section 2 of the Insurance Act, 1938 (4 of 1938);
(c) any other pension scheme, which the Central Government may, by notification, exempt from the application of this Act;
(d) persons appointed before the 1st day of January, 2004 to public services in connection with the affairs of the Union, or to All-India Services constituted under section 2A of the All-India Services Act, 1951 (61 of 1951);
(e) persons appointed to public services in connection with the affairs of any State, or such Union territories as may be specified by notification by the Central Government.
(4) Notwithstanding anything contained in sub-section (3), any State Government or administrator of a Union territory may, by notification, extend the National Pension System to its employees.
(5) Notwithstanding anything contained in clause (c) of sub-section (3), the Central Government may, by notification, extend the application of this Act to any other pension scheme including any other pension scheme exempted and notified under clause (c) of sub-section (3).
(6) Any person governed under any of the schemes or funds referred to in sub-section (3) may, at his option, also join the National Pension System.
Title: 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 Fund Regulatory and Development Authority shall stand transferred to, and vested in, the Authority.
Explanation.--The assets of the Interim Pension Fund Regulatory and Development Authority shall be deemed to include all rights and powers, all properties, whether movable or immovable, including, in particular, cash balances, deposits and all other interests and rights in, or arising out of, such properties as may be in the possession of the Interim Pension Fund Regulatory and Development Authority and all books of account and other documents relating to the same; and liabilities shall be deemed to include all debts, liabilities and obligations of whatever kind;
(b) without prejudice to the provisions of clause (a), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Interim Pension Fund Regulatory and Development Authority immediately before that day, for or in connection with the purpose of the said Regulatory Authority, shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the Authority;
(c) all sums of money due to the Interim Pension Fund Regulatory and Development Authority immediately before that day shall be deemed to be due to the Authority; and
(d) all suits and other legal proceedings instituted or which could have been instituted by or against the Interim Pension Fund Regulatory and Development Authority immediately before that day may be continued or may be instituted by or against the Authority.
Title: 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 ensure orderly growth of the National Pension System and pension schemes to which this Act applies and to protect the interests of subscribers of such System and schemes.
(2) Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include—
(a) regulating the National Pension System and the pension schemes to which this Act applies;
(b) approving the schemes, the terms and conditions thereof and laying down norms for the management of the corpus of the pension funds, including investment guidelines under such schemes;
(c) registering and regulating intermediaries;
(d) issuing to an intermediary, on application, a certificate of registration and renewing, modifying, withdrawing, suspending or cancelling such registration;
(e) protecting the interests of subscribers by—
(i) ensuring safety of the contribution of subscribers to various schemes of pension funds to which this Act applies;
(ii) ensuring that the intermediation and other operational costs under the National Pension System are economical and reasonable;
(f) establishing mechanism for redressal of grievances of subscribers to be determined by regulations;
(g) promoting professional or organisations connected with the pension system;
(h) adjudication of disputes between intermediaries and between intermediaries and subscribers;
(i) collecting data and requiring the intermediaries to collect such data and undertaking and commissioning studies, research and projects;
(j) undertaking steps for educating subscribers and the general public on issues relating to pension, retirement savings and related issues and training of intermediaries;
(k) standardising dissemination of information about performance of pension funds and performance benchmarks;
(l) regulating the regulated assets;
(m) levying fees or other charges for carrying out the purposes of this Act;
(n) specifying by regulations the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries;
(o) calling for information from, undertaking inspection of, conducting inquiries and investigations including audit of, intermediaries and other entities or organisations connected with pension funds;
(p) exercising such other powers and functions as may be prescribed.
(3) Notwithstanding anything contained in any other law for the time being in force, while exercising the powers under clause (o) of sub-section (2), the Authority shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908) while trying a suit, in respect of the following matters, namely:--
(i) the discovery and production of books of account and other documents, at such place and at such time as may be specified by the Authority;
(ii) summoning and enforcing the attendance of persons and examining them on oath;
(iii) inspection of any book, register and other document of any person or intermediary referred to in section 26, at any place;
(iv) issuing commissions for the examination of witnesses or documents;
(v) any other matter which may be prescribed.
(4) Without prejudice to the provisions contained in sub-sections (1), (2) and (3) and section 16, the Authority may, by order, for reasons to be recorded in writing, in the interest of subscribers, take any of the following measures, pending investigation or inquiry, namely:--
(i) restrain persons from participating in any scheme;
(ii) restrain any office bearer of an intermediary from acting as such;
(iii) impound and retain the proceeds under the scheme in respect of any activity which is under investigation;
(iv) attach, after passing an order, on an application made for approval, by the Judicial Magistrate of first class having jurisdiction, for a period not exceeding one month, one or more bank account or accounts of any intermediary or any person associated with the scheme in any manner involved in violation of any of the provisions of this Act or the rules or the regulations made thereunder:
Provided that only the bank account or accounts or any transaction entered therein, relating to the proceeds actually involved in the violation of any of the provisions of this Act or the rules or the regulations made thereunder shall be allowed to be attached;
(v) direct any intermediary or any person associated with the scheme in any manner not to dispose of or alienate an asset forming part of any activity which is under investigation:
Provided that the Authority shall, either before or after, passing such orders, under this section, give to such intermediaries or persons concerned an opportunity of being heard.
Title: 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) in the interests of subscribers or orderly development of National Pension System or a pension scheme to which this Act applies; or
(ii) to prevent the affairs of any intermediary or other persons or entities referred to in section 27 being conducted in a manner detrimental to the interests of subscribers; or
(iii) to secure the proper management of any such intermediary or person or entity,
it may issue such directions to such intermediaries or entities or to any person or class of persons referred to in section 27, or associated with the pension fund, as it may deem fit:
Provided that the Authority shall, either before or after passing such orders, give an opportunity of being heard to such intermediaries, entities or persons concerned.