Section 22 in The Pension Fund Regulatory and Development Authority Act, 2013

Title: Point of presence.

Description: (1) The Authority may, by granting a certificate of registration under sub-section (3) of section 27, permit one or more persons to act as a point of presence for the purpose of receiving contributions and instructions, transmitting them to the Trustee Bank or the central recordkeeping agency, as the case may be, and paying out benefits to subscribers in accordance with the regulations made by the Authority from time to time in this regard. (2) A point of presence shall functions in accordance with the terms of its certificate of registration and the regulations made under this Act.

Title: Pension funds.

Description: (1) The Authority may, by granting a certificate of registration under sub-section (3) of section 27, permit one or more persons to act as a pension fund for the purpose of receiving contributions, accumulating them and making payments to the subscriber in such manner as may be specified by regulations. (2) The number of pension funds shall be determined by regulations and the Authority may, in public interest, vary the number of pension funds: Provided that at least one of the pension funds shall be a Government company. Explanation.--For the purposes of this sub-section, the expression "Government company" shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956). (3) The pension fund shall function in accordance with the terms of its certificate of registration and the regulations made under this Act. (4) The pension fund shall manage the schemes in accordance with the regulations.

Title: Certain restrictions on foreign companies or individual or association of persons.

Description: The aggregate holding of equity shares by a foreign company either by itself or through its subsidiary companies or its nominees or by an individual or by an association of persons whether registered or not under any law of a country outside India taken in aggregate in the pension fund shall not exceed twenty-six per cent. of the paid-up capital of such fund or such percentage as may be approved for an Indian insurance company under the provisions the Insurance Act, 1938 (4 of 1938) whichever is higher. Explanation.--For the purposes of this section, the expression "foreign company" shall have the meaning assigned to it in clause (23A) of section 2 of the Income-tax Act, 1961 (43 of 1961).

Title: Prohibition of investment of funds of subscribers outside India.

Description: No pension fund shall, directly or indirectly invest outside India, the funds of subscribers.

Title: Eligibility norms of the central recordkeeping agency, etc.

Description: The central recordkeeping agency, points of presence and pension funds, shall satisfy the eligibility norms as may be specified by the regulations, including minimum capital requirement, past track-record including the ability to provide guaranteed returns, costs and fees, geographical reach, customer base, information technology capability, human resources and such other matters.