Section 23 in The Pension Fund Regulatory and Development Authority Act, 2013

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.

Title: Registration of central recordkeeping agency, pension fund, point of presence, etc.

Description: (1) No intermediary, including a pension fund or a point of presence to the extent regulated under this Act, shall commence any activity relating to a pension fund except under and in accordance with the conditions of a certificate of registration granted by the Authority in accordance with the provisions of this Act and the regulations: Provided that any intermediary, including any point of presence, who had been associated with a pension scheme and appointed to act as such by the Interim Pension Fund Regulatory and Development Authority immediately before the establishment of the Authority under this Act for which no registration certificate was necessary prior to such establishment, and may continue to do so for a period of six months from such establishment or, if he has made an application for such registration within the said period of six months till the disposal of such application. (2) Every application for grant of a certificate of registration under this Act shall be in such form and manner and shall be accompanied by such fees as may be determined by regulations. (3) The Authority may, after considering the application and subject to such terms and conditions as it may specify, grant a certificate of registration as a central recordkeeping agency, point of presence, pension fund or such other intermediary, as the case may be. (4) The Authority may, by order, suspend or cancel a certificate of registration granted under sub-section (3) in such manner as may be determined by regulations: Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.