Section 31 in The Pension Fund Regulatory and Development Authority Act, 2013

Title: Attachment of assets and supersession of management of intermediary.

Description: (1) Any person aggrieved may apply to the Authority for an interim measure of protection in respect of any of the following matters, namely:– (a) the retention, preservation, interim custody or sale of any asset or property which is regulated by the provisions of this Act; (b) securing any pension fund, moneys and other assets and properties owned by or under the control of the pension fund; (c) interim injunction or appointment of an administrator; and (d) such other interim measures as may appear to the Authority to be just and necessary, and the Authority shall have power to make such orders including an order for attachment of assets of the pension fund as it deems fit in this regard. (2) Where, on a complaint received by the Authority or suo motu, the Authority, after conducting an inquiry, comes to a conclusion that the governing board or board of directors, by whatever name called, or the persons in control of any intermediary to the extent regulated under this Act are indulging in any activity which is in contravention of the provisions of this Act or regulations, it may supersede the governing board or board of directors or management of the intermediary in accordance with the provisions of the regulations. (3) In case the governing board or board of directors or management of an intermediary is superseded under sub-section (2), the Authority may appoint an Administrator to manage the affairs of the intermediary in accordance with the provisions contained in the regulations.

Title: Offences

Description: (1) Without prejudice to any award of penalty by the member under this Act, if any person contravenes or attempts to contravene or abets the contravention of the provisions of this Act or of any rules or regulations made thereunder, he shall be punishable with imprisonment for a term which may extend to ten years, or with fine, which may extend to twenty-five crore rupees or with both. (2) If any person fails to pay the penalty imposed by the member or fails to comply with any of the directions or orders issued by the member, he shall be punishable with imprisonment for a term which shall not be less than one month but which may extend to ten years, or with fine, which may extend to twenty-five crore rupees, or with both.

Title: Power to grant immunity.

Description: (1) The Central Government may, on the recommendation by the Authority, if satisfied, that any person, who is alleged to have violated any of the provisions of this Act or the rules or the regulations made thereunder, has made a full and true disclosure in respect of alleged violation, grant to such person, subject to such conditions as it may think fit to impose, immunity from prosecution for any offence under this Act, or the rules or the regulations made thereunder and also from the imposition of any penalty under this Act with respect to the alleged violation: Provided that no such immunity shall be granted by the Central Government in cases where the proceedings for the prosecution for any such offence have been instituted before the date of receipt of application for grant of such immunity: Provided further that the recommendation of the Authority under this sub-section shall not be binding upon the Central Government. (2) An immunity granted to a person under sub-section (1) may, at any time, be withdrawn by the Central Government, if it is satisfied that such person had, in the course of the proceedings, not complied with the condition on which the immunity was granted or had given false evidence, and thereupon such person may be tried for the offence with respect to which the immunity was granted or for any other offence of which he appears to have been guilty in connection with the contravention and shall also become liable to the imposition of any penalty under this Act to which such person would have been liable, had no such immunity been granted.

Title: Exemption from tax on wealth, income, profits and gains.

Description: Notwithstanding anything contained in– (i) the Wealth-tax Act, 1957 (27 of 1957); (ii) the Income-tax Act, 1961 (43 of 1961) ; or (iii) any other enactment for the time being in force relating to tax on wealth, income, profits or gains, the Authority shall not be liable to pay wealth-tax, income-tax or any other tax in respect of its wealth, income, profits or gains derived.

Title: Cognizance of offences by court.

Description: (1) No court shall take cognizance of any offence punishable under this Act or any rules or regulations made thereunder, save on a complaint made by the Authority. (2) No court inferior to that of a Court of Session shall try any offence punishable under this Act.

CHAPTER 8 PENALTIES AND ADJUDICATION