Section 49 in The Pension Fund Regulatory and Development Authority Act, 2013

Title: Delegation of powers.

Description: (1) The Authority may, by general or special order in writing, delegate to any member, officer of the Authority or any other person subject to such conditions, if any, as may be specified in the order, such of its powers and functions under this Act (except the powers under section 52) as it may deem necessary. (2) The Authority may, by a general or special order in writing, also form committees of the members and delegate to them the powers and functions of the Authority as may be specified by the regulations.

Title: Offences by companies.

Description: (1) Where an offence under this Act has been committed by a company, every person who at the time the offence was committed was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Act if he proves that the offence was committed without his knowledge or that he has exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to, any neglect on the part of any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly. Explanation.—For the purposes of this section,— (a) "company" means any body corporate and includes a firm or other association of individuals; and (b) "director, in relation to a firm", means a partner in the firm.

Title: Powers of Authority not to apply to International Financial Services Centre.

Description: 1[50A. Powers of Authority not to apply to International Financial Services Centre.-- Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Authority under this Act,-- (a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005); (b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019, in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.] 1. Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020).

Title: Power to make rules.

Description: 1) The Central Government may, by notification, make rules for carrying out the provisions of this Act. (2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely: (a) the salary and allowances payable to and the other conditions of service of the Chairperson and whole-time members under sub-section (3) of section 5; (b) the allowances payable to part-time members under sub-section (4) of section 5; (c) the additional functions which may be performed by the Authority under clause (p) of sub-section (2) of section 14; (d) any other matter in respect of which the Authority may exercise the powers of a civil court under clause (v) of sub-section (3) of section 14; (e) the procedure to be followed by the authorised officer under sub-section (10) of section 17; (f) the form and manner in which an appeal may be filed before the Securities Appellate Tribunal and the fee which shall accompany such appeal, under sub-section (2) of section 36; (g) the procedure to be followed by the Securities Appellate Tribunal in dealing with an appeal, under sub-section (6) of section 36; (h) the form in which annual statement of accounts shall be maintained by the Authority under sub-section (1) of section 42; (i) the time within which and the form and manner in which returns and reports are to be made by the Authority to the Central Government under sub-section (1) of section 46; (j) any other matter which is to be, or may be, prescribed, or in respect of which provision is to be made, by rules.

Title: Power to make regulations.

Description: (1) The Authority may, by notification, make regulations consistent with this Act and the rules made there under for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations.

CHAPTER 10 MISCELLANEOUS