Pension Fund Regulatory and Development Authority Act, 2013

Bare Act · 2013

An Act to provide for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.

Act number: 23 of 2013
Enacted: 18 September 2013
Contents: 57 sections · 11 chapters

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Contents

Chapter I — Prelimininary

Chapter II — Pension Fund Regulatory And Develoment Authority

Chapter III — Extent And Application

Section 12 – Extent and application (preview)

Chapter IV — Authority

Section 13 – Transfer of assets, liabilities, etc., of Interim Pension Fund Regulatory and Development Authority (preview)

Chapter V — Duties, Powers And Functions Of Authority

Section 14 – Duties, powers and functions of Authority (preview)
Section 15 – Power to issue directions (preview)
Section 16 – Power of investigation (preview)
Section 17 – Search and seizure (preview)
Section 18 – Power of Authority to ensure compliance (preview)
Section 19 – Management by Administrator (preview)

Chapter VI — National Pension System

Section 20 – National Pension System (preview)
Section 21 – Central Recordkeeping Agency (preview)
Section 22 – Point of presence (preview)
Section 23 – Pension funds (preview)
Section 24 – Certain restrictions on foreign companies or individual or association of persons (preview)
Section 25 – Prohibition of investment of funds of subscribers outside India (preview)
Section 26 – Eligibility norms of the central recordkeeping agency, etc (preview)

Chapter VII — Registration Of Intermediaries

Section 27 – Registration of central recordkeeping agency, pension fund, point of presence, etc (preview)

Chapter VIII — Penalties And Adjudication

Section 28 – Penalty for failure by an intermediary or any other person to comply with provisions of this Act, rules, regulations and directions (preview)
Section 30 – Power to adjudicate (preview)
Section 31 – Attachment of assets and supersession of management of intermediary (preview)
Section 32 – Offences (preview)
Section 33 – Power to grant immunity (preview)
Section 34 – Exemption from tax on wealth, income, profits and gains (preview)
Section 35 – Cognizance of offences by court (preview)
Section 36 – Appeal to Securities Appellate Tribunal (preview)
Section 37 – Civil Court not to have jurisdiction (preview)
Section 38 – Appeal to Supreme Court (preview)

Sections

Section 29 – Crediting sums realised by way of penalties to Subscriber Education and Protection Fund (preview)

Chapter IX — Finance, Account And Audit

Section 39 – Grants by Central Government (preview)
Section 40 – Constitution of Pension Regulatory and Development Fund (preview)
Section 41 – Constitution of Subscriber Education and Protection Fund (preview)
Section 42 – Accounts and audit (preview)

Chapter X — Miscellaneous

Section 43 – Power of Central Government to issue directions (preview)
Section 44 – Power of Central Government to supersede Authority (preview)
Section 45 – Establishment of Pension Advisory Committee (preview)
Section 46 – Furnishing of returns, etc., to Central Government (preview)
Section 47 – Members, officers and employees of Authority to be public servants (preview)
Section 48 – Protection of action taken in good faith (preview)
Section 49 – Delegation of powers (preview)
Section 50 – Offences by companies (preview)
Section 50A – Powers of Authority not to apply to International Financial Services Centre (preview)
Section 51 – Power to make rules (preview)
Section 52 – Power to make regulations (preview)
Section 53 – Rules and regulations to be laid before Parliament (preview)
Section 54 – Power to remove difficulties (preview)
Section 55 – Application of other laws not barred (preview)
Section 56 – Savings (preview)