Act 23 of 2013

The Pension Fund Regulatory and Development Authority 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.

  • Ministry of Finance
  • Department of Financial Services
  • Enacted 2013-09-18
  • 57 sections
SectionTitle
1 Short title, extent and commencement. Read
2 Definitions. Read
3 Establishment and incorporation of Authority. Read
4 Composition of Authority. Read
5 Term of office and conditions of service of Chairperson and members of Authority. Read
6 Removal of members from office. Read
7 Restriction on future employment of members. Read
8 Administrative powers of Chairperson. Read
9 Meetings of Authority. Read
10 Vacancies, etc., not to invalidate proceedings of Authority. Read
11 Officers and employees of Authority. Read
12 Extent and application. Read
13 Transfer of assets, liabilities, etc., of Interim Pension Fund Regulatory and Development Authority. Read
14 Duties, powers and functions of Authority. Read
15 Power to issue directions. Read
16 Power of investigation. Read
17 Search and seizure. Read
18 Power of Authority to ensure compliance. Read
19 Management by Administrator.Read
20 National Pension System.Read
21 Central Recordkeeping Agency.Read
22 Point of presence.Read
23 Pension funds.Read
24 Certain restrictions on foreign companies or individual or association of persons. Read
25 Prohibition of investment of funds of subscribers outside India.Read
26 Eligibility norms of the central recordkeeping agency, etc. Read
27 Registration of central recordkeeping agency, pension fund, point of presence, etc. Read
28 Penalty for failure by an intermediary or any other person to comply with provisions of this Act, rules, regulations and directions. Read
29 Crediting sums realised by way of penalties to Subscriber Education and Protection Fund. Read
30 Power to adjudicate. Read
31 Attachment of assets and supersession of management of intermediary. Read
32 Offences. Read
33 Power to grant immunity. Read
34 Exemption from tax on wealth, income, profits and gains. Read
35 Cognizance of offences by court. Read
36 Appeal to Securities Appellate Tribunal. Read
37 Civil Court not to have jurisdiction. Read
38 Appeal to Supreme Court. Read
39 Grants by Central Government. Read
40 Constitution of Pension Regulatory and Development Fund. Read
41 Constitution of Subscriber Education and Protection Fund. Read
42 Accounts and audit. Read
43 Power of Central Government to issue directions. Read
44 Power of Central Government to supersede Authority. Read
45 Establishment of Pension Advisory Committee. Read
46 Furnishing of returns, etc., to Central Government. Read
47 Members, officers and employees of Authority to be public servants. Read
48 Protection of action taken in good faith. Read
49 Delegation of powers. Read
50 Offences by companies. Read
50A Powers of Authority not to apply to International Financial Services Centre.Read
51 Power to make rules. Read
52 Power to make regulations. Read
53 Rules and regulations to be laid before Parliament. Read
54 Power to remove difficulties. Read
55 Application of other laws not barred. Read
56 Savings. Read
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