Section 24
Certain restrictions on foreign companies or individual or association of persons.
The Pension Fund Regulatory and Development Authority Act, 2013
About this Act
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.
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).
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).