Act Number: 23

Act Name: The Pension Fund Regulatory and Development Authority Act, 2013

Year: 2013

Enactment Date: 2013-09-18

Long Title: 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: Ministry of Finance

Department: Department of Financial Services

Section 50A: Powers of Authority not to apply to International Financial Services Centre.
        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.]
    
Notes:
1. Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020).
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