Section List

23/2013 - The Pension Fund Regulatory and Development Authority Act, 2013 ▶

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