The Pension Fund Regulatory and Development Authority Act

Short title, extent and commencement

Definitions

Establishment and incorporation of Authority

Composition of Authority

Term of office and conditions of service of Chairperson and members of Authority

Removal of members from office

Restriction on future employment of members

Administrative powers of Chairperson

Meetings of Authority

Vacancies, etc., not to invalidate proceedings of Authority

Officers and employees of Authority

Extent and application

Transfer of assets, liabilities, etc., of Interim Pension Fund Regulatory and Development  Authority

Duties, powers and functions of Authority

Power to issue directions

Power of investigation

Search and seizure

Power of Authority to ensure compliance

Management by Administrator

National Pension System

Central Recordkeeping Agency

Point of presence

Pension funds

Certain restrictions on foreign companies or individual or association of persons

Prohibition of investment of funds of subscribers outside India

Eligibility norms of the central recordkeeping agency, etc

Registration of central recordkeeping agency, pension fund, point of presence, etc

Penalty for failure by an intermediary or any other person to comply with provisions of this Act,  rules, regulations and directions

Crediting sums realised by way of penalties to Subscriber Education and Protection Fund

Power to adjudicate

Attachment of assets and supersession of management of intermediary

Offences

Power to grant immunity

Exemption from tax on wealth, income, profits and gains

Cognizance of offences by court

Appeal to Securities Appellate Tribunal

Civil Court not to have jurisdiction

Appeal to Supreme Court

Grants by Central Government

Constitution of Pension Regulatory and Development Fund

Constitution of Subscriber Education and Protection Fund

Accounts and audit

Power of Central Government to issue directions

Power of Central Government to supersede Authority

Establishment of Pension Advisory Committee

Furnishing of returns, etc., to Central Government

Members, officers and employees of Authority to be public servants

Protection of action taken in good faith

Delegation of powers

Offences by companies

Powers of Authority not to apply to International Financial Services Centre

Power to make rules

Power to make regulations

Rules and regulations to be laid before Parliament

Power to remove difficulties

Application of other laws not barred

Savings

All sections

The Authority shall consist of the following Members, namely:—

(a) a Chairperson;

(b) three whole-time members; and

(c) three part-time members,
to be appointed by the Central Government from amongst persons of ability, integrity and standing and
having knowledge and experience in economics or finance or law with at least one person from each
discipline.

LAWGIST

# 4 Composition of Authority