Skip to main content

The Pension Fund Regulatory and Development Authority Act, 2013

Central

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.

Act number
23 of 2013
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
18 Sep 2013

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

57 sections

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