NCLAT: IRP Has Authority to Take Possession of Assets Owned by Corporate Debtor  ||  NCLAT: NCLT Can Direct Forwarding a Copy of its Order to Relevant Statutory Authorities  ||  Delhi HC: Centre to Expedite Process of Accessibility Features in OTT platforms for PwDs  ||  Delhi HC: Once Worker Provides Testimony Under Oath ‘Burden of Proof’ Shifts on Employer  ||  SC: There Cannot be Discrimination in Matter of Payment of Pension to Retired Judges  ||  SC: India is Not a Dharamshala that Can Entertain Foreign Nationals from All Over  ||  SC: Can Quash Domestic Violence Act Complaints Under Section 482 of CrPC  ||  Supreme Court: Can’t Use Statement of One Accused against Another  ||  SC: Inclusion of Name in Draft NRC Cannot Annul Foreigners Tribunal’s Declaration as Non-Citizen  ||  Supreme Court: Minimum Practice of 3 Years Mandatory to Enter Judicial Service    

Pension Fund Regulatory and Development Authority (Custodian of Securities) (Amendment) Regulations, 2021- (Miscellaneous) (22 Sep 2021)

MANU/NMIC/0259/2021

Service

In exercise of the powers conferred by sub-section (1) of section 52 read with clauses (e), (n), (o), (p) and (w) of sub-section (2) thereof of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to amend the Pension Fund Regulatory and Development Authority (Custodian of Securities) Regulations, 2015 namely, -

1. These regulations may be called the Pension Fund Regulatory and Development Authority (Custodian of Securities) (Amendment) Regulations, 2021. -

2. These shall come into force on the date of their publication in the official gazette. -

3. In the Pension Fund Regulatory and Development Authority (Custodian of Securities) Regulations, 2015: --

(I). After clause (b) of sub-regulation (1) of regulation 8, the following proviso shall be inserted--

"Provided that in the same group where the sponsor of a Pension Fund, Trustee Bank or central record keeping agency or their associates, are holding 50 percent or more of the voting rights of the share capital of a custodian, it can apply to become Custodian with the Authority under following conditions: -

(i) the sponsor, associates or the holding company, as the case may be, should have net worth of at least Rs.50,000 crore at all points of time; -

(ii) 50 per cent or more of the directors of the custodian shall be those who do not represent the interests of the sponsor or its associates; -

(iii) neither the custodian nor the pension fund company shall be a subsidiary of each other; -

(iv) no person shall be a director of both the custodian and the pension fund company; and-

(v) the custodian and the pension fund company shall sign an undertaking that they will act independently of each other in their dealings with the schemes. -

Explanation - For the purpose of this proviso the expression "holding company" shall have the meaning as provided in Section 2(46) of the Companies Act, 2013[Act No.18 of 2013]" -

(II). Clause (c) of sub-regulation (1) of regulation 8 shall be substituted as below--

"The applicant's minimum holding of assets under custody on the date of application shall be as defined under the selection process." -

Tags : PFRDA REGULATIONS   AMENDMENT  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved