Executive Summary:
This document contains the Pension Fund Regulatory and Development Authority Retirement Adviser First Amendment Regulations, 2017. It amends the 2016 regulations and came into force on the date of publication in the Official Gazette (published May 5, 2017). The amendments concern the definition of "prospect" and the provision of retirement advisory services outside of India, including fees.
Key Points / Main Content:
* **General:**
* These regulations are called the Pension Fund Regulatory and Development Authority Retirement Adviser First Amendment Regulations, 2017.
* They amend the Pension Fund Regulatory and Development Authority Retirement Adviser Regulations, 2016.
* The regulations came into force on the date of their publication in the Official Gazette.
* **Amendment to Definition of "Prospect":**
* Regulation 2 is amended to define "prospect" as a prospective subscriber or group of subscribers of the National Pension System.
* This includes any organization, corporate entity, or employer desiring to implement the National Pension System for its employees, or has implemented such a system.
* It also includes citizens of India residing in jurisdictions outside of India where the National Pension System is available.
* **Retirement Advisory Services Outside India:**
* Regulation 13 is amended to allow entities, other than individuals, registered with the Authority as retirement advisers, to conduct retirement advisory services outside the territory of India for certain classes or sections of prospects, to the extent specifically permitted.
* Such entities must seek prior specific approval from the Authority by submitting a written request along with an application and fee, if applicable.
* The Authority may grant approval, subject to the condition that the Retirement Adviser obtains prior approval as required by the relevant law of the concerned jurisdiction outside India.
* The Authority may consider the applicant's past experience, track record, and performance when granting approval.
* **Onboarding Fees for Prospects Outside India:**
* Regulation 15 is amended to allow retirement advisers, specifically permitted by the Authority to serve eligible prospects outside India, to collect an onboarding fee.
* The onboarding fee is up to eight US dollars (or equivalent currency) if the retirement adviser sources the application from the prospect outside India and sends it to a Point of Presence in India for account opening or through an online platform.
* If the retirement advisor submits the application to a branch of a registered Point of Presence providing services under the National Pension System in such territory, the onboarding fee is limited to two US dollars (or equivalent currency).
Impact Analysis:
* **Pension Fund Regulatory and Development Authority:**
* *Impact:* The Authority is responsible for enforcing and overseeing the amended regulations. They must process applications for retirement advisory services outside India and grant approvals based on specified criteria.
* *Action Required:* The Authority needs to establish procedures for reviewing applications, setting fees (if any), and monitoring the activities of retirement advisers operating outside India.
* **Retirement Advisers:**
* *Impact:* Retirement advisers seeking to provide services outside India must comply with the new regulations, including seeking approval from the Authority and adhering to fee limitations for onboarding prospects.
* *Action Required:* Retirement advisers must assess the impact of these regulations on their operations, prepare applications for approval to offer services outside India, and adjust their fee structures accordingly.
* **National Pension System Subscribers (including prospective subscribers):**
* *Impact:* Indian citizens residing outside India may now have increased access to retirement advisory services. The regulation also sets limits on onboarding fees charged by retirement advisors.
* *Action Required:* Prospective subscribers should be aware of the fees they may be charged for onboarding and ensure that any retirement advisor they engage with is appropriately authorized.
Key Entities Referenced
Pension Fund Regulatory and Development Authority: Regulatory body responsible for promoting and developing the pension sector in India.
Pension Fund Regulatory and Development Authority Act, 2013: The Act of Indian Parliament that established the Pension Fund Regulatory and Development Authority.
Pension Fund Regulatory and Development Authority Retirement Adviser Regulations, 2016: Regulations pertaining to the registration and operation of retirement advisors in the pension sector.
Pension Fund Regulatory and Development Authority Retirement Adviser First Amendment Regulations, 2017: Amendments to the existing regulations for retirement advisors.
New Delhi: The location where the notification was issued, New Delhi, Delhi.
National Pension System: A pension scheme introduced by the Government of India to provide retirement income to all citizens.
Hemant G. Contractor: Chairperson of the Pension Fund Regulatory and Development Authority.
Mayapuri, New Delhi: Location of the Dte. of Printing at Government of India Press
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PART III—Section 4
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No. 185] NEW DELHI, FRIDAY, MAY 5, 2017/VAISAKHA 15, 1939
प(cid:7286)शन िनिध िविनयामक और िवकास (cid:7079)ािधकरण
अिधसूचना
नई िदल्ली, 28 अ(cid:7079)ैल, 2017
प(cid:7286)शन िनिध िविनयामक और िवकास (cid:7079)ािधकरण (सवे ािनविृ (cid:7275) सलाहकार) ((cid:7079)थम सशं ोधन) िविनयम, 2017
सं. पीएफआरडीए/12/आरजीएल/139/10.— प(cid:7286)शन िनिध िविनयामक और िवकास (cid:7079)ािधकरण अिधिनयम 2013
(2013 का 23), की धारा 52 की उपधारा (1) के साथ पठनीय उपधारा (2) के खंड (ब.) और धारा 14 की उपधारा (2) के
खंड (घ.) (cid:7367)ारा (cid:7079)दत्(cid:7275) शि(cid:7334)य(cid:7298) का (cid:7079)योग करते हुए, प(cid:7286)शन िनिध िविनयामक और िवकास (cid:7079)ािधकरण एत(cid:7375)ारा प(cid:7286)शन िनिध
िविनयामक और िवकास (cid:7079)ािधकरण (सेवािनवृि(cid:7275) सलाहकार) िविनयम 2016 म(cid:7286) संशोधन करते हुए िन(cid:7388) िविनयम बनाता ह ै
नामत:-
1 इन िविनयम(cid:7298) का नाम प(cid:7286)शन िनिध िविनयामक और िवकास (cid:7079)ािधकरण (सेवािनवृि(cid:7275) सलाहकार) ((cid:7079)थम संशोधन)
िविनयम, 2017 ह।ै
2 यह आिधकािरक राजप(cid:7074) म(cid:7286) उनकी (cid:7079)काशन की ितिथ को (cid:7079)वृ(cid:7275) ह(cid:7298)गे।
3 प(cid:7286)शन िनिध िविनयामक और िवकास (cid:7079)ािधकरण (सेवािनवृि(cid:7275) सलाहकार) िविनयम 2016 म(cid:7286):
(I) िविनयमन 2 के खंड (x), पिरभािषत संभािवत अिभदाता(cid:7312) को िन(cid:7388)ानुसार संशोिधत िकया जाएगा
(X) “ संभािवत अिभदाता” से तात्पयर् रा(cid:7398)ीय प(cid:7286)शन (cid:7079)णाली के भावी अिभदाता या अिभदाता(cid:7312) का समूह अथवा कोई संगठन
या िनगम या िनयो(cid:7334)ा, जो अपने कमर्चािरय(cid:7298) के िलए रा(cid:7398)ीय प(cid:7286)शन (cid:7079)णाली को ि(cid:7059)यािन्वत करने की वांछा रखता हो अथवा
ऐसी प(cid:7286)शन (cid:7079)णाली को लागू कर चुका ह(cid:7298), और जहां रा(cid:7398)ीय प(cid:7286)शन (cid:7079)णाली भारत के राज्य क्षे(cid:7074) के बाहर के क्ष(cid:7074)े ािधकार म(cid:7286)
उपलब्ध ह,ै भारत के नागिरक, जो ऐसे क्षे(cid:7074)ािधकार म(cid:7286) रहते ह।(cid:7289)
(II) िविनयमन (13) के खंड (घ) के बाद िन(cid:7388) खंड सि(cid:7382)िव(cid:7397) िकया जाएगा:
2952 GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(ड.) सेवािनवृि(cid:7275) सलाहकार(cid:7298) के रूप म(cid:7286) संस्थाएं ((cid:7390)ि(cid:7334)य(cid:7298) के अलावा) जो (cid:7079)ािधकरण के साथ पंजीकृत ह,ै को भारत के क्षे(cid:7074) के
बाहर िविश(cid:7397) वग(cid:7300) या संभािवत अिभदाता(cid:7312) के वग(cid:7300) के िलए सेवािनवृि(cid:7275) सलाहकार सेवाएं संचािलत करने की िवशेष
अनुमित दी जाएगी। इस तरह की संस्थाएं (cid:7079)ािधकरण म(cid:7286) आवेदन एवं आवेदन शुल्क, यिद ह ै और िलिखत अनुरोध के साथ
(cid:7079)स्तुत कर(cid:7286)गे, पूवर् िविश(cid:7397) अनुमोदन की मांग करेगी। सेवािनवृि(cid:7275) सलाहकार को संबंिधत क्षे(cid:7074)ािधकार (भारत से बाहर) म(cid:7286) लागू
िविध के अनुसार जहाँ कह(cid:7277) भी आवश्यक हो, पूवर् अनुमोिदत िकये जाने की िस्थित म(cid:7286) (cid:7079)ािधकरण अनुमित द ेसकता ह।ै
(cid:7079)ािधकरण अनुमोदन दते े समय, आवेदक के िपछले अनुभव, िनष्पादन िरकाडर् और (cid:7079)दशर्न को ध्यान म(cid:7286) रखेगा।
(III) िविनयमन 15 के उप-िविनयमन (2) के बाद, िन(cid:7388) खंड सि(cid:7382)िव(cid:7397) िकया जाएगा:
(3) उप-िविनयमन (1) म(cid:7286) अनिवर्(cid:7397) िकसी भी बात के होते हुए भी, योग्य संभािवत अिभदाता(cid:7312) के संबंध म(cid:7286), भारत के क्षे(cid:7074) के
बाहर, सेवािनवृि(cid:7275) सलाहकार, िजन्ह (cid:7286) (cid:7079)ािधकरण (cid:7367)ारा िवशेष रूप से उनको सेवाएं (cid:7079)दान करने की अनुमित दी गई ह,ै ऐसे
सेवािनवृि(cid:7275) सलाहकार भारत के बाहर के क्षे(cid:7074) म(cid:7286) संभािवत अिभदाता से आवेदन लेता ह,ै और भारत म(cid:7286) उपिस्थित अिस्तत्व को
खाता खोलने के िलए भेजता ह ैया ऑनलाइन माध्यम से खाता खुलवाता ह,ै तो सेवािनवृि(cid:7275) सलाहकार उन खात(cid:7298) के िलए आठ
यूएस डॉलर या समतुल्य मु(cid:7076)ा के िलए ऑन-बोिडग(cid:7304) शुल्क का हक़दार होगा।
सेवािनवृि(cid:7275) सलाहकार भारत के बाहर, ऐसे क्षे(cid:7074) म (cid:7286) जहाँ रा(cid:7398)ीय प(cid:7286)शन (cid:7079)णाली के तहत सेवाएं (cid:7079)दान की जाती ह,ै संभािवत
अिभदाता से आवेदन लेता ह ै और वहाँ की पंजीकृत उपिस्थित अिस्तत्व की शाखा म(cid:7286) (cid:7079)स्तुत करता ह,ै सेवािनवृि(cid:7275) सलाहकार
की ऑन-बोिड(cid:7304)ग फीस दो यूएस डॉलर तक या समतुल्य मु(cid:7076)ा तक ही सीिमत ह(cid:7298)गी।
हमे ंत जी. कां(cid:7069)ेक् टर, अध् यक्ष
[िवज्ञापन-III/4/असा./47/17]
पाद िटप्पणी:
1. मूल िविनयम, प(cid:7286)शन िनिध िविनयामक और िवकास (cid:7079)ािधकरण (सेवािनवृि(cid:7275) सलाहकार) िविनयम, 2016 को अिधसूचना
संख्या पीएफआरडीए/12/आरजीएल/139/1 के माध्यम से भारत के राजप(cid:7074), भाग III खंड 4, म(cid:7286), 13 जून, 2016 को (cid:7079)कािशत
िकया गया।
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 28th April, 2017
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (RETIREMENT
ADVISER) (FIRST AMENDMENT) REGULATIONS, 2017
No. PFRDA/12/RGL/139/10.—In exercise of the powers conferred by sub-section (1) of section 52
read with clause (w) of sub-section (2) thereof and clause (d) of sub-section (2) of Section 14 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 (Retirement Adviser) Regulations, 2016 namely:
1. These regulations may be called the Pension Fund Regulatory and Development Authority
(Retirement Adviser) (First Amendment) Regulations, 2017.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations,
2016:-
(I) Clause (x) of Regulation 2, defining prospect shall be amended as under:¹Hkkx IIIμ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
(x) “Prospects” means any prospective subscriber or group of subscribers of National Pension System
or any organisation or corporate or employer, which desires to implement National Pension System
for its employees or has implemented such pension system for its employees, and where National
Pension System is available in a jurisdiction outside the territory of India, citizens of India, residing
in such jurisdictions.
(II) After clause (d) of regulation (13) the following clause shall be inserted:
(e) entities, other than individuals, registered with the Authority, as retirement advisers, shall only be
allowed to conduct the Retirement Advisory services, outside the territory of India, for certain classes
or sections of prospects, to the extent so specifically permitted. Such entities shall seek prior specific
approval, by submitting written request to Authority along with an application and fee, if any, that
may be specified. The Authority may grant the approval, subject to the condition that Retirement
Adviser will take prior approval, where so required, as per relevant law, of the concerned jurisdiction,
outside India.
The Authority may while granting such approval, interalia have regard to the past experience, track-
record and performance of the applicant.
(III) After sub-regulation (2) of Regulation 15, the following regulation shall be added
(3) Notwithstanding anything contained in sub-regulation (1), in respect of eligible prospects, outside
the territory of India, the retirement adviser, who has been specifically allowed to render services to
them, by the Authority, shall be entitled to collect an on-boarding fee of upto eight US $ or in
equivalent currency, from the prospect, where such retirement adviser sources the application from
prospect in such territory, outside India, and sends the same to Point of- Presence, in India, for
account opening or getting it opened through online platform.
Where the Retirement Adviser sources the application from prospect, outside the territory of India and
submits the same to the branch of registered Points-of-Presence, providing services under National
Pension System in such territory, the on-boarding fee which may be collected by the Retirement
Adviser, from the prospect, shall be limited up to two US$ or in equivalent currency.
HEMANT G. CONTRACTOR, Chairperson
[ADVT.-III/4/Exty./47/17]
Footnote:
1. The principal regulations, Pension Fund Regulatory and Development Authority (Retirement Adviser)
Regulations, 2016 was published in the Gazette of India, Part III, Section 4 on June 13, 2016 vide notification
No. PFRDA/12/RGL/139/1.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.