**Report on Pension Fund Regulatory and Development Authority Point of Presence Amendment Regulations, 2021**
**1. Executive Summary:**
This report analyzes the Pension Fund Regulatory and Development Authority (PFRDA) Point of Presence Amendment Regulations, 2021, as published in the Gazette of India on June 14, 2021. This amendment modifies the PFRDA Point of Presence Regulations, 2018. The key changes relate to the definition of pension schemes, eligibility criteria for Points of Presence (PoPs), validity and renewal of registration certificates, handling of contributions, record-keeping requirements, and compliance officer responsibilities. The amendments aim to refine operational aspects of the National Pension System (NPS) and related schemes and enhance regulatory oversight.
**2. Introduction:**
This report aims to provide an informative overview of the Pension Fund Regulatory and Development Authority Point of Presence Amendment Regulations, 2021, based solely on the provided policy text. The report will outline the key amendments, their potential impact, and relevant implementation aspects.
**3. Policy Overview:**
* This is an amendment to the Pension Fund Regulatory and Development Authority Point of Presence Regulations, 2018.
* The core objectives of these amendments, as inferred from the text, are to:
* Broaden the definition of applicable pension schemes.
* Modify eligibility and operational requirements for Points of Presence (PoPs).
* Clarify procedures related to contribution handling and record-keeping.
* Strengthen compliance and oversight mechanisms.
**4. Background and Rationale:**
The provided text suggests the need for these amendments stems from a desire to refine the operational framework of the National Pension System and related schemes. Specific issues addressed by the amendments appear to include:
* The need to explicitly include NPSLite-Swavalamban, Atal Pension Yojana (APY) and other Government of India pension schemes within the scope of the Point of Presence Regulations.
* Adjusting eligibility requirements to accommodate different types of entities, including online marketing companies, payment banks, and small finance banks, along with their participation in APY.
* Updating the validity and renewal process of registration certificates for PoPs.
* Strengthening the mechanisms for handling subscriber contributions and maintaining accurate records.
* Clarifying the responsibilities of compliance officers.
**5. Key Provisions / Changes:**
The amendment introduces the following specific changes to the Pension Fund Regulatory and Development Authority Point of Presence Regulations, 2018:
* **I. Definition of Pension Schemes (Regulation 2(1)(g)):** The definition of "Pension Schemes" is broadened to explicitly include the National Pension System (NPS), NPSLite-Swavalamban, Atal Pension Yojana (APY), and any other pension scheme regulated and/or administered by the Authority or any other pension scheme of the Government of India. **Effect:** This clarifies the scope of the regulations and ensures that all relevant pension schemes are covered.
* **II. Eligibility Criteria for PoPs (Regulation 5(1)(a)):** Subregulation 1a of regulation 5 is substituted to provide specific criteria regarding who can be registered with the regulator. **Effect:** This ensures all PoPs are registered with, and regulated by, any regulator in India.
* **III. Profitability Track Record (Regulation 5(1)(g)):** The two-year profitability track record requirement is modified with specific exceptions for Scheduled Commercial Banks (SCBs) under APY, online marketing companies, and entities/departments/ministries of central/state governments. It also provides exemptions for new Payment banks, Small Finance banks, and entities offering like services, for a limited period. **Effect:** This broadens participation by relaxing the profitability requirement for certain entities involved in APY and newer financial institutions.
* **IV. Refusal of Registration (Regulation 9(1)(a)):** Amended to include a check for past refusal of registration by any regulator, including the Reserve Bank of India, Securities and Exchange Board of India, the Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority and National Housing Bank or to any entity which controls the applicant. **Effect:** This strengthens the due diligence process for PoP registration.
* **V. Validity of Certificate of Registration (Regulation 13):** Regulation 13 is substituted to explain conditions for the validity of the certificate of registration. **Effect:** This streamlines the renewal process and sets clear timelines and fees, including penalties for late applications.
* **VI. Transfer of Contributions (Regulation 15(1)(II)(f)):** This subregulation is substituted to mandate the transfer of contributions to the NPS Trust account within the timeframe laid down under the service standards. **Effect:** This clarifies the process of transferring funds received by POPs.
* **VII. Collection Account (Regulation 15(1)(III)(b)):** This subregulation is substituted to ensure Every point of presence will open or have a collection account with a specific name. **Effect:** This clarifies the process of opening a collection account by POPs.
* **VIII. Engagement of Business Correspondents/Agents (Regulation 15(5)):** A new subregulation is added allowing PoPs to engage business correspondents or agents for distribution. However, cash collection is prohibited for these agents, and the PoP remains liable for their actions. **Effect:** This expands the reach of pension schemes but maintains control over contribution collection methods and assigns clear liability.
* **IX. Engagement of Retirement Advisers (Regulation 15(6)):** A new subregulation is added allowing PoPs to engage services of Retirement Advisers registered with the Authority. **Effect:** This will enable better services with trained personnels.
* **X. Maintenance of Records and Audit of Accounts (Regulation 17 Heading and (1)):** The heading is substituted to state that the Authority has the power to prescribe the guidelines for record keeping. **Effect:** This empowers the Authority to prescribe detailed record-keeping guidelines.
* **XI. Subscriber Instructions (Regulation 17(1)(e)):** This subregulation is substituted to provide details of subscriberwise instructions. **Effect:** This updates guidelines for proper maintenance of records for subscribers.
* **XII. Subscriber Exit Withdrawal (Regulation 17(1)(f)):** A new subregulation is added to provide details of subscriberwise exit withdrawal partial withdrawal requests received, processed and sent to central recordkeeping agency. **Effect:** This updates guidelines for proper maintenance of records for subscribers withdrawals.
* **XIII. Subregulation 2 (Regulation 17(2)):** This subregulation is deleted from the act.
* **XIV. Appointment of a compliance officer (Regulation 21(1)):** This is substituted to ensure that the compliance officer is responsible for monitoring compliance by it of the provisions of Act, rules and regulations, notifications, guidelines, instructions issued by the Authority including redressal of subscriber grievances. **Effect:** This strengthens the role of the compliance officer.
* **XV. Access to premises (Regulation 25(2)):** The point of presence shall allow the Authority or its authorized representative or auditor to have a reasonable access to the premises. **Effect:** This strengthens the power of the Authority to have oversight.
* **XVI. Regulation 28:** Regulation 28 is deleted.
* **XVII. Subscriber Registration (Regulation 44(10)(ii)):** This subregulation is substituted to ensure that the the subscriber registration form, subsequent service requests including exit request in such form as specified or laid down by the authority duly filled and signed by the subscriber along with the necessary documentation is submitted. **Effect:** This ensures the proper procedure for filing.
* **XVIII. Ensuring of forms (Regulation 44(10)(iv)):** This subregulation is substituted to ensure that the subscriber registration form, subsequent service requests including exit requests submitted by the applicant are complete in all respects. **Effect:** This ensures all forms are complete.
* **XIX. Contribution Payment Method (Regulation 44(10)(v)):** This subregulation is substituted to provide that contribution is collected only by means of Cheque or Demand Draft or through electronic mode in favour of the point of presence to which the point of presencesub entity is associated. **Effect:** This reinforces the prohibition of cash collection.
**6. Target Audience and Stakeholders:**
Based on the text, the primary target audience and stakeholders include:
* Pension Fund Regulatory and Development Authority (PFRDA)
* Points of Presence (PoPs) currently operating or seeking registration
* Subscribers to the National Pension System (NPS), NPSLite-Swavalamban, Atal Pension Yojana (APY), and other covered pension schemes
* Scheduled Commercial Banks, Payment banks, Small Finance banks, and online marketing companies potentially acting as PoPs
* Business correspondents and agents engaged by PoPs
* Retirement Advisers registered with the Authority.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The Pension Fund Regulatory and Development Authority (PFRDA) is responsible for implementing and overseeing these amendments.
* **Timelines:** Existing PoPs with bank accounts not conforming to the prescribed nomenclature have 90 days from the notification date (June 14, 2021) to comply. The regulation also specifies timelines for renewal of registration certificates (90 days before expiry) and potential late fee payments.
* **Procedures:** The amendments outline procedures related to registration, contribution handling, record-keeping, and compliance. Further detailed guidelines are expected to be issued by the Authority.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these amendments include:
* Enhanced regulatory clarity and consistency across different pension schemes.
* Increased participation in APY by a wider range of entities.
* Improved efficiency and transparency in contribution collection and transfer.
* Stronger oversight and accountability of PoPs and their agents.
* Better record-keeping practices and compliance with regulatory requirements.
* Expansion of the reach and accessibility of pension schemes through business correspondents/agents and Retirement Advisers.
**9. Conclusion:**
The Pension Fund Regulatory and Development Authority Point of Presence Amendment Regulations, 2021, represent a significant update to the existing regulatory framework for PoPs. The amendments address key operational aspects, aiming to streamline processes, enhance oversight, and broaden participation in the National Pension System and related schemes. By clarifying definitions, modifying eligibility criteria, and strengthening compliance requirements, these changes are expected to contribute to a more robust and efficient pension system.
Key Entities Referenced
Pension Fund Regulatory and Development Authority: A regulatory body responsible for promoting and regulating pension sector in India.
Pension Fund Regulatory and Development Authority Act, 2013: The Act of Parliament that established the Pension Fund Regulatory and Development Authority.
Pension Fund Regulatory and Development Authority Point of Presence Regulations, 2018: Regulations governing the Point of Presence (POP) under the Pension Fund Regulatory and Development Authority.
Pension Fund Regulatory and Development Authority Point of Presence Amendment Regulations, 2021: Amendments made to the Pension Fund Regulatory and Development Authority Point of Presence Regulations.
National Pension System: A pension scheme regulated by the Pension Fund Regulatory and Development Authority.
NPSLiteSwavalamban: A pension scheme regulated by the Pension Fund Regulatory and Development Authority.
Atal Pension Yojana APY: A pension scheme regulated by the Pension Fund Regulatory and Development Authority.
Reserve Bank of India: The central bank of India.
Securities and Exchange Board of India: The regulator for the securities market in India.
Insurance Regulatory and Development Authority of India: Regulatory body for the insurance industry in India.
National Housing Bank: An apex financial institution for housing in India.
Scheduled Commercial banks SCBs: Commercial banks in India that are listed in the second schedule of the Reserve Bank of India Act, 1934.
Payment banks: A type of bank in India that can accept deposits and provide payment services but cannot lend money.
Small Finance banks: A type of bank in India that can accept deposits and provide loans to small businesses and individuals.
National Pension System Trust: Trust that manages the assets of the National Pension System.
Trustee Bank: Bank where the National Pension System Trust account is maintained.
central recordkeeping agency: Agency responsible for maintaining records of subscribers under the National Pension System.
PFRDA Retirement Advisers Regulations, 2016: Regulations related to retirement advisors registered with the Pension Fund Regulatory and Development Authority.
SUPRATIM BANDYOPADHYAY: Chairperson of the Pension Fund Regulatory and Development Authority.
Government of India Press, Ring Road, Mayapuri, New Delhi110064: Location where document uploaded from
Delhi110054: Place where the document was published
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-14062021-227598
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 238] नई दिल्ली, सधमिार, िनू 14, 2021/ज्य ष्े ठ 24, 1943
No. 238] NEW DELHI, MONDAY, JUNE 14, 2021/JYAISHTHA 24, 1943
पिें न जनजध जिजनयामक और जिकास प्राजधकरण
अजधसचू ना
नई दिल् ली, 14 िून, 2021
पिें न जनजध जिजनयामक और जिकास प्राजधकरण (उपजस्ट्िजत अजस्ट्तत्ि ) (सिं धधन) जिजनयम, 2021
स.ंपीएफआरडीए/12/आरिीएल/139/3.—पेंिन जनजध जिजनयामक और जिकास प्राजधकरण, पेंिन जनजध
जिजनयामक और जिकास प्राजधकरण अजधजनयम, 2013 (2013 का 23) की धारा 52 की उपधारा (2) के खंड (ङ) ,
खंड (ठ) , खंड (ढ) , खंड (ण) और खंड (त) के साि पठठत उसकी उपधारा (1) द्वारा प्रित्त िजियों का प्रयधग करत े हुए,
पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (उपजस्ट्िजत अजस्ट्तत्ि) जिजनयम, 2018 में संिधधन करत े हुए जनम्नजलजखत
जिजनयम बनाता ह,ै अिाता ् :-
1. इन जिजनयमों का नाम ‘पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (उपजस्ट्िजत अजस्ट्तत्ि) (संिधधन)
जिजनयम, 2021 ह ै I
2. यह रािपत्र म ेंउनकी प्रकािन की तारीख कध प्रिृत्त होंग ेI
3. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (उपजस्ट्िजत अजस्ट्तत्ि) जिजनयम, 2018 में -
(I) जिजनयम 2 के उप-जिजनयम 1(छ) के तहत पठरभाषा कध जनम्नानुसार प्रजतस्ट्िाजपत दकया िाएगा-
3204 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
इन जिजनयमों के जलए “पेंिन यधिनाओं” म,ें प्राजधकरण द्वारा जिजनयजमत की िाने िाली यधिनाएं सजममजलत होंगी
िैसे राष्ट्रीय पेंिन प्रणाली (एनपीएस) , एनपीएस लाइट-स्ट्िािलंबन, अटल पिें न यधिना (एपीिाई) तिा प्राजधकरण
द्वारा जिजनयजमत और/या प्रिाजसत अन्य कधई भी पिें न यधिना या भारत सरकार की अन्य कधई पेंिन यधिना I
(II) जिजनयम 5 के उप-जिजनयम 1(क) कध जनम्नानुसार प्रजतस्ट्िाजपत दकया िाएगा-
(क) भारत में दकसी भी जिजनयामक द्वारा, जिसके अंतगात भारतीय ठरज़िा बैंक, भारतीय प्रजतभूजत और जिजनमय
बधडा, बीमा जिजनयामक और जिकास प्राजधकरण, पेंिन जनजध जिजनयामक और जिकास प्राजधकरण और राष्ट्रीय आिास
बैंक भी ह,ै रजिस्ट्रीकृत और जिजनयजमत हध;
परन्त,ु केिल जिजनयम 3 के उप खंड (iii) के तहत आिेिन करन े िाली इकाईयों पर यह ित ालागू नहीं हधगी I
(III) जिजनयम 5 के उप-जिजनयम 1(छ) कध जनम्नानुसार प्रजतस्ट्िाजपत दकया िाएगा-
(छ) ठीक पूिािती जित्तीय िषा के अंजतम दिन कध, पूिा 2 िष ा से लाभप्रिता (कर के बाि लाभ) का काया ठरकॉड ा हधना
चाजहए:
परन्तु ऐसी िता उन आिेिकों िध (i) अनुसूजचत िाजणजज्यक बैंक (एससीबी) ह ैं , जिन्ह ेंभारतीय ठरििा बैंक से लाइसेंस
प्राप्त ह ै और अटल पेंिन यधिना के तहत दियाकलापों कध आयधजित करन े का प्रस्ट्ताि कर रह े ह ैं जिसमें भारतीय
ठरििा बैंक द्वारा जनर्िष्टा पूंिी समबन्धी मामलों की आिश्यकताओं कध पूिा िष ा म ें हुई हाजनयों के स्ट्िान म ें माना
िाएगा या (ii) एक ऑनलाइन जिपणन कंपनी िध जित्तीय उत्पािों कध जितठरत करती ह ै या केंद्र या राज्य सरकारों
की ईकाईयों/जिभागों/मंत्रालयों, के समबन्ध में लाग ूनहीं हधगा I
परन्त ु इसके अजतठरि यह ित,ा नए भुगतानकारी बैंकों, लघ ु जित्तीय बैंकों तिा इकाइयों िध सामान सेिाए ँ प्रिान
करती ह ैं यदि उपजस्ट्िजत अजस्ट्तत्ि के रूप म ें काय ा करन े के जलए ऐसी ईकाई द्वारा समबंजधत जनयामक के साि
रजिस्ट्रीकरण की जतजि स े5 िषा की अिजध के भीतर आिेिन दकया गया ह,ै के समबन्ध म ेंलागू नहीं हधगा;
(IV) जिजनयम 9 के उप-जिजनयम 1(क) कध जनम्नानुसार प्रजतस्ट्िाजपत दकया िाएगा-
(क) क्या आिेिक कध, पूिा म,ें जिजनयामकों में से दकसी के द्वारा, जिनके अंतगात भारतीय ठरििा बैंक, भारतीय
प्रजतभूजत और जिजनमय बधड,ा बीमा जिजनयामक और जिकास प्राजधकरण तिा राष्ट्रीय आिास बैंक भी ह ैं या कधई
अजभकरण िध ऐसी ईकाई िध आिेिक कध जनयंजत्रत करती ह ैयदि रजिस्ट्रीकरण प्रमाणपत्र दिए िाने से इनकार दकया
गया ह,ै यदि हाँ, तध ऐसे आिेिक या उसके सहयधिक िध उसकध जनयंजत्रत करती ह,ै कध दकये गए इनकार के कारण
या क्या आिेिक या प्रमुख अजधकारी पर नैजतक अधमता िाले दकसी अपराध, आर्िाक अपराधों, दकसी प्रजतभूजत या
बैंककारी जिजध के अजतिमण या कपट के जलए िधषजसजि हुआ ह ै I
(V) जिजनयम 13 कध जनम्नानुसार प्रजतस्ट्िाजपत दकया िाएगा-
13. रजिस्ट्रीकरण प्रमाणपत्र की जिजधमान्यता की अिजध – (1) अजधजनयम, जनयमों और जिजनयमों के उपबंधों के
अनुपालन के अधीन रहत े हुए, उपजस्ट्िजत अजस्ट्तत्ि कध अनुित्त रजिस्ट्रीकरण प्रमाणपत्र तब तक जिजधमान्य बना रहगे ा िब
तक की उसे प्राजधकरण द्वारा जनलंजबत या रद्द न कर दिया िाए I
(2) िहाँ रजिस्ट्रीकरण प्रमाणपत्र ितों के अधीन रहत े हुए अनुित्त दकया गया ह,ै िहां ऐसे रजिस्ट्रीकरण कध ऐसी
ितों के अध्यधीन माना िाएगा I
(3) उपजस्ट्िजत अजस्ट्तत्ि रजिस्ट्रीकरण की तारीख से या प्राजधकरण द्वारा अंजतम बार प्रजतगृहीत निीकरण फीस के
संिाय की तारीख से पांच िषा के अिसान के पूिा नब्बे दिन के भीतर निीकरण फीस के प्रजतग्रहण के जलए प्राजधकरण कध
जिजनर्िष्टा प्ररुप में आिेिन कर सकेगा:
परन्त ु यदि आिेिन निीकरण फीस सजहत प्राजधकरण के पास निीकरण फीस के संिाय के जलए िधध्य तारीख से एक
िषा के अपश्चात ् पहुचँ ता ह,ै तध जिलमब की ऐसी अिजध के जलए एक हज़ार रुपए प्रजतमास की अजतठरि फीस आिेिक द्वारा
प्राजधकरण कध सन्िेय हधगी I[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
(4) निीकरण फीस, राष्ट्रीय पिें न प्रणाली के तहत दियाकलापों से या अन्य पेंिन यधिनाओं कध एक साि रख कर,
पूिािती जित्तीय िषा में उपार्िता प्रभारों के आध े प्रजतित की िर पर पठरकजलत राजि हधगी, िध दक निीकरण फीस के रुप
में न्यूनतम पंद्रह हज़ार रुपए और अजधकतम एक लाख रुपए के अध्यधीन हधगी I
परन्त ु ऐसे आिेिक के समबन्ध में, केिल अटल पेंिन यधिना के तहत दियाकलाप आयधजित करने हते ु या केिल अपन े
कमाचाठरयों और अन्य कार्माकों कध सेिाएं प्रिान करने के जलए रजिस्ट्रीकरण प्राप्त करना चाहता हध या केंद्र और राज्य
सरकारों के इकाईयों/जिभाग/मत्रं ालय के जलए िता लाग ूनहीं हधगी I
(VI) जिजनयम 15 के उप-जिजनयम (1) (II)(च) कध जनम्नानुसार प्रजतस्ट्िाजपत दकया िाएगा-
(च) उपजस्ट्िजत अजस्ट्तत्ि अजभिाता या उनके जनयधिा से प्राप्त या कमाचाठरयों के िेतन से कटौती दकए गए [यदि
दकसी मामले म ें जिजनयम 3 के उप-जिजनयम (iii) के अनुसार इकाईयां पंिीकृत ह]ैं अजभिायों कध न्यासी बैंक द्वारा बनाए
रखे गए राष्ट्रीय पेंिन प्रणाली न्यास खाते में अंतरण करेगा और उपजस्ट्िजत अजस्ट्तत्ि समबन्धी सेिा मानकों के तहत
जनधााठरत समयसीमा या इस प्रयधिन के जलए प्राजधकरण द्वारा जनधााठरत दििाजनिेिों के अनुसार केन्द्रीय अजभलेखपाल
अजभकरण के पास की अजभिाता अजभिाय फाइलों कध अपलधड करेगा ;
(VII) जिजनयम 15 के उप-जिजनयम (1) (III)(ख) कध जनम्नानुसार प्रजतस्ट्िाजपत दकया िाएगा-
(क) प्रत्येक उपजस्ट्िजत अजस्ट्तत्ि,“पीओपी का नाम या उसकी संजिजप्त -संकलन खाता- पेंिन यधिना का नाम या
उसकी संजिजप्त- राष्ट्रीय पेंिन प्रणाली न्यास या उसकी संजिजप्त” के नाम पर एक संकलन खाता रखेगा तिा ऐसा खाता गैर-
आहठरत खाता हधगा िध दक केिल एनपीएस न्यास म ें जनजधयां स्ट्िानांतठरत करने के जिकल्प के साि उपलब्ध हधगा या
केिल असाधारण मामलों िैसे दक गलत प्रजिजष्टयों, अज्ञात प्रजिजष्टयों या अजभिाता अंििान से संबंजधत राजि न हधन े पर,
जलजखत में कारणों कध िि ा करने पर, िैसा भी प्राजधकरण द्वारा दििाजनिेिों/पठरपत्रों द्वारा जनधााठरत दकया गया हध, इस े
दकसी अन्य खात े में स्ट्िानांतठरत दकया िा सकता ह ै I संकलन राजि कध स्ट्िानांतठरत करन े का प्राजधकार उपजस्ट्िजत अजस्ट्तत्ि
के पास हधगा I
परन्त,ु ऐसे उपजस्ट्िजत अजस्ट्तत्ि, िध पहल े से पंिीकृत ह ैं तिा जिनके जभन्न नामों तिा प्रयधग के साि खात े हों, इस
जिजनयम की अजधसूचना जतजि से 90 दिनों की समयसीमा के भीतर इस िता का अनपु ालन करेंग े I
(VIII) जिजनयम 15 के तहत नया उप-जिजनयम 5 जनम्नानुसार िधडा िाएगा-
(5) जिजनयम 3 के उप-जिजनयम (i) या (ii) के तहत गजतजिजधयों के जलए पंिीकृत उपजस्ट्िजत अजस्ट्तत्ि, पेंिन
यधिनाओं के जितरण की सुजिधा प्रिान करने के जलए अपनी मौिूिा व्यिसाजयक संरचना के भीतर व्यिसाय प्रजतजनजधयों
या अजभकतााओं के रूप म ें काम कर रह े व्यजियों की सेिाएं ले सकते ह ैं I व्यिसाय प्रजतजनजधयों या अजभकतााओं कध नकि के
रूप में अंििान एकत्र करने की अनुमजत नहीं िी िाएगी और इसे केिल चेक या जडमांड ड्राफ्ट के माध्यम से या इलक्े रॉजनक
तरीके स े संबंजधत उपजस्ट्िजत अजस्ट्तत्ि के पि म,ें जिजनयम 15(1)(III) (ख) के अनुसार उपजस्ट्िजत अजस्ट्तत्ि के खातों में
जनधााठरत नामकरण के अनुसार एकजत्रत दकया िाएगा I उपजस्ट्िजत अजस्ट्तत्ि केिल व्यिसाय प्रजतजनजधयों या अजभकतााओं
द्वारा उनकी गजतजिजधयों की जनगरानी और उन्ह ेंपिें न यधिनाओं पर प्रजििण िने े सजहत उनके कायों के जनिाहन में कृताकृत
के दकसी भी कृत्य के जलए उत्तरिायी हधगा ।
(IX) जिजनयम 15 के तहत नया उप-जिजनयम 6 जनम्नानुसार िधडा िाएगा-
(6) उपजस्ट्िजत अजस्ट्तत्ि, िध उप-जिजनयम (i) और (ii) के तहत गजतजिजधयों के जलए पिं ीकृत ह,ैं पीएफआरडीए
(सेिाजनिृजत्त सलाहकारों) जिजनयम, 2016 के तहत पंिीकृत सिे ाजनिृजत्त सलाहाकार की सेिाओं कध िाजमल कर सकता हIै
(X) जिजनयम 17 के तहत िीषका और उप-जिजनयम (1) कध जनम्नानुसार प्रजतस्ट्िाजपत दकया िाएगा-
अजभलखे ों कध बनाए रखना और लखे ाओं की सपं रीिा- (1) इस प्रयधिन के जलए, उपजस्ट्िजत अजस्ट्तत्ि द्वारा अपन े
गजतजिजधयों के संबंध में प्राजधकरण द्वारा िारी दििाजनिेिों म ेंजनर्िष्टा अिजध के जलये जनम्नजलजखत लेखा बजहयां बनाए रखी
िाएंगी: –
(XI) जिजनयम 17 के तहत उप-जिजनयम (1) (ङ) कध जनम्नानसु ार प्रजतस्ट्िाजपत दकया िाएगा-4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
पीओपी द्वारा प्राप्त, संसाजधत दकए गए और केंद्रीय अजभलेखपाल अजभकरण कध भेिे गए अनिु ेिों का अजभिातािार
ब्यौरा िैसे पीओपी में पठरितान, सीआरए में पठरितान, पेंिन जनजध में पठरितान, यधिना पठरितान, नाजमजतकरण जििरण म ें
पठरितान, व्यजिगत जििरण म ें पठरितना , संपका जििरण म ें पठरितान, पता पठरितान, त्रुठट आिधधन अनरु धध या प्राजधकरण
द्वारा िुरू दकया गया कधई अन्य अनरु धध ;
(XII) जिजनयम 17 के तहत उप-जिजनयम (1) (च) कध जनम्नानसु ार िधडा िाएगा-
पीओपी द्वारा प्राप्त, संसाजधत दकए गए और केंद्रीय अजभलेखपाल अजभकरण कध भेिे गए जनकास/प्रत्याहरण/ आंजिक
प्रत्याहरण अनुिेिों का अजभिातािार ब्यौरा;
(XIII) जिजनयम 17 के तहत उप-जिजनयम (2) कध समाप्त कर दिया िाएगा I
(XIV) जिजनयम 21 के उप-जिजनयम (1) कध जनम्नानुसार प्रजतस्ट्िाजपत कर दिया िाएगा I
प्रत्येक उपजस्ट्िजत अजस्ट्तत्ि एक अनपु ालन अजधकारी की जनयजु ि करेगा, िध अजधजनयम, जनयमों और जिजनयमों के
उपबंधों, प्राजधकरण द्वारा िारी की गई अजधसूचनाओं, मागाििाक जसिांतों, अनुिेिों का उसके द्वारा पालन दकए िान े कध
मानीटर करन े के जलए उत्तरिायी हधगा, जिसमें अजभिाता की जिकायतों का जनिारण भी िाजमल ह ैं|
(XV) जिजनयम 25 के उप-जिजनयम (2) कध जनम्नानुसार प्रजतस्ट्िाजपत कर दिया िाएगा I
उपजस्ट्िजत अजस्ट्तत्ि प्राजधकरण या उसके प्राजधकृत प्रजतजनजध या लेखापरीिक कध उसके द्वारा या उसकी ओर स े
दकसी अन्य व्यजि द्वारा अजधभधग में रखे गए पठरसर तक युजियुि पहुचँ की अनुज्ञा िगे ा और उपजस्ट्िजत अजस्ट्तत्ि और
उपजस्ट्िजत अजस्ट्तत्ि द्वारा जनयिु उपजस्ट्िजत अजस्ट्तत्ि- उप इकाई या दकसी अन्य व्यजि के कब्ि े में की दकन्हीं पुस्ट्तकों,
अजभलेखों, िस्ट्तािेिों और कंप्यूटर डाटा की परीिा करन े के जलए युजियुि सुजिधा भी प्रिान करेगा और ऐसे िस्ट्तािेिों या
अन्य सामग्री की प्रजतयां भी, िध प्राजधकरण या उसके प्राजधकृत प्रजतजनजध की राय में सुसंगत हों, जनरीिण या संपरीिा के
जलए उपलब्ध कराएगा I
(XVI) जिजनयम 28 कध समाप्त कर दिया िाएगा I
(XVII) जिजनयम 44 के उप-जिजनयम 10 (ii) कध जनम्नानुसार प्रजतस्ट्िाजपत कर दिया िाएगा I
(ii) आिश्यक िस्ट्तािेिीकरण के साि प्राजधकरण द्वारा जिजनर्िष्टा या जिजहत जिधान म ेंअजभिाता द्वारा समयक् रूप स े
भरा गया और हस्ट्तािठरत, अजभिाता रजिस्ट्रीकरण प्ररूप, जनकास अनुरधध सजहत अनुिती सिे ा अनुरधध प्राप्त करेगी;
(XVIII) जिजनयम 44 के उप-जिजनयम 10 (iv) कध जनम्नानुसार प्रजतस्ट्िाजपत कर दिया िाएगा -
यह सुजनजश्चत करेगी दक आििे क द्वारा प्रस्ट्ततु दकया गया अजभिाता रजिस्ट्रीकरण प्ररूप, जनकास अनुरधध सजहत
अनुिती सेिा अनुरधध सभी प्रकार से पणू ा ह ै;
(XIX) जिजनयम 44 के उप-जिजनयम 10 (v) कध जनम्नानुसार प्रजतस्ट्िाजपत कर दिया िाएगा -
यह सुजनजश्चत करेगी दक अजभिाय ऐसे “ उपजस्ट्िजत अजस्ट्तत्ि के पि म,ें जिसके साि उपजस्ट्िजत अजस्ट्तत्ि की उप-
इकाई पंिीकृत ह,ै जिजनयम 15(1)(III) (ख) के अनुसार उि उपजस्ट्िजत अजस्ट्तत्ि के खातों में जनधााठरत नामकरण के
अनुसार केिल चेक या जडमाडं ड्राफ्ट के माध्यम स े या इलेक्रॉजनक तरीके स े एकत्र दकया िाएगा । उपजस्ट्िजत अजस्ट्तत्ि की
उप इकाई के जलए अजभिाताओं से राष्ट्रीय पेंिन प्रणाली का संग्रहण नकि रूप म ेंकरना अनज्ञु ात नहीं ह ै ;
सुप्रजतम बंिधपाध्याय, अध्यि
[जिज्ञापन-III/4/असा./104/2021-22]
पािलखे :
1. मूल जिजनयम, पेंिन जनजध जिजनयामक तिा जिकास प्राजधकरण (उपजस्ट्िजत अजस्ट्तत्ि) जिजनयम, 2018, भारत
के रािपत्र में 25 िून 2018 कध, अजधसूचना सं.पीएफआरडीए/12/आरिीएल/139/3 के माध्यम से प्रकाजित
दकये गए िे I[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 14th June, 2021
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (POINT OF PRESENCE)
(AMENDMENT) REGULATIONS, 2021
No. PFRDA/12/RGL/139/3.—In exercise of the powers conferred by sub-section (1) read with
clauses (e), (l), (n), (o), (p) and (w) of sub-section (2) of Section 52 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
(Point of Presence) Regulations, 2018, namely: -
1. These regulations may be called the Pension Fund Regulatory and Development Authority
(Point of Presence) (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 (Point of Presence) Regulations,
2018: -
(I) Definitions under sub-regulation (1)(g) of regulation 2 shall be substituted as below –
“Pension Schemes” for the purpose of these regulations shall include the pension schemes regulated
by the Authority being the National Pension System (NPS), NPS-Lite-Swavalamban, Atal Pension Yojana
(APY) and any other pension scheme regulated and/or administered by the Authority or any other pension
scheme of the Government of India.
(II) Sub-regulation (1)(a) of regulation 5 shall be substituted as below-
registered with and regulated by any regulator in India including the Reserve Bank of India, the
Securities and Exchange Board of India, the Insurance Regulatory and Development Authority of India,
the Pension Fund Regulatory and Development Authority and the National Housing Bank
Provided that this requirement shall not be applicable to entities applying only under sub clause (iii)
of regulation 3.
(III) Sub-regulation (1)(g) of regulation 5 shall be substituted as below-
shall possess a two year track record of profitability (Profit after tax) as on the last day of the
immediately preceding financial year:
Provided that such condition shall not apply in respect of applicant(s) being (i)Scheduled Commercial
banks (SCBs) holding license issued by the Reserve Bank of India, and proposes to conduct its activities
under the Atal Pension Yojana, in which case the capital requirements, specified by the Reserve Bank of
India shall be considered, in respect of losses incurred in the preceding years or (ii) an online marketing
company distributing financial products or entities/ departments/ ministries of central & state governments:
Provided further that such condition shall also not be applicable, in respect of new Payment banks,
Small Finance banks and entities offering like services, if the application to act as point of presence is
made within a period of five years from the date of registration of such entity with the concerned regulator,
for such activities.
(IV) Sub-regulation (1)(a) of regulation 9 shall be substituted as below-
whether the applicant has in the past been refused certificate of registration by any of the regulators
including, Reserve Bank of India, the Securities and Exchange Board of India, the Insurance Regulatory6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
and Development Authority of India, Pension Fund Regulatory and Development Authority and National
Housing Bank or to any entity which controls the applicant and if so, the ground for such refusal to the
applicant or such entity which controls the Applicant, or whether the applicant or principal officers, have
been convicted for any offence involving moral turpitude, economic offence, violation of any securities or
banking law or fraud;
(V) Regulation 13 shall be substituted as below-
13. Period of validity of certificate of registration—(1) Subject to compliance with the provisions
of the Act, rules and regulations, the certificate of registration granted to a point of presence shall remain
valid unless suspended or cancelled by the Authority.
(2) Where a certificate of registration has been granted subject to conditions, the validity of such
registration shall be construed as subject to such conditions.
(3) A point of presence may, within ninety days before the expiry of five years from the date of
registration or from the date of payment of renewal fee last accepted by the Authority, make an application
in the specified form to the Authority for acceptance of the renewal fee:
Provided that if the application along with renewal fee reaches the Authority, not later than one year
from the date due for payment of renewal fee, an additional fee of rupees one thousand per month for such
period of delay shall be payable by the applicant to the Authority.
(4) The renewal fee shall be a sum calculated at the rate of one-half percent of the charges earned out
of activities under National Pension System or other pension schemes put together, in the preceding
financial year, subject to a minimum of rupees fifteen thousand and a maximum of rupees one lakh:
Provided that in respect of an applicant which proposes to seek registration solely for conduct of
activities under the Atal Pension Yojana (APY) or for servicing only for own employees and other
personnel or for entities /departments/ ministries of central & state governments this condition shall not be
applicable.
(VI) Sub-regulation (1)(II)(f) of regulation 15 shall be substituted as below-
the point of presence shall transfer the contributions received from the subscriber or their employer or
deducted from salary of the employees [in case of entities registered under sub regulation (iii) of
regulation 3] to the National Pension System Trust account maintained with the Trustee Bank and
upload the subscriber contribution files with the central recordkeeping agency within the timeframe
laid down under the service standards or as per the guidelines issued by the Authority for the purpose;
(VII) Sub-regulation (1)(III)(b) of regulation 15 shall be substituted as below-
Every point of presence will open or have a collection account in the name of “Name of the PoP or its
abbreviation –Collection Account – Name of pension scheme or its abbreviation – National Pension
System Trust or its abbreviation” and such an account shall be a non-withdrawable account with an
option to transfer the funds to NPS Trust account or only in exceptional cases such as wrong entries,
unidentified entries or amount not pertaining to subscriber contribution, for reasons to be recorded in
writing, it may be credited to any other account as may be specified by the authority through
guidelines/circulars. The authority to transfer the collection amount will reside with the point of
presence.
Provided that those point of presence who are already registered and having bank accounts with
different nomenclature and usage shall within a period of ninety days from notification of this regulation,
comply with this condition[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 7
(VIII) New sub-regulation (5) shall be added under regulation 15 as below-
(5) The point of presence registered for activities under sub-clause (i) or (ii) of regulation 3, may
engage the services of individuals who are working as business correspondents or agents within their
existing business structure for facilitating the distribution of pension schemes. The business correspondents
or agents shall not be allowed to collect contribution by way of cash and permitted to collect it only by
means of Cheque or Demand Draft or through electronic mode in favour of the associated point of presence
as per the prescribed nomenclature of accounts of point of presence in accordance with regulation
15(1)(III)(b). The point of presence solely shall be liable for any acts of omission or commission by the
business correspondent or agents in discharge of their functions including monitoring their activities and
imparting training on pension schemes to them.
(IX) New sub-regulation (6) shall be added under regulation 15 as below-
(6) The point of presence registered for activities under sub-clause (i) and (ii) may engage services of
Retirement Advisers registered with the Authority in accordance with PFRDA (Retirement Advisers)
Regulations, 2016.
(X) Heading and Sub-regulation (1) of Regulation 17 shall be substituted as below-
Maintenance of records and audit of accounts—(1) The following records shall be kept by the
point of presence in respect of its activities for a period as prescribed in the guidelines issued by the
Authority for this purpose:—
(XI) Sub-regulation (1)(e) of Regulation 17 shall be substituted as below-
details of subscriber-wise instructions such as change of PoP, change of CRA, change of PF, change
of scheme, change of nomination details, change of personal details, change of contact details, change
of address, error rectification requests or any other requests introduced by the Authority received,
processed and sent to central recordkeeping agency;
(XII) Sub-regulation (1)(f) shall be added under regulation 17 as below-
details of subscriber-wise exit / withdrawal / partial withdrawal requests received, processed and sent
to central recordkeeping agency;
(XIII) Sub-regulation (2) of Regulation 17 shall be deleted.
(XIV) Sub-regulation (1) of Regulation 21 shall be substituted as below-
Each point of presence shall appoint a compliance officer who shall be responsible for monitoring
compliance by it of the provisions of Act, rules and regulations, notifications, guidelines, instructions
issued by the Authority including redressal of subscriber grievances.
(XV) Sub-regulation (2) of Regulation 25 shall be substituted as below-
The point of presence shall allow the Authority or its authorized representative or auditor to have a
reasonable access to the premises occupied by it or by any other person on its behalf and also extend
reasonable facility for examining any books, records, documents and computer data in the possession
of the points of presence and point of presence – sub entity engaged by point of presence or such other
person and also provide copies of documents or other materials which in the opinion of the Authority
or its authorized representative or auditor, are relevant for the purpose of the inspection or audit.
(XVI) Regulation 28 shall be deleted.
(XVII) Sub-regulation (10)(ii) of Regulation 44 shall be substituted as below-8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
receive subscriber registration form, subsequent service requests including exit request in such form
as specified or laid down by the authority duly filled and signed by the subscriber along with the
necessary documentation;
(XVIII) Sub-regulation (10)(iv) of Regulation 44 shall be substituted as below-
ensure that the subscriber registration form, subsequent service requests including exit requests
submitted by the applicant are complete in all respects;
(XIX) Sub-regulation (10)(v) of Regulation 44 shall be substituted as below-
ensure that contribution is collected only by means of Cheque or Demand Draft or through electronic
mode in favour of the point of presence to which the point of presence-sub entity is associated as per
the prescribed nomenclature of accounts of the said point of presence in accordance with regulation
15(1)(III)(b). Collection of National Pension System contributions by way of cash is not permitted for
point of presence sub-entity;
SUPRATIM BANDYOPADHYAY, Chairperson
[ADVT.-III/4/Exty./104/2021-22]
Footnote:
1. The principal regulations, The Pension Fund Regulatory and Development Authority (Point of
Presence) Regulations, 2018 were published in the Gazette of India on 25th June,
2018 vide notification No. PFRDA/12/ RGL/139/3.
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.