Retirements Advisers under PFRDA to provide security deposit or bank guarantee

Retirements Advisers under PFRDA to provide security deposit or bank guarantee if they are individuals or carrying on proprietary concerns

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

NOTIFICATION

New Delhi, the 11th September, 2017

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (RETIREMENT ADVISER) (THIRD 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) (Third 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) Sub-regulation (ii) of Regulation 8, shall be substituted as follows:

“Retirements Advisers who are individuals or carrying on proprietary concerns, upon registration shall provide security deposit in the form of bank fixed deposit receipt or performance bank guarantee of Rupees ten thousand to the Authority, before commencement of business. The bank fixed deposit receipt or performance guarantee to be so submitted shall be valid for a period of six months beyond the original or renewed period of registration so granted. The registration is liable to be cancelled if such deposit is not received within the time stipulated by the Authority, unless extended.”

(II) In Form “A” of First Schedule (See Regulation 3 and 11) :

(i) Under serial No.3 (BUSINESS PLAN) sub-heading (2) shall stand deleted.
(ii) Under serial No.4 (DETAILS OF INFRASTRUCTURE) sub-heading (1) shall stand deleted and sub-heading (2) thereof shall be renumbered as (1).

HEMANT G. CONTRACTOR,
Chairperson
[ADVT-III/4/Exty./ 215/ 17]

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.

2. The Pension Fund Regulatory and Development Authority (Retirement Adviser) (First Amendment) Regulations, 2017, was published in the Gazette of India, Part III, Section 4 on April 28, 2017 vide notification No. PFRDA/12/RGL/139/10.

3. The Pension Fund Regulatory and Development Authority (Retirement Adviser) (Second Amendment) Regulations, 2017, was published in the Gazette of India, Part III, Section 4 on 26th May, 2017 vide notification No. PFRDA/12/RGL/139/10

Note:
“Retirement adviser” means any person being an individual, registered partnership firm, body corporate, or any registered trust or society, who desires to engage in the activity of providing advice on National Pension System or other pension scheme regulated by Authority to prospects/subscribers or other persons or group of persons and is registered as such under these regulations.

To enroll as Retirement Advisor, the desirous applicant has to submit the application online through Online Registration module available on PFRDA website (https://cra-nsdl.com/CRAOnline/RALandingPage.html).

Proprietary concern, firm, limited liability partnerships, body corporate or a registered partnership firm or society or trust registered under applicable law is engaged or willing to engage in the business of providing Retirement advice on NPS to subscribers is required to make an application to get registration under of PFRDA (Retirement Adviser) Regulations, 2016, unless specifically exempted under the said Regulations