43.Power of Central Government to issue directions.—(1) Without prejudice to the foregoing
provisions of this Act, the Authority shall, in exercise of its powers or the performance of its functions
under this Act, be bound by such directions on questions of policy, other than those relating to technical
and administrative matters, as the Central Government may give, in writing to it, from time to time:
Provided that the Authority shall, as far as practicable, be given an opportunity to express its views
before any direction is given under this sub-section.
(2) The decision of the Central Government, whether a question is one of policy or not, shall be final.
44. Power of Central Government to supersede Authority.—(1) If at any time the Central
Government is of the opinion that—
(a) on account of circumstances beyond the control of the Authority, it is unable to discharge the
functions or perform the duties imposed on it by or under the provisions of this Act; or
(b) the Authority has persistently defaulted in complying with any direction issued by the Central
Government that the Central Government is entitled to issue under this Act or in the discharge of the
functions or performance of the duties imposed on it by or under the provisions of this Act and as a
result of such default the financial position of the Authority or the administration of the Authority has
deteriorated; or
(c) circumstances exist which render it necessary in the public interest so to do,
the Central Government may, by notification and for reasons to be specified therein, supersede the
Authority for such period, not exceeding six months, as may be specified in the notification:
Provided that before issuing any such notification, the Central Government shall give a reasonable
opportunity to the Authority to make representations against the proposed supersession and shall consider
the representations, if any, of the Authority.
(2) Upon the publication of a notification under sub-section (1) superseding the Authority,—
(a) the Chairperson and other members shall, as from the date of supersession, vacate their
offices as such;
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(b) all the powers, functions and duties which may, by or under the provisions of this Act, be
exercised or discharged by or on behalf of the Authority shall, until the Authority is reconstituted
under sub-section (3), be exercised and discharged by the Central Government; and
(c) all properties owned or controlled by the Authority shall, until the Authority is reconstituted
under sub-section (3), vest in the Central Government.
(3) On or before the expiration of the period of supersession specified in the notification issued under
sub-section (1), the Central Government shall reconstitute the Authority.
(4) The Central Government shall, as soon as may be, cause a copy of the notification issued under
sub-section (1) and a full report of any action taken by it, to be laid before each House of Parliament.
45. Establishment of Pension Advisory Committee.—(1) The Authority may, by notification,
establish with effect from such date as it may specify in the notification, a Committee to be known as the
Pension Advisory Committee.
(2) The Pension Advisory Committee shall consist of not more than twenty-five members, excluding
ex officio members, to represent the interests of employees’ associations, subscribers, commerce and
industry, intermediaries, and organisations engaged in pension research.
(3) The Chairperson and the members of the Authority shall be the ex officio Chairperson and ex
officio members of the Pension Advisory Committee.
(4) The objects of the Pension Advisory Committee shall be to advise the Authority on matters
relating to the making of the regulations under section 52.
(5) Without prejudice to the provisions of sub-section (4), the Pension Advisory Committee may
advise the Authority on such matters as may be referred to it by the Authority and also on such matters as
the Committee may deem fit.
46. Furnishing of returns, etc., to Central Government.—(1) The Authority shall furnish to the
Central Government at such time and in such form and manner as may be prescribed, or as the Central
Government may direct to furnish such returns, statements and other particulars in regard to any proposed
or existing programme for the promotion and development of the pension industry as the Central
Government may, from time to time, require.
(2) Without prejudice to the provisions of sub-section (1), the Authority shall, within nine months
after the close of each financial year, submit to the Central Government a report giving a true and full
account of its activities including the activities for promotion and development of schemes of pension
funds regulated under this Act during the previous financial year.
(3) Copies of the reports received under sub-section (2) shall be laid, as soon as may be, after they are
received, before each House of Parliament.
47. Members, officers and employees of Authority to be public servants.—The Chairperson and
other members and officers and other employees of the Authority shall be deemed, when acting or
purporting to act in pursuance of any of the provisions of this Act, to be public servants within the
meaning of section 21 of the Indian Penal Code (45 of 1860).
48. Protection of action taken in good faith.—No suit, prosecution or other legal proceedings shall
lie against the Central Government or the Authority or any officer of Central Government or any member,
officer or other employees of the Authority for anything which is in good faith done or intended to be
done under this Act or the rules or regulations made thereunder.
49. Delegation of powers.—(1) The Authority may, by general or special order in writing, delegate
to any member, officer of the Authority or any other person subject to such conditions, if any, as may be
specified in the order, such of its powers and functions under this Act (except the powers under section
52) as it may deem necessary.
(2) The Authority may, by a general or special order in writing, also form committees of the members
and delegate to them the powers and functions of the Authority as may be specified by the regulations.
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50. Offences by companies.—(1) Where an offence under this Act has been committed by a
company, every person who at the time the offence was committed was in charge of, and was responsible
to, the company for the conduct of the business of the company, as well as the company, shall be deemed
to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:
Provided that nothing contained in this sub-section shall render any such person liable to any
punishment provided in this Act if he proves that the offence was committed without his knowledge or
that he has exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been
committed by a company and it is proved that the offence has been committed with the consent or
connivance of, or is attributable to, any neglect on the part of any director, manager, secretary or other
officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty
of the offence and shall be liable to be proceeded against and punished accordingly.
Explanation.—For the purposes of this section,—
(a) “company” means any body corporate and includes a firm or other association of
individuals; and
(b) “director”, in relation to a firm, means a partner in the firm.
1
[50A. Powers of Authority not to apply to International Financial Services Centre.—
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable
by the Authority under this Act,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of
section 18 of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established
under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted
in the International Financial Services Centres are concerned.]
51.Power to make rules.—(1) The Central Government may, by notification, make rules for carrying
out the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may
provide for all or any of the following matters, namely:—
(a) the salary and allowances payable to and the other conditions of service of the Chairperson
and whole-time members under sub-section (3) of section 5;
(b) the allowances payable to part-time members under sub-section (4) of section 5;
(c) the additional functions which may be performed by the Authority under clause (p) of subsection (2) of section 14;
(d) any other matter in respect of which the Authority may exercise the powers of a civil court
under clause (v) of sub-section (3) of section 14;
(e) the procedure to be followed by the authorised officer under sub-section (10) of section 17;
(f) the form and manner in which an appeal may be filed before the Securities Appellate
Tribunal and the fee which shall accompany such appeal, under sub-section (2) of section 36;
(g) the procedure to be followed by the Securities Appellate Tribunal in dealing with an appeal,
under sub-section (6) of section 36;
1. Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020).
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(h) the form in which annual statement of accounts shall be maintained by the Authority under
sub-section (1) of section 42;
(i) the time within which and the form and manner in which returns and reports are to be made
by the Authority to the Central Government under sub-section (1) of section 46;
(j) any other matter which is to be, or may be, prescribed, or in respect of which provision is to
be made, by rules.
52. Power to make regulations.—(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made thereunder for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may
provide for all or any of the following matters, namely:—
(a) the time and places of meetings of the Authority and the procedure to be followed at such
meetings (including the quorum at such meetings) under sub-section (1) of section 9;
(b) the terms and other conditions of service of the officers and other employees of the Authority
under sub-section (2) of section 11;
(c) the regulations to be made by the Authority in respect of pension schemes referred to in clause
(b) of sub-section (1) of section 12 and the time within which such schemes should conform to the
regulations, made under sub-section (2) of that section;
(d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of
sub-section (2) of section 14;
(e) the form and manner in which books of account shall be maintained and statement of accounts
shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14;
(f) amendment to the National Pension System referred to in sub-section (1) of section 20;
(g) the conditions of its purpose, frequency and limits for withdrawals from individual pension
account referred to in clause (b) of sub-section (2) of section 20;
(h) the conditions subject to which the subscriber shall exit from the National Pension System
referred to in clause (h) of sub-section (2) of section 20;
(i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i)
of sub-section (2) of section 20;
(j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21;
(k) the determination of compensation of fair value of the regulated assets payable to central
recordkeeping agency under proviso to sub-section (3) of section 21;
(l) the manner of receiving contributions and instructions and transmitting them to the Trustee
Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the
subscribers, under sub-section (1), and the regulations governing functioning of points of presence
under sub-section (2) of section 22;
(m) the manner in which a pension fund may receive contributions, accumulate them and make
payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2),
the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by
the pension fund under sub-section (4) of section 23;
(n) the form and manner in which an application for grant of certificate of registration shall be
made and the fee which shall accompany such application under sub-section (2) of section 27;
(o) the conditions subject to which a certificate of registration may be granted to an intermediary
under sub-section (3) of section 27;
(p) the procedure and manner of suspension or cancellation of certificate of registration of
intermediaries under sub-section (4) of section 27;
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(q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section
30;
(r) the supersession of the governing board or board of directors of the intermediary under subsection (2) of section 31;
(s) the management of affairs of the intermediary by an Administrator under sub-section (3) of
section 31;
(t) the manner of administering and utilising the Subscriber Education and Protection Fund under
sub-section (3) of section 41;
(u) the delegation of powers and functions of the Authority to committees under sub-section (2)
of section 49;
(v) establishment, duties and functioning of the National Pension System Trust;
(w) any other matter which is required to be or may be specified by regulations or in respect of
which provision is to be or may be made by regulations.
53. Rules and regulations to be laid before Parliament.—Every rule and every regulation made
under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it
is in session, for a total period of thirty days which may be comprised in one session or in two or more
successive sessions, and if, before the expiry of the session immediately following the session or the
successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or
both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter
have effect only in such modified form or be of no effect, as the case may be; so, however, that any such
modification or annulment shall be without prejudice to the validity of anything previously done under
that rule or regulation.
54. Power to remove difficulties.—(1) If any difficulty arises in giving effect to the provisions of
this Act, the Central Government may, by order, published in the Official Gazette, make such provisions
not inconsistent with the provisions of this Act as may appear it to be necessary for removing the
difficulty:
Provided that no order shall be made under this section after the expiry of five years from the
commencement of this Act.
(2) Every order made under this section shall be laid, as soon as may be after it is made, before each
House of Parliament.
55. Application of other laws not barred.—The provisions of this Act shall be in addition to and
not in derogation of the provisions of any other law for the time being in force.
56. Savings.—Anything done or any action taken by the Interim Pension Fund Regulatory and
Development Authority and Central Government under the Resolutions of the Government of India in the
Ministry of Finance number F. No. 5/7/2003-ECB&PR, dated the 10th October, 2003 and F.No.1(6)2007-
PR, dated the 14th November, 2008 and notification number F. No. 5/7/2003-ECB & PR, dated the 22nd
December, 2003, shall be deemed to have been done or taken under the corresponding provisions of this
Act.