3. Establishment and incorporation of Authority.—(1)With effect from such date as the Central
Government may, by notification, appoint, there shall be established, for the purposes of this Act, an
Authority to be called the Pension Fund Regulatory and Development Authority.
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(2)The Authority shall be a body corporate by the name aforesaid, having perpetual succession and a
common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property,
both movable and immovable, and to contract and shall, by the said name, sue or be sued.
(3)The head office of the Authority shall be in the National Capital Region referred to in clause (f) of
section 2 of the National Capital Region Planning Board Act, 1985 (2 of 1985).
(4)The Authority may establish offices at other places in India.
4.Composition of Authority.—The Authority shall consist of the following Members, namely:—
(a) a Chairperson;
(b) three whole-time members; and
(c) three part-time members,
to be appointed by the Central Government from amongst persons of ability, integrity and standing and
having knowledge and experience in economics or finance or law with at least one person from each
discipline.
5. Term of office and conditions of service of Chairperson and members of Authority.—(1) The
Chairperson and every whole-time member shall hold office for a term of five years from the date on
which he enters upon his office and shall be eligible for reappointment:
Provided that no person shall hold office as a Chairperson after he has attained the age of sixty-five
years:
Provided further that no person shall hold office as a whole-time member after he has attained the age
of sixty-two years.
(2) A part-time member shall hold office as such for a term not exceeding five years from the date on
which he enters upon his office.
(3)The salary and allowances payable to, and other terms and conditions of service of, the members
other than part-time members shall be such as may be prescribed.
(4)The part-time members shall receive such allowances as may be prescribed.
(5)The salary, allowances and other conditions of service of a member shall not be varied to his
disadvantage after his appointment.
(6) Notwithstanding anything contained in sub-section (1) or sub-section (2), a member may—
(a) relinquish his office, by giving in writing to the Central Government, a notice of not less than
thirty days; or
(b) be removed from his office in accordance with the provisions of section 6.
6. Removal of members from office.—(1) The Central Government may remove from office the
Chairperson or any other member who—
(a) is, or at any time has been, adjudged as insolvent; or
(b) has become physically or mentally incapable of acting as a member; or
(c) has been convicted of an offence which, in the opinion of the Central Government, involves
moral turpitude; or
(d) has acquired such financial or other interest as is likely to affect prejudicially his functions as
a member; or
(e) has, in the opinion of the Central Government, so abused his position as to render his
continuance in office detrimental to the public interest.
(2) No such Chairperson or other member shall be removed under clause (d) or clause (e) of subsection (1) unless he has been given a reasonable opportunity of being heard in the matter.
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7. Restriction on future employment of members.—(1) The Chairperson and the whole-time
members shall not, for a period of two years from the date on which they cease to hold office as such,
except with the previous approval of the Central Government, accept—
(a) any employment either under the Central Government or under any State Government; or
(b) any appointment in any regulated entity in the pension sector.
(2) The Chairperson and the whole-time members of the Interim Pension Fund Regulatory and
Development Authority holding the office as such before the commencement of this Act, shall not, on and
after such commencement, accept any appointment in any regulated entity in the pension sector for a
period of two years from the date on which they cease to hold office as such, except with the previous
approval of the Central Government.
8. Administrative powers of Chairperson.—The Chairperson shall have the powers of general
superintendence and direction in respect of all administrative matters of the Authority.
9. Meetings of Authority.—(1) The Authority shall meet at such times and places and shall observe
such rules of procedure in regard to the transaction of business at its meetings (including quorum at such
meetings) as may be provided by regulations.
(2) The Chairperson or, if for any reason, he is unable to attend a meeting of the Authority, any other
member chosen by the members present from amongst themselves at the meeting, shall preside at the
meeting.
(3) All questions which come up before any meeting of the Authority shall be decided by a majority
of votes by the members present and voting, and in the event of an equality of votes, the Chairperson or in
his absence, the person presiding shall have a second or casting vote.
(4) If any member, who is a director of a company and who as such director, has any direct or indirect
pecuniary interest in any matter coming up for consideration at a meeting of the Authority, he shall, as
soon as possible after relevant circumstances have come to his knowledge, disclose the nature of his
interest at such meeting and such disclosure shall be recorded in the proceedings of the Authority, and the
member shall not take part in any deliberation or decision of the Authority with respect to that matter.
10. Vacancies, etc., not to invalidate proceedings of Authority.—No act or proceeding of the
Authority shall be invalid merely by reason of—
(a) any vacancy in, or any defect in the constitution of, the Authority; or
(b) any defect in the appointment of a person acting as a member of the Authority; or
(c) any irregularity in the procedure of the Authority not affecting the merits of the case.
11. Officers and employees of Authority.—(1)The Authority may appoint such officers and other
employees as it considers necessary for the efficient discharge of its functions under this Act.
(2) The terms and other conditions of service of officers and other employees of the Authority
appointed under sub-section (1) shall be such as may be determined by regulations.