Section 29 in Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016
29. Action on the inspection report.
- The Authority may after consideration of the inspection report and after giving reasonable opportunity of hearing to the retirement adviser(s) or its authorized representatives, issue such directions as it deems fit for the orderly growth of National Pension System or the subscribers including,-(a)requiring a retirement adviser not to provide retirement advice for a particular period;(b)requiring the retirement adviser to refund any money collected as fees, charges or otherwise to the concerned subscribers along with the requisite interest and compensation which may be prescribed by the Authority. In case of any loss caused to the subscriber(s) by an act of commission or omission on the part of Retirement Adviser, the Authority may invoke the Performance Guarantee submitted by the Retirement Adviser and Retirement Adviser may have to compensate the subscriber(s) in addition to Authority initiating penal action keeping in mind the extent of violation and level of violation as per the provisions of the Pension Fund Regulatory and Development Authority Act, 2013 and the applicable regulations.(c)prohibiting the retirement adviser from operating as a Retirement adviser for such period as may be specified.
