Section 28(2) in Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015
(2)On and from the date of surrender or cancellation or suspension of the certificate of registration, the concerned Trustee Bank shall-(a)return the certificate of registration so cancelled to the Authority and shall not represent itself to be a holder of the certificate of registration for carrying out the activity for which such certificate had been granted;(b)cease to carry on any activity in respect of which the certificate had been granted;(c)transfer funds, records and documents with complete reconciliation related to its activities to another Trustee Bank, as directed by the Authority, holding a valid certificate of registration to carry on such activities and allow its subscribers to transfer their funds to the transferee entity, without any additional cost;(d)make provisions as regards liability incurred or assumed by it;(e)take such other action including the action relating to any records or documents and assets of the subscribers that may be in the custody or control of such Trustee Bank, within the time limit and in the manner, as may be required under the relevant regulations or as may be directed by the Authority while passing order under these guidelines or otherwise.
