Section 16(3) in The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015
(3)Any application for grant of certificate of empanelment,-(a)which is not complete in all respects and does not conform to the requirements in the and the requirements specified in these regulations;(b)which does not contain such additional information as required by the Authority;(c)which is incorrect, false or misleading in nature;(d)where the applicant is not in compliance with the eligibility requirements as set out under these regulations;(e)which in the opinion of the Authority is not in the interest of subscribers and or the objective of orderly development of the pension sector or the National Pension System;(f)where the applicant is not a `fit and proper person';shall be rejected by the Authority for reasons to be recorded by it in writing.
