Section 9 in The Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018
9. Consideration of application.
(1)For considering the eligibility of the applicant and grant of certificate to such applicant, the Authority shall take into account all such matters which it deems relevant to the pension sector and the National Pension System, including but not limited to the following :-(a)whether the applicant or any of its associates have in the past been refused certificate of registration by any of the regulators including, Reserve Bank of India, the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority and National Housing Bank or to any entity which controls the applicant and if so, the ground for such refusal to the applicant or such entity which controls the Applicant, or whether the applicant or its associates or principal officers, have been convicted for any offence involving moral turpitude, economic offence, violation of any securities or banking law or fraud;(b)whether the applicant satisfies the eligibility criteria and other requirements specified in these regulations;(c)whether the grant of a certificate to the applicant is in the interest of the subscribers or the objective of orderly development of pension sector or of the National Pension System or any other pension scheme regulated or administered under the Pension Fund Regulatory and Development Authority Act, 2013.(2)The Authority may invite the applicant to make a presentation to the Authority at a date, time and locations determined by the Authority, if deemed necessary. The purpose of such presentations would be to allow the applicant to present its proposal to the Authority and exhibit the key strengths in its proposals.(3)Any application for grant of certificate of registration,-(a)which is not complete in all respects and does not conform to the requirements and the relevant requirements specified in these regulations; or(b)which does not contain such additional information as required by the Authority; or(c)which is incorrect, false or misleading in nature; or(d)where the applicant is not in compliance with the eligibility requirements as set out under these regulations or the relevant regulations; or(e)which in the opinion of the Authority is not in the interest of subscribers and or the objective of orderly development of pension sector and/ or the National Pension System or any other pension scheme regulated or administered under the Pension Fund Regulatory and Development Authority Act, 2013; or(f)where the applicant is not a 'fit and proper person' or not complying with the requirements as specified in these regulations; shall be rejected by the Authority for reasons to be recorded in writing by the Authority.(4)Before rejecting an application, the applicant shall be given an opportunity in writing to make good such deficiencies, which can be removed, within the time specified by the Authority, for the purpose:Provided that where an application is rejected for the reason, that it contains false or misleading information, no such opportunity may be given and the applicant shall not make any application for grant of certificate of registration under these regulations or any other regulations for a period of one year from the date of such rejection.(5)An application for grant of certificate of registration, under regulation 4, which is complete in all respects, shall be disposed of by the Authority, normally within a period of sixty days from the date of receipt of such application.
