Section 4 in The Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015
4. Eligibility criteria.
- The eligibility criteria as specified under this regulation, shall have to be fulfilled by an applicant, seeking to obtain a certificate of registration to act as a central recordkeeping agency, on the day on which such application is presented to the Authority. The eligibility criteria, besides such other criteria, required to be fulfilled under these regulations, for grant of registration, shall be the following namely:-(a)the applicant shall be a company formed and registered under the Companies Act, 1956 (1 of 1956) or the Companies Act, 2013 or under any other central enactment, and registered with the service tax authority and operating for the last five years in the country, preceding the date of application;(b)the applicant should have made net profit in any three out of the last five financial years, preceding the date of application, and should not have incurred cash loss during such preceding two years;(c)the applicant, its director, principal officer should not have been black listed by any regulatory Authority or Governments (Central and States) or should not have been convicted of any offence involving moral turpitude or of any economic offences;(d)Information technology capabilities and sufficiently qualified and experienced manpower, as per the guidelines including the requirements of service standards issued by the Authority for the purpose.(e)the amounts, numbers or figures, as applicable, in respect of the following criteria shall be specified by the Authority on the date of inviting applications for registration,-(i)The applicant should have minimum Tangible net worth of Rupees hundred crores, as on the last day of the preceding financial year, and the applicant should have demonstrated experience in developing and managing technology based central administration and recordkeeping system;(ii)The applicant should have experience of at least five years of performing central recordkeeping and administration functions;(iii)The applicant should have experience in managing over five lakh individual accounts per year over the preceding three years, shall possess Information technology capabilities and sufficiently qualified and experienced manpower of at least hundred professional staff with at least fifty staff in the area of Operation & Technology Management;(iv)The applicant should have experience with developing and managing technology based central administration & recordkeeping system(v)The applicant should have minimum CMMI level three certification for the services being offered or should acquire the same within twelve months of commencement of commercial operations.(vi)A direct or indirect cross holding by any intermediary or its sponsor under the central recordkeeping agency should be less than forty percent of the paid up capital.]
