Section 15(1) in The Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018
(1)The point of presence shall perform the following duties through its service provider branches or offices, including offices where the entire business operations are carried out totally on online platform in accordance with the provisions of the Act, rules, regulations and any guidelines, directions and service standards issued by the Authority, for the purpose(I)Duties in relation to initial customer/subscriber interaction for pension schemes:(a)addressing queries of potential subscribers regarding pension schemes.(b)providing and displaying information, in accordance with the provisions of the scheme, as approved by the Authority, including information relating to application forms, offer documents or any other publicity material pertaining to pension schemes;(II)Duties in relation to subscriber registration:(a)receive the duly filled application form along with the Know Your Customer documentation, as may be applicable from time to time and/or any other mode as directed/specified by the authority and conduct customer due diligence procedures as required under the Prevention of Money Laundering Act, 2002 (17 of 2003) including the amendments thereof or any other law through effective use of Know Your Customer verification processes, laid down by the Authority for all subscribers;(b)the point of presence shall carry out checks, as specified in the service standards prescribed or as per the guidelines laid down by the Authority for the purpose;(c)the point of presence shall ensure maintenance and reporting of all transactions by subscribers in accordance with the provisions of Prevention of Money Laundering Act, 2002 (17 of 2003) including amendments thereof and the rules framed thereunder from time to time, as may be applicable;(d)the point of presence is responsible for collecting and transmitting, the initial contribution at the time of opening of an individual pension account and subsequent contributions of subscribers made by them to the Trustee Bank;(e)the point of presence shall be responsible for delivering the subscriber registration form and supporting documents to the central recordkeeping agency or its representative approved by the Authority or shall share subscriber information as received from him, in any other mode or manner as approved by the Authority;(f)the point of presence shall transfer the contributions received from the subscriber to the National Pension System Trust account maintained with the Trustee Bank and upload the subscriber contribution files with the central recordkeeping agency within the time frame laid down under the service standards or as per the guidelines issued by the Authority for the purpose;(III)The following fund collection function shall be performed by the point of presence:-(a)the point of presence shall ensure that credible collection infrastructure is available to its underlying subscribers;(b)Every point of presence will open or have a collection account in the name of "Name of the PoP -Collection Account - National Pension System Trust" and such an account shall be a non-withdraw able account with an option to transfer the funds to NPS Trust account only. The authority to transfer the collection amount will reside with the point of presence.Provided that those aggregators or Atal Pension Yojna-service providers who are already registered and having bank accounts with different nomenclature and usage shall within a period of ninety days from notification of this regulation, comply with this condition
