Section 28(2) in THE PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY ACT, 2013
(2)If any person, who is required under this Act or any rules or regulations made thereunder, to enter into an agreement with his client, fails to enter into such agreement, he shall be liable to a penalty of one lakh rupees for each day during which the failure continues or five times the amount of profits made or losses avoided, whichever is higher.
