Section 10 in The Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018
10. Procedure for grant of certificate of registration.
(1)The Authority upon being satisfied that the applicant satisfies the eligibility conditions as specified under these regulations, shall grant a certificate of registration, in the form specified in Schedule-I and send intimation to the applicant in this regard:Provided that where any proceeding is pending before the Authority or any other regulator or court or tribunal which may result in the suspension or cancellation of the certificate of registration, the Authority may grant a conditional registration.(2)The successful applicant who has been given the certificate shall be required to submit a security deposit in the form of bank guarantee or bank fixed deposit, with proper lien marking, in favour of the authority, which deposit shall be equivalent to one percent of its net worth or rupees five lakh, whichever is higher. The maximum security deposit shall not exceed rupees twenty lakhs. The stipulated security will not be released to the applicant unless the prior permission of the Authority is obtainedProvided that in respect of an applicant, which proposes to seek registration solely for conduct of activities under the Atal Pension Yojana (APY) scheme or for entities /departments/ministries of central & state governments, the requirement of submission of security deposit shall not be applicable.(3)If the Authority is prima facie of the opinion, that any point of presence or point of presence sub-entity, working under the point of presence and registered with Authority, has violated the terms and conditions of registration or has contravened any provisions of the Act, rules or regulations, the Authority may pass orders for attachment of the security deposit, pending the inquiry or investigation against such point of presence.(4)Upon the request of the point of presence to waive this requirement of security deposit, the Authority may consider such request for reasons to be recorded in writing, having regard to the interest of the subscribers.
