Section 3(4) in The Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015
(4)The allocation of the subscribers between the existing central recordkeeping agency and the other central recordkeeping agency or agencies, if appointed, shall be based on a transparent criteria and process as may be issued by the Authority from time to time having regard to the subscribersÂ’ interest. The central recordkeeping agency shall at all times comply with the provisions of the Act or the rules or the regulations made or directions, circulars or guidelines issued by the Authority there under. The central recordkeeping agency shall also ensure compliance of the quality of subscriber service or services to other intermediaries and ensure that intermediation and other operational costs under the National Pension System or any other pension scheme regulated or administered by the Authority are economical and reasonable.
