Section 1 in The Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018
1. Short title and commencement.
(1)These regulations may be called the Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018.These regulation aim at encouraging an independent, strong and effective distribution channel for National Pension System and other schemes regulated and administered under the provisions of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013) and to ensure that market practices of the points of presence towards provision of old age income security are fair, efficient and transparent for the promotion and protection of interest of the subscribers.(2)They shall come into force on the date of their publication in the Official Gazette.(3)On the date of notification of these regulations, the Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2015 notified on 04th March, 2015 and the Pension Fund Regulatory and Development Authority (Aggregator) Regulations, 2015 and amendments made thereof shall be repealed and cease to have effect, save such acts including registrations granted to existing Point of Presences and Aggregators, and compliances to be effected by such entities under the said regulations. The repeal shall not affect the previous operation of the regulations or anything duly done or suffered thereunder, or any right, privilege, obligation or liability acquired, accrued or incurred thereunder or any penalty, confiscation or punishment incurred or liable to be incurred, in respect of any contravention under the regulation so repealed and any proceeding or remedy may be instituted, continued or enforced, and any penalty or punishment may be imposed or made as if the regulation had not been repealed.
