Section 31 in Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016
31. Effect of suspension or cancellation or withdrawal of certificate of registration.
(1)On and from the date of suspension or cancellation of the certificate of registration, the retirement adviser shall-(a)cease to transact fresh business under the National Pension System or other pension schemes, as the case may be;(b)take such action in respect of the assets, records, documents or information that may be in the custody or control of the retirement adviser, within the time limit and in the manner as may be required under the relevant regulations or as may be directed by the Authority;(c)transfer at its own cost the assets, records, documents or information that are in its custody or control to another retirement adviser in the form and manner as may be directed by the Authority;It shall also ensure that the transfer of all the relevant documents, record or information is made in accordance with the directions issued by the Authority. Any form of non-support or non-cooperation or obstructions from the retirement adviser shall render the retirement adviser liable for imposition of penalty;(d)the retirement adviser shall be subject to the directions of the Authority until all such transfers or actions are completed or until, the certificate of registration remains suspended.
