Section 56(2) in Pension Fund Regulatory and Development Authority (Employees Service) Regulations, 2015
(2)For the purpose of this Regulation, "commercial employment" means:(a)Employment in any capacity including that of an agent under a Company, Cooperative Society, firm or individual engaged in trade, or commercial, industrial or professional business and also includes a directorship of such a company and partnership of such firm but does not include employment under a body corporate wholly or substantially held or controlled by the Authority.(b)Setting up a practice, either independently or as partner of a firm, as adviser or consultant in matters in respect of which the retired officer-(i)has no professional qualifications and the matters in respect of which the practice is to be set up or is carried on are relatable to his official knowledge or experience, or(ii)the matters in respect of which such practice is to be set up are such as are likely to give his clients an unfair advantage by reason of his previous official position, or(c)Undertaking work involving liaison or contact with the offices or officers of the Authority.Explanation: - For the purpose of this clause, "employment under a cooperative society" includes the holding of any office, whether elective or otherwise such as that of President, Chairperson, Manager, Secretary, Treasurer and the like, by whatever name called in such society.
