Section 8 in Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016
8. Security Deposit.
- [(i) Retirement Advisers which are body corporate(s) or partnership firm(s) or any registered trust or society, on registration, shall submit security deposit in the form of bank deposit or performance guarantee to the Authority, as may be determined by the Authority through issuance of appropriate notification/circular /guidelines /directions, before commencement of its activities under National Pension System. The deposit to be submitted shall be valid for a period of six months beyond the original or renewed period of registration so granted. Such security deposit or guarantee ought to be issued by a Scheduled commercial bank and where any bank is offering services of a retirement adviser, then security deposit shall be issued by another scheduled commercial bank. The registration granted is liable to be cancelled, if such deposit is not received within the time stipulated by the Authority, unless extended.(ii)Retirement Advisers who are individuals or carrying on proprietary concerns, upon registration, shall provide security deposit in the form of bank fixed deposit receipt or performance guarantee to the Authority, as may be determined by the Authority through issuance of appropriate notifications/circular /guidelines /directions before commencement of its activities under National Pension System. The bank fixed deposit receipt or Performance Guarantee to be so submitted shall be valid for a period of six months beyond the original or renewed period of registration so granted. The registration granted is liable to be cancelled, if such deposit is not received within the time stipulated by the Authority, unless extended.]
