Section 19 in The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015
19. Effect of refusal to grant certificate of empanelment or expiry of certificate of empanelment.
(1)Where an existing annuity service provider has failed to apply for renewal of empanelment of certificate and upon expiry of certificate of empanelment or has been refused grant of certificate of empanelment under these regulations, or has surrendered its certificate, or has been directed to be wound up by an order of a court, such annuity service provider shall,-(a)forthwith cease to act as an annuity service provider for subscribers of National pension System;(b)make provisions as regards liability incurred or assumed by the annuity service provider, if any;(c)take such other action, within the time limit and in the manner, as may be required under the relevant regulations or as may be directed by the Authority.(2)While refusing grant of certificate of empanelment under these regulations to an annuity service provider, the Authority may impose such conditions upon the annuity service provider as it deems fit for protection of interest of the subscribers and such conditions shall be complied with.
