Section 46 in The Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015
46. Compliance and corporate governance.
(1)The central recordkeeping agency shall ensure that good corporate policies and corporate governance is in place. It shall not engage in fraudulent and manipulative transactions and shall not indulge in any unfair competition including resorting to unfair means for inducing another intermediaries' of the Authority, which is likely to harm the interests of other intermediaries or subscribers or is likely to place such other intermediaries in a disadvantageous position while competing for or executing any assignment(2)The central record keeping agency shall take adequate and necessary steps to ensure that continuity in data and record keeping is maintained and that the data or records are not lost or destroyed. It shall also ensure that for electronic records and data, up-to-date back up is always available with it.(3)The central recordkeeping agency shall comply with the directions given to it by the Authority, and shall co-operate with any person or entity designated by the Authority, as and when required and shall not make any untrue statement or suppress any material fact in any documents, reports, papers or information furnished to the Authority or neglect or fail or refuse to submit to the Authority or other agencies with which it is registered, such books, documents, correspondence and papers or any part thereof as may be demanded or requested from time to time.(4)The central recordkeeping agency shall ensure that any change in its registration status or any penal action taken by the Authority or any material change in financials which may adversely affect the interests of other intermediaries or subscribers is promptly informed to the Authority and any business remaining outstanding is transferred to another registered person in accordance with any instructions of the Authority and as per the provisions of the relevant regulations.(5)The central recordkeeping agency shall maintain an appropriate level of knowledge and competency and abide by the provisions of the Act, rules, regulations, circulars and guidelines issued by the Authority, Central Government, or any other applicable statutory or regulatory body, as the case may be.(6)The central recordkeeping agency shall ensure that the Authority is promptly informed about any action, or legal proceedings initiated against it in respect of any material breach or non-compliance by it, of any law, rules, regulations, and directions of the Authority or of any other regulatory body.
