Section 17 in Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016
17. General responsibility.
(a)A Retirement Adviser shall act in a fiduciary capacity towards his prospects/subscribers and shall disclose all conflicts of interests as and when they arise;(b)A Retirement Adviser may have a tie up with the registered Points of Presence for providing services to the prospects. There shall be no restrictions on the number of Points of Presence with whom the Retirement Adviser may enter into such arrangements provided that the interests of the subscribers are not adversely affected.;(c)A Retirement Adviser shall not receive any consideration by way of remuneration or compensation or in any other form from any person other than the prospect or subscriber being advised, in respect of National Pension System (NPS) or other pension scheme regulated by Authority, for which such advice is provided;(d)A Retirement Adviser shall not collect any amount in cash for investment or contribution to the pension account of the subscribers in the capacity of Retirement Adviser;(e)The Retirement Adviser shall advice the prospects or subscribers of the manner of filling the registration form for enrolment, exit forms, various other forms required to modify or change personal master details, nomination, Point of Presence, Pension Funds, investment choice and other related activities under National Pension System or other pension schemes;.(f)The Retirement Adviser shall advice the subscribers on a periodic basis about the performance of Pension Funds, underlying asset portfolio, NAV, general financial market trend or any other relevant information through dedicated e-mail, newsletters or other specified means ;(g)The Retirement Adviser shall advice the subscribers on a periodic basis about the change in various policies & guidelines issued by Authority, or other information pertaining to intermediaries under National Pension System including the National Pension System Trust;(h)A retirement adviser shall maintain an arms-length relationship between its activities as a Retirement Adviser and its other activities;(i)A Retirement Adviser which is also engaged in activities other than that of retirement advisory services shall ensure that its retirement advisory services are clearly segregated from all its other activities;(j)A Retirement Adviser shall ensure that in case of any conflict of interest on retirement advisory activities with other activities, such conflict of interest shall be disclosed to the prospects or subscribers, beforehand;(k)A Retirement Adviser shall not divulge any confidential information about its prospect or subscriber, which has come to his or its knowledge, without taking prior permission of its prospect or subscriber, except where such disclosures are required to be made in compliance with any law for the time being in force;(l)A Retirement Adviser shall follow 'Know Your Customer' procedure as specified by the Authority from time to time;(m)A Retirement Adviser shall abide by Code of Conduct as specified by Authority;(n)In case of change in control of firm of the Retirement Adviser, timely intimation shall be given to Authority;(o)Retirement Advisers shall furnish to the Authority information and reports as may be specified by the Authority from time to time.(p)It shall be the responsibility of the Retirement Adviser to ensure that its representatives and partners, as applicable, comply with the certification and qualification requirements as specified by Authority at all times.
