Section 9 in Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015
9. Procedure for grant of certificate of registration.
(1)The applicant shall submit an application in the format as may be specified by the Authority. In order to be eligible for registration, the applicant shall be required to qualify, on the date of application, all the technical and commercial parameters as specified by the Authority under the selection process.(2)The Authority on being satisfied that the applicant satisfies the eligibility criteria as specified under the Act, the rules and regulations and also the evaluation criteria specified in the selection process, it shall, grant a certificate of registration in the form specified in Schedule II and send intimation to this effect to the applicant.(3)Any certificate of registration granted by the Authority to the Trustee Bank shall be subject to the following conditions, namely: -(a)where the Trustee Bank proposes to change its status or constitution, it shall obtain prior approval of the Authority for continuing to act as such Trustee Bank after such change in status or constitution;(b)it shall pay the applicable fees in accordance with the regulation 11 or 12, as may be applicable;(c)it shall at all times abide by the provisions of the Act, rules, regulations, directions, guidelines and circulars as may be issued there under and other relevant laws;(d)it shall at all times meet the eligibility criteria and other requirements specified in these regulations;(e)it shall comply with the Code of conduct as specified in Schedule I:Provided that the Authority may impose such other conditions as it may deem fit in the interest of subscribers or orderly development of the pension sector and the Trustee Bank shall be required to comply with such conditions.(4)A request for prior approval, under clause (a) of sub-regulation (3), which is complete in all respects, shall be disposed off by the Authority within a period of sixty days from the date of receipt of such request and where the decision of the Authority has not been communicated to the Trustee Bank within the said period of sixty days, the prior approval shall be deemed to have been granted.(5)The request for prior approval under clause (a) of sub-regulation (3) shall contain the information in respect of the Trustee Bank after the proposed change in status or constitution and the information shall be placed on the website as may be specified by the Authority.
