Section 13 in Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015
13. Period of validity.
(1)Subject to compliance with the provisions of the Act or these regulations, every certificate of registration granted to a Trustee Bank shall be valid for a period of five years from the date of grant of registration unless suspended or cancelled by the Authority.(2)The Authority may, extend or reduce the tenure of the registration certificate, for such period as it may determine in the interest of the subscribers. Such extension or reduction shall be granted for reasons to be recorded in writing. Any extension granted to the Trustee Bank upon expiry of tenure of registration shall be binding on the Trustee Bank and the Trustee Bank shall discharge its functions in accordance with the terms of such extension.(3)During the validity of registration certificate under sub-regulations (1) and (2), the certificate of registration granted to the Trustee Bank shall be reviewed annually or any other period or at any point of time as may be notified by the Authority and its continuity as Trustee Bank shall be decided thereupon by the Authority.(4)The Trustee Bank shall be liable to pay annual fee as specified under regulation 12.(5)On extension of the registration certificate for less than one year, pro rata annual fee or renewal fee shall be recovered on quarterly basis.
