Section 4(e) in The Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015
(e)the amounts, numbers or figures, as applicable, in respect of the following criteria shall be specified by the Authority on the date of inviting applications for registration,-(i)The applicant should have minimum Tangible net worth of Rupees hundred crores, as on the last day of the preceding financial year, and the applicant should have demonstrated experience in developing and managing technology based central administration and recordkeeping system;(ii)The applicant should have experience of at least five years of performing central recordkeeping and administration functions;(iii)The applicant should have experience in managing over five lakh individual accounts per year over the preceding three years, shall possess Information technology capabilities and sufficiently qualified and experienced manpower of at least hundred professional staff with at least fifty staff in the area of Operation & Technology Management;(iv)The applicant should have experience with developing and managing technology based central administration & recordkeeping system(v)The applicant should have minimum CMMI level three certification for the services being offered or should acquire the same within twelve months of commencement of commercial operations.(vi)A direct or indirect cross holding by any intermediary or its sponsor under the central recordkeeping agency should be less than forty percent of the paid up capital.]
