Section 5(1) in The Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018
(1)The eligibility criteria as specified under this regulation, shall have to be fulfilled by an applicant, seeking to obtain a certificate of registration to act as a point of presence, on the day on which such application is presented to the Authority. The eligibility criteria, besides such other criteria, that is required to be fulfilled under these regulations, for grant of registration, shall be the following namely:-(a)registered with and regulated by any regulator in India including the Reserve Bank of India, the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority of India, the Pension Fund Regulatory and Development Authority and the National Housing Bank.(b)A company registered in India under Companies Act, 1956 or Companies Act 2013 [with necessary certification from the Reserve Bank of India (for Non Banking Finance Companies (NBFCs), Micro- Finance Institutions (MFIs)]; or entities /departments/ministries of central & state governments or entities created by State or Central Government for any specified group of beneficiaries or under Banking Regulation Act, 1949 (10 of 1949) or any other entity or class of entities which are registered under the relevant laws, if in the opinion of the Authority, such entity or class of entities facilitates development of pension schemes and pension sector by inclusion of their subscriber base.(c)having a minimum of fifteen branches in India, with each branch having the necessary Information Technology infrastructure and capacity to electronically link to the central record keeping agency, registered with the Authority. Each of these branches of the point of presence should have demonstrated capability to electronically transmit the subscriber's contribution and information as per the service standards or relevant guidelines issued by the Authority ;Provided that this requirement shall not be applicable to entities covered under sub-clause (ii) , (iii) and (v) of regulation 3.(d)minimum net worth (paid-up capital plus free reserves) of rupees seventy five lakhs only which shall include a minimum paid up capital of rupees fifty lakhs as on the last day of the immediately preceding financial year; provided that such condition shall not be applicable in the case of an applicant (other than a bank) with adequate capital provision or any entities /departments/ministries of the Central or the state governments, proposing to conduct activities under the Atal Pension Yojana (APY).(e)absence of convictions, restraint orders or imposition of any major penalty, by any financial sector regulator or by a court of law, in any of the preceding five years for any offence involving moral turpitude, economic offences, violation of any securities or banking law or fraud by the entity or any of its principal officers;(f)conforming to any other criteria as may be specified by the Authority from time to time in the form of notifications, circulars, guidelines, having regard to the interest of the subscribers and for orderly growth of the pension industry:(g)shall possess a two year track record of profitability (Profit after tax) as on the last day of the immediately preceding financial year; Provided that such condition shall not apply in respect of applicant(s) being (i)Scheduled Commercial banks (SCBs) holding license issued by the Reserve Bank of India, and proposes to conduct its activities under the Atal Pension Yojana, in which case the capital requirements, specified by the Reserve Bank of India shall be considered, in respect of losses incurred in the preceding years or (ii) an online marketing company distributing pension schemes or entities /departments/ministries of central & state governments.Provided further that such condition shall also not be applicable, in respect of new Payment banks, Small Finance banks and entities offering like services, if the application to act as point of presence is made within a period of five years from the date of registration of such entity with the concerned regulator, for such activities.
