Section 34 in The Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015
34. Effect of suspension, cancellation or surrender of certificate.
(1)On and from the date of suspension or cancellation of the certificate, the concerned central recordkeeping agency shall -(a)not undertake any additional assignment or collect any new information from the subscriber. During the period of suspension of the certificate, it shall cease to carry on any activity in respect of which the certificate of registration had been granted;(b)allow its subscribers to transfer, as the case may be, their records, money or assignments or allow the National Pension System Trust to withdraw any assignment given to it, without any additional cost;(c)make provisions as regards liabilities incurred or assumed by it;(d)take such other action including the action relating to any records or documents and information of the subscribers that may be in the custody or control of such central recordkeeping agency, within the time limit and in the manner, as may be required under the relevant regulations or as may be directed by the Authority, while passing the order under these guidelines or otherwise;(e)transfer or dispose of the regulated assets in the manner as may be directed by the Authority at its own cost.(2)On and from the date of surrender or cancellation or suspension of the certificate of registration, the concerned central recordkeeping agency shall, -(a)return the certificate of registration so cancelled to the Authority and shall not represent itself to be a holder of the certificate of registration for carrying out the activity for which such certificate had been granted;(b)cease to carry on any activity in respect of which the certificate had been granted;(c)transfer its activities to another central recordkeeping agency, as directed by the Authority, holding a valid certificate of registration to carry on such activities and allow its subscribers to transfer their records or assignments to the transferee entity, without any additional cost;(d)make provisions as regards liability incurred or assumed by it;(e)take such other action including the action relating to any records or documents and assets of the subscribers that may be in the custody or control of such central recordkeeping agency, within the time limit and in the manner, as may be required under the relevant regulations or as may be directed by the Authority while passing order under these guidelines or otherwise;(f)transfer or dispose of the regulated assets in the manner as may be directed by the Authority.
