Section 33 in Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015
33. Procedure for action on recommendation.
(1)On receipt of the report recommending measures from the designated authority, the designated member shall consider the same and issue a show cause notice to the noticee enclosing a copy of the report submitted by the designated authority calling upon the noticee to submit its written representation as to why the action, including passing of appropriate direction, should not be taken.(2)The noticee may, within twenty-one days of receipt of the notice send a reply to the designated member who may pass appropriate order after considering the reply, if any received from the noticee and providing the person with an opportunity of being heard, as expeditiously as possible and endeavor shall be made to pass the order within one hundred and twenty days from the date of receipt of reply of the notice or hearing.(3)The designated member may pass a common order in respect of a number of noticees where the subject matter in question is substantially the same or similar in nature.
