Section 44(2) in The Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018
(2)The point of presence desirous of assigning the functions shall apply to the Authority in the specified application providing complete details including the business plan of the entity to which the point of presence wishes to assign the functions and such form shall be signed by both the point of presence and the proposed assignee of functions. For the purpose of this regulation, such an assignee shall be called as point of presence-sub entity. The Authority may refuse or reject or impose any additional conditions as deemed fit by the Authority, at the time of approval of such an application by the point of presence seeking permission for assignment of functions. The Authority may impose or stipulate such terms and conditions, including the instructions on banking operations involving subscriber contributions while accepting such an application.
