Section 56(3) in Pension Fund Regulatory and Development Authority (Employees Service) Regulations, 2015
(3)Notwithstanding anything contained in sub-regulation (1), no employee of the Authority, including employees on contract shall within a period of two years from the date that he finally ceases to be in the Authority's service, accept or undertake an employment or be in any manner associated with an intermediary registered with the Authority, except with the prior written approval of the Competent Authority.Provided, however, before refusing approval the competent authority shall give a hearing to the concerned employee. A copy of the decision taken shall be communicated by the Competent Authority to the concerned employee.The competent authority while granting such approval shall satisfy itself regarding the appropriateness of granting the approval, having regard to dealing which the employee may have had with the said intermediary while in the services of the Authority; and may impose such conditions as may be necessary having regard to the circumstances of the case including;(a)Prohibiting the employee from representing the intermediary in any manner before the Authority.(b)Seeking a fresh approval from the Authority in the event of the employee accepting or undertaking employment or associating in any manner with another intermediary registered with the Authority, during the period of two years.
