Section 10 in Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015
10. Effect of refusal to grant certificate or expiry of certificate.
(1)Where the Trustee Bank has failed to make an application or where an existing Trustee Bank has been refused grant of certificate under these regulations, the Trustee Bank shall, -(a)forthwith cease to act as such Trustee Bank;(b)transfer its amounts, records and documents related to its activities with complete reconciliation to another Trustee Bank which has been granted a certificate for carrying on such activity;(c)make provisions as regards liability incurred or assumed by the Trustee Bank;(d)take such other action, within the time limits and in the manner, as may be required under the relevant regulations or as may be directed by the Authority.(2)While refusing grant of certificate of registration under these regulations to an existing Trustee Bank, the Authority may impose such conditions upon it as it deems fit for protection of subscribers and such conditions shall be complied with.
