Section 29 in The Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018
29. Cancellation or suspension of certificate of registration.
(1)where any point of presence which has been granted a certificate of registration under these regulations-(a)fails to comply with any conditions subject to which the certificate of registration has been granted to it;(b)contravenes any of the provisions of the Act or the rules or the regulations made or any guidelines, notifications, directions, instructions or circulars issued thereunder;(c)indulges in unfair trade practices or conducts its activities in a manner prejudicial to the interests of the subscribers;(d)fails to furnish any information as required by the Authority relating to its area of operations;(e)does not submit periodical returns as required under the Act or by the Authority;(f)does not cooperate in an inquiry conducted by the Authority;(g)fails in the periodic review of its performance in terms of number of new subscriber registrations done by the point of presence in relation to the business plan submitted at the time of registration or against any other uniform criteria applicable to all the registered point of presence;(h)commits any acts of defaults as mentioned under section 28 of the Act, the Authority may, without prejudice to any other action under the Act, regulations, directions, instructions or circulars issued thereunder, by order take such action in the manner provided under these regulations including cancellation or suspension of the registration of such Point of Presence and such other action, as may be deemed appropriate.(2)Point of presence once registered shall have to ensure that the eligibility conditions as mentioned in these regulations are strictly adhered to, during the entire currency of its registration period and any extension thereto, failing which the registration certificate may be cancelled. A certificate evidencing compliance with the eligibility conditions shall have to be furnished by the registered point of presence to the Authority on annual basis, as per guidelines issued by the Authority.
