Section 38 in The Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015
38. Action in case of default.
- After considering the representations, if any, of the noticee, the facts and circumstances of the case and applicable provisions of the Act, regulations, directions or circulars administered by the Authority, the designated authority shall submit a report, where the facts so warrant, recommending, -(a)suspension of certificate of registration for a specified period;(b)cancellation of certificate of registration;(c)prohibiting the noticee to take up any new assignment or contract or launch new scheme for the period specified in the order;(d)debarring a principal officer of the noticee from being employed or associated with any registered intermediary or other registered person for the period specified in the order;(e)debarring a branch or an office of the noticee from carrying out activities for the specified period;(f)The Authority may resort to any measures including appropriation of the regulated assets of the central recordkeeping agency as specified in sub-section (3) of section 21 of the Act;(g)warning the noticee.
