14. (1) Subject to the provisions of this Act and any other law for the time being in
force, the Authority shall have the duty, to regulate, promote and ensure orderly growth of
the National Pension System and pension schemes to which this Act applies and to protect
the interests of subscribers of such System and schemes.
(2) Without prejudice to the generality of the provisions contained in sub-section (1),
the powers and functions of the Authority shall include–
(a) regulating the National Pension System and the pension schemes to which
this Act applies;
(b) approving the schemes, the terms and conditions thereof and laying down
norms for the management of the corpus of the pension funds, including investment
guidelines under such schemes;
(c) registering and regulating intermediaries;
(d) issuing to an intermediary, on application, a certificate of registration and
renewing, modifying, withdrawing, suspending or cancelling such registration;
(e) protecting the interests of subscribers by—
(i) ensuring safety of the contribution of subscribers to various schemes
of pension funds to which this Act applies;
(ii) ensuring that the intermediation and other operational costs under the
National Pension System are economical and reasonable;
(f) establishing mechanism for redressal of grievances of subscribers to be
determined by regulations;
(g) promoting professional organisations connected with the pension system;
(h) adjudication of disputes between intermediaries and between intermediaries
and subscribers;
(i) collecting data and requiring the intermediaries to collect such data and
undertaking and commissioning studies, research and projects; (j) undertaking steps for educating subscribers and the general public on issues
relating to pension, retirement savings and related issues and training of intermediaries;
(k) standardising dissemination of information about performance of pension
funds and performance benchmarks;
(l) regulating the regulated assets;
(m) levying fees or other charges for carrying out the purposes of this Act;
(n) specifying by regulations the form and manner in which books of account
shall be maintained and statement of accounts shall be rendered by intermediaries;
(o) calling for information from, undertaking inspection of, conducting inquiries
and investigations including audit of, intermediaries and other entities or organisations
connected with pension funds;
(p) exercising such other powers and functions as may be prescribed.
(3) Notwithstanding anything contained in any other law for the time being in force,
while exercising the powers under clause (o) of sub-section (2), the Authority shall have the
same powers as are vested in a civil court under the Code of Civil Procedure, 1908 while
trying a suit, in respect of the following matters, namely:–
(i) the discovery and production of books of account and other documents, at
such place and at such time as may be specified by the Authority;
(ii) summoning and enforcing the attendance of persons and examining them on
oath;
(iii) inspection of any book, register and other document of any person or
intermediary referred to in section 26, at any place;
(iv) issuing commissions for the examination of witnesses or documents;
(v) any other matter which may be prescribed.
(4) Without prejudice to the provisions contained in sub-sections (1), (2) and (3) and
section 16, the Authority may, by order, for reasons to be recorded in writing, in the interest
of subscribers, take any of the following measures, pending investigation or inquiry, namely:—
(i) restrain persons from participating in any scheme;
(ii) restrain any office bearer of an intermediary from acting as such;
(iii) impound and retain the proceeds under the scheme in respect of any activity
which is under investigation;
(iv) attach, after passing an order, on an application made for approval, by the
Judicial Magistrate of first class having jurisdiction, for a period not exceeding one
month, one or more bank account or accounts of any intermediary or any person
associated with the scheme in any manner involved in violation of any of the provisions
of this Act or the rules or the regulations made thereunder:
Provided that only the bank account or accounts or any transaction entered
therein, relating to the proceeds actually involved in the violation of any of the provisions
of this Act or the rules or the regulations made thereunder shall be allowed to be
attached;
(v) direct any intermediary or any person associated with the scheme in any
manner not to dispose of or alienate an asset forming part of any activity which is
under investigation:
Provided that the Authority shall, either before or after, passing such orders,
under this section, give to such intermediaries or persons concerned an opportunity
of being heard.