Search Results on regulation for query: "PENSION REGULATION"
Related Section(s)(1) Subject to the provisions of this Act, the functions of the
Committee shall generally be to ensure by such measures, as it thinks fit, standard qualities of textiles
both for internal marketing and export purposes and the manufacture and use of standard type of textile
machinery.
(2) Without prejudice to the generality of the provisions of sub-section (1), the Committee may-- (a) undertake, assist and encourage, scientific, technological and economic research in-textile industry and textile machinery, (b) promote export of textiles and textile machinery and carry on propaganda for that purpose; 1[(c) establish or adopt or recognise standard specifications for-- (i) textiles, and (ii) packing materials used in the packing of textiles or textile machinery, for the purposes of export and for internal consumption and affix suitable marks on such standardised varieties of textiles and packing materials;] (d) specify the type of quality control or inspection which will be applied to textiles or textile machinery; 2[(da) provide for training in the techniques of quality control to be applied to textiles or textile machinery;] (e) provide for the inspection and examination of-- (i) textiles; (ii) textile machinery at any stage of manufacture and also while it is in use at mill-heads; 2[(iii) packing materials used in the packing of textiles or textile machinery;] (f) establish laboratories and test houses for the testing of textiles; (g) provide for testing textiles and textile machinery in laboratories and test houses other than those established under clause (f); (h) collect statistics for any of the above mentioned purposes from-- (i) manufacturers of, and dealers in, textiles; (ii) manufacturers of textile machinery; and (iii) such other persons as may be prescribed; (i) advice on all matters relating to the development of textile industry and the production of textile machinery; (j) provide for such other matters as may be prescribed. (3) In the discharge of its functions, the Committee shall be bound by such directions as the Central Government may, for reasons to be stated in writing, give to it from time to time.
1. Subs. by s. 5, ibid., for clause (c) (w.e.f. 1-1-1975).
2. Ins. by s. 5, ibid. (w.e.f. 1-1-1975). (1) The Committee may, with the previous sanction of the Central
Government, by notification in the Official Gazette, make regulations not inconsistent with this Act and
the rules made thereunder to provide for all matters for which provision is necessary or expedient for the
purpose of giving effect to the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for-- (a) the meeting of the Committee, Standing Committees and ad hoc Committees, the quorum for such meetings and the conduct of business thereat; (b) the allowances payable to the members of the Standing Committees or the ad hoc Committees; (c) the methods of appointment, the conditions of service and the scales of pay of the officers (other than the Secretary) and other employees of the Committee; (d) the duties and conduct of officers and other employees of the Committee; and (e) any other matter in respect of which the Committee is empowered or required to make regulations under this Act. (3) The Central Government may, by notification in the Official Gazette, amend, vary or rescind any regulation which it has sanctioned; and thereupon the regulation shall have effect accordingly, but without prejudice to the exercise of the powers of the Committee under sub-section (1). | ||||||||||||||||
Related Section(s)(1) No regulation made by the Board under this Act
1[, other than a regulation made under sub-section (2) of section 17,] shall have effect until it has been
approved by the Central Government and until such approval has been published in the Official Gazette.
(2) No such regulation 2[other than a regulation made under section 28,] shall be approved by the Central Government until the same has been published by the Board for two weeks successively in the Official Gazette and until fourteen days have expired from the date on which the same had been first published in that Gazette. (3) Any regulation made under this Act other than a regulation made under section 28 may provide that a breach thereof shall be punishable with fine which may extend to 3[two thousand rupees], and where the breach is a continuing one, with further fine which may extend to 4[five hundred rupees] for every day after the first during which such breach continues. 5[(4) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation].
1. Ins. by Act 29 of 1974, s. 37 (w.e.f. 1-2-1975).
2. Ins. by Act 17 of 1982, s. 20 (w.e.f. 31-5-1982). 3. Subs. by s. 20, ibid., for "two hundred rupees" (w.e.f. 31-5-1982). 4. Subs. by s. 20, ibid., for "fifty rupees" (w.e.f. 31-5-1982). 5. Ins. by s. 20, ibid. (w.e.f. 31-5-1982). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)In this Act, unless the context otherwise requires,--
(a) "Board" means the Board of Directors of the Exim Bank referred to in section 6; (b) "Development Bank" means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964); (c) "Exim Bank" means the Export-Import Bank of India established under section 3; (d) "export" and "import" mean, respectively, export from or import into India or any other country of goods or services, or both; (e) "goods" includes all materials, commodities and articles in a solid, liquid or gaseous state and all forms of energy; (f) "notification" means a notification published in the Official Gazette; (g) "prescribed" means prescribed by regulations made under this Act; (h) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934); (i) "scheduled bank" means a bank, for the time being, included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934); (j) "services" includes,-- (I) providing personnel (including skilled or unskilled workmen and persons for rendering technical or other services) for the purposes of any work or project (by whatever name called) or any activity; (II) transferring of technology, including transferring, or securing the transfer of rights, knowhow, expertises or other skill with respect to any patent, invention, model, design, secret formula or process or similar property; (III) furnishing any information, blueprints, plans, or advice with respect to any matter; and (IV) making available any other resources. (1) The Exim Bank may appoint such number of officers and other
employees as it considers necessary or desirable for the efficient performance of its functions and
determine the terms and conditions of their appointment and service.
(2) Without prejudice to the provisions of sub-section (1), it shall be lawful for the Exim Bank to utilise, and for the Development Bank to make available the services of, such staff of the Development Bank having experience relating to export financing functions on such terms and conditions as may be agreed upon between the Exim Bank and the Development Bank. (3) The duties and conduct, terms and conditions of service and the establishment and maintenance of a Provident Fund or any other Fund for the benefit of the officers and other employees of the Exim Bank shall be such as may be prescribed. (1) The Board may, with the previous approval of the Central
Government, make regulations not inconsistent with this Act to provide for all matters for which
provision is necessary or expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for-- (a) the times and places of the meetings of the Board or of any committee constituted under this Act and the procedure to be followed at such meetings including the quorum necessary for the transaction of business; (b) the fees and allowances that may be paid to the directors and the members of a committee; (c) the form and manner in which the balance-sheets and the account of the Export Development Fund and the Exim Bank shall be prepared; (d) the duties and conduct, and the terms and conditions of service of the officers and other employees of the Exim Bank; (e) the establishment and maintenance of provident fund or any other fund for the benefit of the officers and other employees of the Exim Bank; and (f) any other matter which is to be, or may be, prescribed. (3) Every regulation made by the Board under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Central Board may, after consultation
with the Reserve Bank and with the previous sanction of the Central Government 1[by notification in the
Official Gazette] make regulations, not inconsistent with this Act and the rules made thereunder to
provide for all matters for which provision is expedient for the purpose of giving effect to the provisions
of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-- (a) the nature of shares of the State Bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; 2[(aa) the procedure for increasing issued capital by the issue of equity or preference shares under sub-section (2) and the manner of accepting money for issued capital, forfeiture and re-issue of shares under sub-section (5) , of section 5; (ab) the manner of nominating an individual by one individual under sub-section (1) , the manner of nominating an individual by the joint holders under sub-section (2), the manner of varying or cancellation of nomination under sub-section (3), and the manner of nominating a minor under sub-section (4) , of section 10A;] 3[(b) the maintenance of register of shareholders, and the particulars to be entered in such register in addition to those specified in section 13, the safeguards to be observed in the maintenance of register of shareholders on computer 4[floppies or diskettes or any other electronic form], the inspection and closure of the register of shareholders and all other matters connected therewith;] (c) the holding and conduct of elections under this Act, including the allocation of elected directors to the various areas 5[falling within the jurisdiction of each local head office], and the final determination of doubts or disputes regarding the qualifications of candidates for election or regarding the validity of elections; 6[(ca) the determination of areas falling within the jurisdiction of each local head office;] 7[(d) the powers, functions and duties of Local Boards and the restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of Local Committees (including the number of members of any such Committee) and of Committees of Local Boards, the powers, functions and duties of such Committees, the holding of meetings of Local Committees and Committees of Local Boards and the conduct of business thereat;] (e) the fees and allowances which may be paid to directors, or members of Local Boards or Local Committees for attending any meetings of the Central Board or of its committees or of the Local Boards or Local Committees, as the case may be, or for attending to any other work of the State Bank; (f) the manner in which the business of the Central Board 8[or of Local Boards] shall be transacted and the procedure to be followed at the meetings thereof; (g) the formation of committees of the Central Board and the delegation of powers and functions of the Central Board to such committees and the conduct of business in such committees; 9* * * * * (i) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (j) the holding of meetings of shareholders 10*** and the business to be transacted thereat; (k) the manner in which notices may be served on behalf of the State Bank upon shareholders or other persons; (l) the provision of seals for the State Bank and the manner and effect of their use; (m) the conduct and defence of legal proceedings and the manner of signing pleadings; (n) the duties and conduct of officers, other employees, advisers and agents of the State Bank; 11[(o) the establishment and maintenance of superannuation pension, provident or other funds for the benefit of the employees of the State Bank or of the dependants of such employees or for the purposes of the State Bank, and the granting of superannuation allowances, annuities and pensions payable out of any such fund;] (p) the form and manner in which contracts binding on the State Bank may be executed; 12[(q) the terms, conditions, stipulations, restrictions and limitations, if any, in the transaction by the State Bank of its businesses in regard to the advancing or lending of money or the discounting or purchase of any instrument, negotiable or otherwise, with or without reference to any security, purpose, amount, period or otherwise;] (r) the conditions subject to which alone, advances may be made to directors, members of Local Boards or of Local Committees or officers of the State Bank, or the relatives of such directors, members or officers or to companies, firms or individuals with which or with whom such directors, members, officers, or relatives, are connected as partners, directors, managers, servants, shareholders or otherwise; (s) the statements, returns, and forms that are required for the purposes of this Act; (t) the payment of dividends, including interim dividends; (u) generally for the conduct of the business of the State Bank. 13[(2A) All regulations made under this section shall have effect from such earlier or later date as may be specified in the regulations.] (3) Notwithstanding anything contained in this section, the first regulations shall be made by the Reserve Bank with the previous sanction of the Central Government, and thereupon shall be deemed to be the regulations made by the Central Board under this section and shall have force accordingly until they are amended or repealed. 14[(4) Every regulation shall, as soon as may be after it is made under this Act by the Central Board, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days, which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 17 (w.e.f. 30-12-1988).
2. Ins. by Act 27 of 2010, s. 32 (w.e.f. 15-9-2010). 3. Subs. by Act 3 of 1994, s. 20, for clause (b) (w.e.f. 15-10-1993). 4. Subs. by Act 27 of 2010, s. 32,for “floppies or diskettes” (w.e.f. 15-9-2010). 5. Subs. by Act 3 of 1994, s. 20, for certain words (w.e.f. 15-10-1993). 6. Ins. by Act 3 of 1994, s. 20 (w.e.f. 15-10-1993). 7. Subs. by Act 35 of 1964, s. 16, for clause (d) (w.e.f. 1-12-1964). 8. Ins. by s. 16, ibid. (w.e.f. 1-12-1964). 9. Omitted by s. 16, ibid. (w.e.f. 1-12-1964). 10. The words “on branch registers” omitted by Act 3 of 1994, s. 20 (w.e.f. 15-10-1993). 11. Subs. by Act 26 of 1959, s. 10, for clause (o) (w.e.f. 28-8-1959). 12. Subs. by Act 48 of 1973, s. 19, for clause (q) (w.e.f. 31-12-1973). 13. Ins. by Act 48 of 1973, s. 19 (w.e.f. 31-12-1973). 14. Ins. by Act 1 of 1984, s. 48 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local boards (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2[(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of Shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith; (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on the half of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the Board of Directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependents of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependents; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank in force immediately before the commencement of this Act shall be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act shall be deemed to refer to the Custodian. 3[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more succcessive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 38 (w.e.f. 30-12-1988).
2. Ins. by Act 37 of 1994, s. 17 (we.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 75 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)Notwithstanding anything
contained in this Act, the first regulations under this Act shall be made by the Central Government and
shall have effect on being published in the Official Gazette.
A Board may make regulations, not inconsistent with this Act, to
provide for any one or more of the following matters, namely:--
(a) the appointment, promotion, suspension, 1[reduction in rank, compulsory retirement,] removal removal and dismissal of its employees; (b) their leave, leave allowances, pensions, gratuities, compassionate allowances and travelling allowances and the establishment and maintenance of a Provident Fund or any other fund for their welfare; (c) the terms and conditions of service of persons who become employees of the Board under clause (f) of sub-section (1) of section 29; (d) the time and manner in which appeals may be preferred under sub-section (2) of section 25 and the procedure for deciding such appeals; (e) any other matter which is incidental to, or necessary for, the purpose of regulating the appointment and conditions of service of its employees.
1. Ins. by s. 10, ibid. (w.e.f. 31-5-1982).
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Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)A Board may make regulations, not inconsistent with this Act, to
provide for any one or more of the following matters, namely:--
(a) the appointment, promotion, suspension, 1[reduction in rank, compulsory retirement,] removal removal and dismissal of its employees; (b) their leave, leave allowances, pensions, gratuities, compassionate allowances and travelling allowances and the establishment and maintenance of a Provident Fund or any other fund for their welfare; (c) the terms and conditions of service of persons who become employees of the Board under clause (f) of sub-section (1) of section 29; (d) the time and manner in which appeals may be preferred under sub-section (2) of section 25 and the procedure for deciding such appeals; (e) any other matter which is incidental to, or necessary for, the purpose of regulating the appointment and conditions of service of its employees.
1. Ins. by s. 10, ibid. (w.e.f. 31-5-1982).
| ||||||||||||||||
Related Section(s)(1) The Board may, with the previous approval of the
Central Government and in consultation with the Reserve Bank, by notification, make regulations not
inconsistent with this Act to provide for all matters for which provision is necessary or expedient for the
purpose of giving effect to the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-- (a) the fees or allowances that may be paid to the directors or members of the Advisory Council; (b) the times and places of the meetings of the Board or the Executive Committee or the Advisory Council and the procedure to be followed at such meetings including the quorum necessary for the transaction of business; (c) the number of directors constituting the Executive Committee and the functions that such Committee shall discharge; (d) the manner and terms of issue and redemption of bonds and debentures by the National Bank; 1[(e) the manner of election of directors under clause (f) of sub-section (1) of section 6;] 2* * * * * (g) The form and manner in which the balance-sheets and the accounts of the National Bank shall be prepared or maintained; 2* * * * * (i) the duties and conduct, salaries, allowances and conditions of service of officers and other employees; (j) the establishment and maintenance of provident or other benefit funds for employees of the National Bank; and (k) such other matters for which the Board may consider it expedient or necessary to provide for by way of regulations. (3) Any regulation which may be made by the Board under this Act may be made by the Reserve Bank, in consultation with the Central Government, before the expiry of three months from the date of establishment of the National Bank, and any regulation so made may be altered and rescinded by the Board in the exercise of its powers under this Act. (4) The power to make regulations conferred by this section shall include the power to give retrospective effect to the regulations or any of them from a date not earlier than the date of commencement of this Act, but no retrospective effect shall be given to any regulation so as to prejudicially affect the interest of any person to whom such regulation may be applicable. (5) The Central Government shall cause every regulation made under this Act to be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.
1. Subs. by Act 55 of 2000, s. 30, for clause (e) (w.e.f. 1-2-2001).
2. Clauses (f) and (h) omitted by s. 30, ibid. (w.e.f. 1-2-2001). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board may, with the previous approval
of 1*** the Central Government, by notification, make regulations not inconsistent with this Act to
provide for all matters for which provision is necessary or expedient for the purpose of giving effect
to the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-- (a) the fees and allowances that may be paid to the directors for attending the meetings of the Board or its committees under sub-section (5) of section 7; 2[(aa) the manner in which directors shall be elected under clause (ca) of sub-section (1) of section 6;] (b) the times and places at which the Board may meet, and the rules of procedure that may be followed in regard to the transaction of business under sub-section (1) of section 11; (c) the number of members that the Executive Committee may consist, the functions that it may discharge and times and places at which it shall meet and the rules of procedure that it may follow in the transaction of business under section 12; (d) the manner and terms of issue and redemption of bonds and debentures under clause (a) of sub-section (1) of section 15; (e) the manner in which and the conditions subject to which the National Housing Bank may borrow in foreign currency under sub-section (1) of section 16; (f) the form in which the statements, information, etc., is to be furnished under section 32; 3[(fa) the form of application to be made under section 36E and the documents to be annexed to such application; (fb) the form in which notice of demand is required to be served on the borrower under sub-section (1) of section 36F; (fc) the manner in which the property shall be transferred under sub-section (2) of section 36G; (fd) the form in which the appeal can be filed with the Appellate Tribunal under section 36S and the amount of fee required to be deposited with such appeal;] (g) the special fund, reserve fund and other funds to be created under sub-section (2) of section 37; (h) the form and manner in which the balance-sheet and accounts shall be prepared and maintained under sub-section (1) of section 38; (i) the duties and conduct, salaries, allowances and conditions of service of the officers and other members of staff of the National Housing Bank under section 43; (j) the establishment and maintenance of provident fund and any other fund for the benefit of officers and other members of staff of the National Housing Bank under section 43; and 3[(ja) the manner in which nomination may be made under sub-section (1) of section 47A; and] (k) any other matter which is to be, or may be, prescribed. (3) Any regulation which may be made by the Board under this Act may be made 4***, in consultation with the Central Government, before the expiry of three months from the date of establishment of the National Housing Bank, and any regulation so made may be altered and rescinded by the Board in the exercise of its powers under this Act. (4) The power to make regulations conferred by this section shall include the power to give retrospective effect to the regulations or any of them from a date not earlier than the date of commencement of this Act, but no retrospective effect shall be given to any regulation so as to prejudicially affect the interests of any person to whom such regulation may be applicable. (5) The Central Government shall cause every 5[rules, regulation or scheme] made under this Act to be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the 4[rules, regulation or scheme] or both Houses agree that the 4[rules, regulation or scheme] should not be made, the 4[rules, regulation or scheme] shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that 4[rules, regulation or scheme.]
1. The words "the Reserve Bank and in consultation with" omitted by Act 13 of 2018, s. 177 (w.e.f 1-6-2018).
2. Ins. by Act 15 of 2000, s. 28 (w.e.f. 12-6-2000). 3. Ins. by Act 15 of 2000, s. 28 (w.e.f. 12-6-2000). 4. The words "by the Reserve Bank" omitted by Act 13 of 2018, s. 177 (w.e.f. 1-6-2018). 5. Subs. by Act 15 of 2000, s. 28, for "regulation or scheme" (w.e.f. 12-6-2000). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. (1) For the purposes of adjudging under section 28, the Authority shall
appoint any of its officers not below the rank specified by regulations to be an adjudicating officer for
holding an inquiry as may be determined by regulations, after giving the person concerned a reasonable
opportunity of being heard for the purpose of imposing any penalty.
(2) While holding an inquiry, the adjudicating officer shall have the power to summon and enforce the attendance of any person acquainted with the facts and circumstances of the case to give evidence or to produce any document which, in the opinion of the adjudicating officer, may be useful for or relevant to the subject matter of the inquiry and if, on such inquiry, he is satisfied that the person has failed to comply with the provisions of section 28, he may recommend such penalty as he thinks fit in accordance with the provisions of that section, to the member in charge of investigation and surveillance. (3) The penalty shall be imposed by a member other than the member in charge of investigation and surveillance: Provided that while adjudging the quantum of penalty under section 28, the member shall have due regard to the following factors, namely:— (a) amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default; (b) amount of loss caused to a subscriber or group of subscribers; and (c) the repetitive nature of the default. | ||||||||||||||||
Related Section(s)A Board may make regulations, not inconsistent with this Act, to
provide for any one or more of the following matters, namely:--
(a) the appointment, promotion, suspension, 1[reduction in rank, compulsory retirement,] removal removal and dismissal of its employees; (b) their leave, leave allowances, pensions, gratuities, compassionate allowances and travelling allowances and the establishment and maintenance of a Provident Fund or any other fund for their welfare; (c) the terms and conditions of service of persons who become employees of the Board under clause (f) of sub-section (1) of section 29; (d) the time and manner in which appeals may be preferred under sub-section (2) of section 25 and the procedure for deciding such appeals; (e) any other matter which is incidental to, or necessary for, the purpose of regulating the appointment and conditions of service of its employees.
1. Ins. by s. 10, ibid. (w.e.f. 31-5-1982).
(1) No regulation made by the Board under this Act
1[, other than a regulation made under sub-section (2) of section 17,] shall have effect until it has been
approved by the Central Government and until such approval has been published in the Official Gazette.
(2) No such regulation 2[other than a regulation made under section 28,] shall be approved by the Central Government until the same has been published by the Board for two weeks successively in the Official Gazette and until fourteen days have expired from the date on which the same had been first published in that Gazette. (3) Any regulation made under this Act other than a regulation made under section 28 may provide that a breach thereof shall be punishable with fine which may extend to 3[two thousand rupees], and where the breach is a continuing one, with further fine which may extend to 4[five hundred rupees] for every day after the first during which such breach continues. 5[(4) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation].
1. Ins. by Act 29 of 1974, s. 37 (w.e.f. 1-2-1975).
2. Ins. by Act 17 of 1982, s. 20 (w.e.f. 31-5-1982). 3. Subs. by s. 20, ibid., for "two hundred rupees" (w.e.f. 31-5-1982). 4. Subs. by s. 20, ibid., for "fifty rupees" (w.e.f. 31-5-1982). 5. Ins. by s. 20, ibid. (w.e.f. 31-5-1982). | ||||||||||||||||
Related Section(s)(1) The Board may, with the previous approval
of 1*** the Central Government, by notification, make regulations not inconsistent with this Act to
provide for all matters for which provision is necessary or expedient for the purpose of giving effect
to the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-- (a) the fees and allowances that may be paid to the directors for attending the meetings of the Board or its committees under sub-section (5) of section 7; 2[(aa) the manner in which directors shall be elected under clause (ca) of sub-section (1) of section 6;] (b) the times and places at which the Board may meet, and the rules of procedure that may be followed in regard to the transaction of business under sub-section (1) of section 11; (c) the number of members that the Executive Committee may consist, the functions that it may discharge and times and places at which it shall meet and the rules of procedure that it may follow in the transaction of business under section 12; (d) the manner and terms of issue and redemption of bonds and debentures under clause (a) of sub-section (1) of section 15; (e) the manner in which and the conditions subject to which the National Housing Bank may borrow in foreign currency under sub-section (1) of section 16; (f) the form in which the statements, information, etc., is to be furnished under section 32; 3[(fa) the form of application to be made under section 36E and the documents to be annexed to such application; (fb) the form in which notice of demand is required to be served on the borrower under sub-section (1) of section 36F; (fc) the manner in which the property shall be transferred under sub-section (2) of section 36G; (fd) the form in which the appeal can be filed with the Appellate Tribunal under section 36S and the amount of fee required to be deposited with such appeal;] (g) the special fund, reserve fund and other funds to be created under sub-section (2) of section 37; (h) the form and manner in which the balance-sheet and accounts shall be prepared and maintained under sub-section (1) of section 38; (i) the duties and conduct, salaries, allowances and conditions of service of the officers and other members of staff of the National Housing Bank under section 43; (j) the establishment and maintenance of provident fund and any other fund for the benefit of officers and other members of staff of the National Housing Bank under section 43; and 3[(ja) the manner in which nomination may be made under sub-section (1) of section 47A; and] (k) any other matter which is to be, or may be, prescribed. (3) Any regulation which may be made by the Board under this Act may be made 4***, in consultation with the Central Government, before the expiry of three months from the date of establishment of the National Housing Bank, and any regulation so made may be altered and rescinded by the Board in the exercise of its powers under this Act. (4) The power to make regulations conferred by this section shall include the power to give retrospective effect to the regulations or any of them from a date not earlier than the date of commencement of this Act, but no retrospective effect shall be given to any regulation so as to prejudicially affect the interests of any person to whom such regulation may be applicable. (5) The Central Government shall cause every 5[rules, regulation or scheme] made under this Act to be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the 4[rules, regulation or scheme] or both Houses agree that the 4[rules, regulation or scheme] should not be made, the 4[rules, regulation or scheme] shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that 4[rules, regulation or scheme.]
1. The words "the Reserve Bank and in consultation with" omitted by Act 13 of 2018, s. 177 (w.e.f 1-6-2018).
2. Ins. by Act 15 of 2000, s. 28 (w.e.f. 12-6-2000). 3. Ins. by Act 15 of 2000, s. 28 (w.e.f. 12-6-2000). 4. The words "by the Reserve Bank" omitted by Act 13 of 2018, s. 177 (w.e.f. 1-6-2018). 5. Subs. by Act 15 of 2000, s. 28, for "regulation or scheme" (w.e.f. 12-6-2000). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local boards (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2[(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of Shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith; (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on the half of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the Board of Directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependents of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependents; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank in force immediately before the commencement of this Act shall be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act shall be deemed to refer to the Custodian. 3[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more succcessive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 38 (w.e.f. 30-12-1988).
2. Ins. by Act 37 of 1994, s. 17 (we.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 75 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local boards (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2[(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of Shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith; (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on the half of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the Board of Directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependents of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependents; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank in force immediately before the commencement of this Act shall be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act shall be deemed to refer to the Custodian. 3[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more succcessive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 38 (w.e.f. 30-12-1988).
2. Ins. by Act 37 of 1994, s. 17 (we.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 75 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Board may 1***
by notification, make regulations not
inconsistent with the provisions of this Act to provide for all matters for which provision is necessary or
expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-- 2[(a) the removal of Director under sub-section (8) of section 6; (aa) the places of meetings of the Board under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business and the manner of adoption of resolution under section 6; (ab) the functions to be discharged by the Executive Committee under sub-section (2) of section 12; (ac) the places of meetings of the Executive Committee and the procedure to be followed at such meetings under sub-section (4) of section 12; (ad) such fees and allowances which may be paid to the directors and members of the Executive Committee under section 12A; (ae) the particulars to be prescribed in the register of shareholders under clause (iv) of sub-section (1) of section 20B; (af) the procedure relating to maintenance of register of shareholders in electronic form under sub-section (2) of section 20B; (ag) the matters relating to the annual general meeting under sub-section (3) of section 20G;] (b) the form and manner in which the balance-sheets and the accounts of the Small Industries Development Assistance Fund under sub-section (1) of section 25 and the Small Industries Bank under sub-section (1) of section 28 shall be prepared; (c) the manner in which nominations may be made in terms of sub-section (1) of section 46; (d) generally the efficient conduct of the affairs of the Small Industries Bank; (e) any other matter which is to be, or may be, prescribed. 3[(3) Every rule made by the Central Government, and every regulation made by the Board under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.]
1. The words "with the previous approval of the Development Bank" omitted by Act 7 of 2000, s. 25 (w.e.f. 27-3-2000).
2. Subs. by s. 25, ibid., for clause (a) (w.e.f. 27-3-2000). 3. Subs. by s. 25, ibid., for sub-section (3) (w.e.f. 27-3-2000). | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Board may 1***
by notification, make regulations not
inconsistent with the provisions of this Act to provide for all matters for which provision is necessary or
expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-- 2[(a) the removal of Director under sub-section (8) of section 6; (aa) the places of meetings of the Board under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business and the manner of adoption of resolution under section 6; (ab) the functions to be discharged by the Executive Committee under sub-section (2) of section 12; (ac) the places of meetings of the Executive Committee and the procedure to be followed at such meetings under sub-section (4) of section 12; (ad) such fees and allowances which may be paid to the directors and members of the Executive Committee under section 12A; (ae) the particulars to be prescribed in the register of shareholders under clause (iv) of sub-section (1) of section 20B; (af) the procedure relating to maintenance of register of shareholders in electronic form under sub-section (2) of section 20B; (ag) the matters relating to the annual general meeting under sub-section (3) of section 20G;] (b) the form and manner in which the balance-sheets and the accounts of the Small Industries Development Assistance Fund under sub-section (1) of section 25 and the Small Industries Bank under sub-section (1) of section 28 shall be prepared; (c) the manner in which nominations may be made in terms of sub-section (1) of section 46; (d) generally the efficient conduct of the affairs of the Small Industries Bank; (e) any other matter which is to be, or may be, prescribed. 3[(3) Every rule made by the Central Government, and every regulation made by the Board under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.]
1. The words "with the previous approval of the Development Bank" omitted by Act 7 of 2000, s. 25 (w.e.f. 27-3-2000).
2. Subs. by s. 25, ibid., for clause (a) (w.e.f. 27-3-2000). 3. Subs. by s. 25, ibid., for sub-section (3) (w.e.f. 27-3-2000). | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local boards (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2[(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of Shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith; (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on the half of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the Board of Directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependents of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependents; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank in force immediately before the commencement of this Act shall be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act shall be deemed to refer to the Custodian. 3[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more succcessive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 38 (w.e.f. 30-12-1988).
2. Ins. by Act 37 of 1994, s. 17 (we.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 75 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)A Board may make regulations, not inconsistent with this Act, to
provide for any one or more of the following matters, namely:--
(a) the appointment, promotion, suspension, 1[reduction in rank, compulsory retirement,] removal removal and dismissal of its employees; (b) their leave, leave allowances, pensions, gratuities, compassionate allowances and travelling allowances and the establishment and maintenance of a Provident Fund or any other fund for their welfare; (c) the terms and conditions of service of persons who become employees of the Board under clause (f) of sub-section (1) of section 29; (d) the time and manner in which appeals may be preferred under sub-section (2) of section 25 and the procedure for deciding such appeals; (e) any other matter which is incidental to, or necessary for, the purpose of regulating the appointment and conditions of service of its employees.
1. Ins. by s. 10, ibid. (w.e.f. 31-5-1982).
(1) No regulation made by the Board under this Act
1[, other than a regulation made under sub-section (2) of section 17,] shall have effect until it has been
approved by the Central Government and until such approval has been published in the Official Gazette.
(2) No such regulation 2[other than a regulation made under section 28,] shall be approved by the Central Government until the same has been published by the Board for two weeks successively in the Official Gazette and until fourteen days have expired from the date on which the same had been first published in that Gazette. (3) Any regulation made under this Act other than a regulation made under section 28 may provide that a breach thereof shall be punishable with fine which may extend to 3[two thousand rupees], and where the breach is a continuing one, with further fine which may extend to 4[five hundred rupees] for every day after the first during which such breach continues. 5[(4) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation].
1. Ins. by Act 29 of 1974, s. 37 (w.e.f. 1-2-1975).
2. Ins. by Act 17 of 1982, s. 20 (w.e.f. 31-5-1982). 3. Subs. by s. 20, ibid., for "two hundred rupees" (w.e.f. 31-5-1982). 4. Subs. by s. 20, ibid., for "fifty rupees" (w.e.f. 31-5-1982). 5. Ins. by s. 20, ibid. (w.e.f. 31-5-1982). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. (1) The Authority shall establish
a fund to be called the Subscriber Education and Protection Fund.
(2) There shall be credited to the Subscriber Education and Protection Fund the following amounts, namely:— (a) grants and donations given to the Subscriber Education and Protection Fund by the Central Government, State Governments, companies or any other institutions for the purposes of the Subscriber Education and Protection Fund; (b) the interest or other income received out of the investments made from the Subscriber Education and Protection Fund; (c) the sums realised by way of penalties by the Authority under section 28. (3) The Subscriber Education and Protection Fund shall be administered and utilised by the Authority for protection of the interests of subscribers in accordance with regulations made for the purpose. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(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 or 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 (5 of 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. (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) No regulation made by the Board under this Act
1[, other than a regulation made under sub-section (2) of section 17,] shall have effect until it has been
approved by the Central Government and until such approval has been published in the Official Gazette.
(2) No such regulation 2[other than a regulation made under section 28,] shall be approved by the Central Government until the same has been published by the Board for two weeks successively in the Official Gazette and until fourteen days have expired from the date on which the same had been first published in that Gazette. (3) Any regulation made under this Act other than a regulation made under section 28 may provide that a breach thereof shall be punishable with fine which may extend to 3[two thousand rupees], and where the breach is a continuing one, with further fine which may extend to 4[five hundred rupees] for every day after the first during which such breach continues. 5[(4) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation].
1. Ins. by Act 29 of 1974, s. 37 (w.e.f. 1-2-1975).
2. Ins. by Act 17 of 1982, s. 20 (w.e.f. 31-5-1982). 3. Subs. by s. 20, ibid., for "two hundred rupees" (w.e.f. 31-5-1982). 4. Subs. by s. 20, ibid., for "fifty rupees" (w.e.f. 31-5-1982). 5. Ins. by s. 20, ibid. (w.e.f. 31-5-1982). | ||||||||||||||||
Related Section(s)(1) The Central Board may, after consultation
with the Reserve Bank and with the previous sanction of the Central Government 1[by notification in the
Official Gazette] make regulations, not inconsistent with this Act and the rules made thereunder to
provide for all matters for which provision is expedient for the purpose of giving effect to the provisions
of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-- (a) the nature of shares of the State Bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; 2[(aa) the procedure for increasing issued capital by the issue of equity or preference shares under sub-section (2) and the manner of accepting money for issued capital, forfeiture and re-issue of shares under sub-section (5) , of section 5; (ab) the manner of nominating an individual by one individual under sub-section (1) , the manner of nominating an individual by the joint holders under sub-section (2), the manner of varying or cancellation of nomination under sub-section (3), and the manner of nominating a minor under sub-section (4) , of section 10A;] 3[(b) the maintenance of register of shareholders, and the particulars to be entered in such register in addition to those specified in section 13, the safeguards to be observed in the maintenance of register of shareholders on computer 4[floppies or diskettes or any other electronic form], the inspection and closure of the register of shareholders and all other matters connected therewith;] (c) the holding and conduct of elections under this Act, including the allocation of elected directors to the various areas 5[falling within the jurisdiction of each local head office], and the final determination of doubts or disputes regarding the qualifications of candidates for election or regarding the validity of elections; 6[(ca) the determination of areas falling within the jurisdiction of each local head office;] 7[(d) the powers, functions and duties of Local Boards and the restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of Local Committees (including the number of members of any such Committee) and of Committees of Local Boards, the powers, functions and duties of such Committees, the holding of meetings of Local Committees and Committees of Local Boards and the conduct of business thereat;] (e) the fees and allowances which may be paid to directors, or members of Local Boards or Local Committees for attending any meetings of the Central Board or of its committees or of the Local Boards or Local Committees, as the case may be, or for attending to any other work of the State Bank; (f) the manner in which the business of the Central Board 8[or of Local Boards] shall be transacted and the procedure to be followed at the meetings thereof; (g) the formation of committees of the Central Board and the delegation of powers and functions of the Central Board to such committees and the conduct of business in such committees; 9* * * * * (i) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (j) the holding of meetings of shareholders 10*** and the business to be transacted thereat; (k) the manner in which notices may be served on behalf of the State Bank upon shareholders or other persons; (l) the provision of seals for the State Bank and the manner and effect of their use; (m) the conduct and defence of legal proceedings and the manner of signing pleadings; (n) the duties and conduct of officers, other employees, advisers and agents of the State Bank; 11[(o) the establishment and maintenance of superannuation pension, provident or other funds for the benefit of the employees of the State Bank or of the dependants of such employees or for the purposes of the State Bank, and the granting of superannuation allowances, annuities and pensions payable out of any such fund;] (p) the form and manner in which contracts binding on the State Bank may be executed; 12[(q) the terms, conditions, stipulations, restrictions and limitations, if any, in the transaction by the State Bank of its businesses in regard to the advancing or lending of money or the discounting or purchase of any instrument, negotiable or otherwise, with or without reference to any security, purpose, amount, period or otherwise;] (r) the conditions subject to which alone, advances may be made to directors, members of Local Boards or of Local Committees or officers of the State Bank, or the relatives of such directors, members or officers or to companies, firms or individuals with which or with whom such directors, members, officers, or relatives, are connected as partners, directors, managers, servants, shareholders or otherwise; (s) the statements, returns, and forms that are required for the purposes of this Act; (t) the payment of dividends, including interim dividends; (u) generally for the conduct of the business of the State Bank. 13[(2A) All regulations made under this section shall have effect from such earlier or later date as may be specified in the regulations.] (3) Notwithstanding anything contained in this section, the first regulations shall be made by the Reserve Bank with the previous sanction of the Central Government, and thereupon shall be deemed to be the regulations made by the Central Board under this section and shall have force accordingly until they are amended or repealed. 14[(4) Every regulation shall, as soon as may be after it is made under this Act by the Central Board, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days, which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 17 (w.e.f. 30-12-1988).
2. Ins. by Act 27 of 2010, s. 32 (w.e.f. 15-9-2010). 3. Subs. by Act 3 of 1994, s. 20, for clause (b) (w.e.f. 15-10-1993). 4. Subs. by Act 27 of 2010, s. 32,for “floppies or diskettes” (w.e.f. 15-9-2010). 5. Subs. by Act 3 of 1994, s. 20, for certain words (w.e.f. 15-10-1993). 6. Ins. by Act 3 of 1994, s. 20 (w.e.f. 15-10-1993). 7. Subs. by Act 35 of 1964, s. 16, for clause (d) (w.e.f. 1-12-1964). 8. Ins. by s. 16, ibid. (w.e.f. 1-12-1964). 9. Omitted by s. 16, ibid. (w.e.f. 1-12-1964). 10. The words “on branch registers” omitted by Act 3 of 1994, s. 20 (w.e.f. 15-10-1993). 11. Subs. by Act 26 of 1959, s. 10, for clause (o) (w.e.f. 28-8-1959). 12. Subs. by Act 48 of 1973, s. 19, for clause (q) (w.e.f. 31-12-1973). 13. Ins. by Act 48 of 1973, s. 19 (w.e.f. 31-12-1973). 14. Ins. by Act 1 of 1984, s. 48 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(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 or 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 (5 of 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. (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(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 or 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 (5 of 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. (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local boards (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2[(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of Shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith; (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on the half of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the Board of Directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependents of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependents; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank in force immediately before the commencement of this Act shall be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act shall be deemed to refer to the Custodian. 3[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more succcessive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 38 (w.e.f. 30-12-1988).
2. Ins. by Act 37 of 1994, s. 17 (we.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 75 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(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 or 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 (5 of 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. (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(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 or 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 (5 of 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. (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local boards (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2[(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of Shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith; (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on the half of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the Board of Directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependents of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependents; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank in force immediately before the commencement of this Act shall be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act shall be deemed to refer to the Custodian. 3[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more succcessive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 38 (w.e.f. 30-12-1988).
2. Ins. by Act 37 of 1994, s. 17 (we.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 75 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)Notwithstanding anything
contained in this Act, the first regulations under this Act shall be made by the Central Government and
shall have effect on being published in the Official Gazette.
A Board may make regulations, not inconsistent with this Act, to
provide for any one or more of the following matters, namely:--
(a) the appointment, promotion, suspension, 1[reduction in rank, compulsory retirement,] removal removal and dismissal of its employees; (b) their leave, leave allowances, pensions, gratuities, compassionate allowances and travelling allowances and the establishment and maintenance of a Provident Fund or any other fund for their welfare; (c) the terms and conditions of service of persons who become employees of the Board under clause (f) of sub-section (1) of section 29; (d) the time and manner in which appeals may be preferred under sub-section (2) of section 25 and the procedure for deciding such appeals; (e) any other matter which is incidental to, or necessary for, the purpose of regulating the appointment and conditions of service of its employees.
1. Ins. by s. 10, ibid. (w.e.f. 31-5-1982).
| ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)Notwithstanding anything
contained in this Act, the first regulations under this Act shall be made by the Central Government and
shall have effect on being published in the Official Gazette.
A Board may make regulations, not inconsistent with this Act, to
provide for any one or more of the following matters, namely:--
(a) the appointment, promotion, suspension, 1[reduction in rank, compulsory retirement,] removal removal and dismissal of its employees; (b) their leave, leave allowances, pensions, gratuities, compassionate allowances and travelling allowances and the establishment and maintenance of a Provident Fund or any other fund for their welfare; (c) the terms and conditions of service of persons who become employees of the Board under clause (f) of sub-section (1) of section 29; (d) the time and manner in which appeals may be preferred under sub-section (2) of section 25 and the procedure for deciding such appeals; (e) any other matter which is incidental to, or necessary for, the purpose of regulating the appointment and conditions of service of its employees.
1. Ins. by s. 10, ibid. (w.e.f. 31-5-1982).
(1) The moneys credited to the general account
under section 87, shall, subject to the provisions of section 89 of this Act and of section 36 of the Indian
Ports Act, be applied by the Board in payment of the following charges, namely:--
(a) the interest and instalments of principal due in respect of any loan that may have been raised or obtained by the Board or for the repayment of which the Board may be liable, and payments to the sinking fund established for such loan; (b) the salaries, fees, allowances, pensions, gratuities, compassionate allowances or other moneys due to-- (i) the Chairman, Deputy Chairman and other Trustees; (ii) the employees of the Board; and (iii) the surviving relatives, if any of such employees; (c) the contributions, if any, payable to the Central Government or any State Government on account of the pension and leave allowance of any officer lent to the Board by such Government; (d) the cost and expenses, if any, incurred by the Board in the conduct and administration of any provident or welfare fund or loan or special fund established by the Board; (e) the contributions, if any, duly authorised to be made by regulations made under this Act to any such fund as is referred to in clause (d); (f) any charges for which the Board may be liable under section 108 or section 109; 1[(g) such sums as may, from time to time, be agreed upon by the Board and a State Government or the Central Government or any other authority, as a reasonable contribution payable by the Board towards the expenses in connection with the watch and ward functions of the police force or the Central Industrial Security Force or any other force which the State Government or the Central Government or the other authority, as the case may be, may establish and maintain for the protection of the port and the docks, warehouses and other property of the Board;] (h) the cost of repairs and maintenance of the property belonging to or vested in the Board and all charges upon the same and all working expenses; (i) the cost of the execution and provision of any new work or appliance specified in section 35 which the Board may determine to charge to revenue; (j) any expenditure incurred under section 36; (k) any other expenditure which may be incurred by the Board generally for the purposes of this Act; (l) any other charge which may on the application of the Board 2[or otherwise] be specially sanctioned by the Central Government or for which the Board may be legally liable. (2) 3[Subject to such general or special directions as the Central Government may, for the purpose of maintenance or development of major ports in the country or generally for the development of shipping and navigation, give in this behalf, all moneys standing at the credit of the Board] which cannot immediately be applied in the manner or for the purposes specified in sub-section (1) shall-- (a) be deposited in the State Bank of India or in such 4[corresponding new bank or banks], and subject to such conditions as may, from time to time, be specified by the Central Government; or (b) be invested in public securities or in such other securities as the Central Government may approve in this behalf; and the said securities shall be held in trust by the Board for the purposes of this Act; 5[or]. 6[(c) be given as a loan to the Board of another port for the development of that port. 7[(d) be invested, in any manner, in an arrangement referred to in sub-section (3A) of section 42; (e) be invested, in any manner, in the development or management of any port including a port other than a major port on such terms and conditions as may be approved by the Central Government.] Explanation.--For the purposes of this sub-section, "corresponding new bank" means a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).] 6[(3) Every direction issued by the Central Government under sub-section (2) shall be complied with by the Board and shall not be called in question in any court on any ground. (4) No suit or other legal proceeding shall lie against the Central Government, the Board or any officer or other employee of the Board authorised by it in this behalf for any loss or damage caused or likely to be caused by anything which is in good faith done or intended to be done in pursuance of any direction issued under sub-section (2).]
1. Subs. by Act 29 of 1974, s. 30, for clause (g) (w.e.f. 1-2-1975).
2. Ins. by s. 30, ibid. (w.e.f. 1-2-1975). 3. Subs. by Act 12 of 1988, s. 2, for "All moneys standing at the credit of the Board" (w.e.f. 28-1-1988). 4. Subs. by s. 2, ibid., for "scheduled bank or banks" (w.e.f. 28-1-1988). 5. Added by s. 2, ibid. (w.e.f. 28-1-1988). 6. Ins. by s. 2, ibid. (w.e.f. 28-1-1988). 7. Ins by Act 22 of 2000, s. 3 (w.e.f. 1-9-2000). | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local boards (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2[(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of Shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith; (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on the half of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the Board of Directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependents of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependents; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank in force immediately before the commencement of this Act shall be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act shall be deemed to refer to the Custodian. 3[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more succcessive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 38 (w.e.f. 30-12-1988).
2. Ins. by Act 37 of 1994, s. 17 (we.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 75 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local boards (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2[(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of Shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith; (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on the half of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the Board of Directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependents of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependents; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank in force immediately before the commencement of this Act shall be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act shall be deemed to refer to the Custodian. 3[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more succcessive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 38 (w.e.f. 30-12-1988).
2. Ins. by Act 37 of 1994, s. 17 (we.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 75 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)A Board may make regulations, not inconsistent with this Act, to
provide for any one or more of the following matters, namely:--
(a) the appointment, promotion, suspension, 1[reduction in rank, compulsory retirement,] removal removal and dismissal of its employees; (b) their leave, leave allowances, pensions, gratuities, compassionate allowances and travelling allowances and the establishment and maintenance of a Provident Fund or any other fund for their welfare; (c) the terms and conditions of service of persons who become employees of the Board under clause (f) of sub-section (1) of section 29; (d) the time and manner in which appeals may be preferred under sub-section (2) of section 25 and the procedure for deciding such appeals; (e) any other matter which is incidental to, or necessary for, the purpose of regulating the appointment and conditions of service of its employees.
1. Ins. by s. 10, ibid. (w.e.f. 31-5-1982).
A Board may make regulations, not inconsistent with this Act, to
provide for any one or more of the following matters, namely:--
(a) the appointment, promotion, suspension, 1[reduction in rank, compulsory retirement,] removal removal and dismissal of its employees; (b) their leave, leave allowances, pensions, gratuities, compassionate allowances and travelling allowances and the establishment and maintenance of a Provident Fund or any other fund for their welfare; (c) the terms and conditions of service of persons who become employees of the Board under clause (f) of sub-section (1) of section 29; (d) the time and manner in which appeals may be preferred under sub-section (2) of section 25 and the procedure for deciding such appeals; (e) any other matter which is incidental to, or necessary for, the purpose of regulating the appointment and conditions of service of its employees.
1. Ins. by s. 10, ibid. (w.e.f. 31-5-1982).
(1) No regulation made by the Board under this Act
1[, other than a regulation made under sub-section (2) of section 17,] shall have effect until it has been
approved by the Central Government and until such approval has been published in the Official Gazette.
(2) No such regulation 2[other than a regulation made under section 28,] shall be approved by the Central Government until the same has been published by the Board for two weeks successively in the Official Gazette and until fourteen days have expired from the date on which the same had been first published in that Gazette. (3) Any regulation made under this Act other than a regulation made under section 28 may provide that a breach thereof shall be punishable with fine which may extend to 3[two thousand rupees], and where the breach is a continuing one, with further fine which may extend to 4[five hundred rupees] for every day after the first during which such breach continues. 5[(4) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation].
1. Ins. by Act 29 of 1974, s. 37 (w.e.f. 1-2-1975).
2. Ins. by Act 17 of 1982, s. 20 (w.e.f. 31-5-1982). 3. Subs. by s. 20, ibid., for "two hundred rupees" (w.e.f. 31-5-1982). 4. Subs. by s. 20, ibid., for "fifty rupees" (w.e.f. 31-5-1982). 5. Ins. by s. 20, ibid. (w.e.f. 31-5-1982). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(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 or 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 (5 of 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. (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board may 1***
by notification, make regulations not
inconsistent with the provisions of this Act to provide for all matters for which provision is necessary or
expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-- 2[(a) the removal of Director under sub-section (8) of section 6; (aa) the places of meetings of the Board under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business and the manner of adoption of resolution under section 6; (ab) the functions to be discharged by the Executive Committee under sub-section (2) of section 12; (ac) the places of meetings of the Executive Committee and the procedure to be followed at such meetings under sub-section (4) of section 12; (ad) such fees and allowances which may be paid to the directors and members of the Executive Committee under section 12A; (ae) the particulars to be prescribed in the register of shareholders under clause (iv) of sub-section (1) of section 20B; (af) the procedure relating to maintenance of register of shareholders in electronic form under sub-section (2) of section 20B; (ag) the matters relating to the annual general meeting under sub-section (3) of section 20G;] (b) the form and manner in which the balance-sheets and the accounts of the Small Industries Development Assistance Fund under sub-section (1) of section 25 and the Small Industries Bank under sub-section (1) of section 28 shall be prepared; (c) the manner in which nominations may be made in terms of sub-section (1) of section 46; (d) generally the efficient conduct of the affairs of the Small Industries Bank; (e) any other matter which is to be, or may be, prescribed. 3[(3) Every rule made by the Central Government, and every regulation made by the Board under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.]
1. The words "with the previous approval of the Development Bank" omitted by Act 7 of 2000, s. 25 (w.e.f. 27-3-2000).
2. Subs. by s. 25, ibid., for clause (a) (w.e.f. 27-3-2000). 3. Subs. by s. 25, ibid., for sub-section (3) (w.e.f. 27-3-2000). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local boards (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2[(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of Shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith; (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on the half of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the Board of Directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependents of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependents; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank in force immediately before the commencement of this Act shall be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act shall be deemed to refer to the Custodian. 3[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more succcessive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 38 (w.e.f. 30-12-1988).
2. Ins. by Act 37 of 1994, s. 17 (we.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 75 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) No regulation made by the Board under this Act
1[, other than a regulation made under sub-section (2) of section 17,] shall have effect until it has been
approved by the Central Government and until such approval has been published in the Official Gazette.
(2) No such regulation 2[other than a regulation made under section 28,] shall be approved by the Central Government until the same has been published by the Board for two weeks successively in the Official Gazette and until fourteen days have expired from the date on which the same had been first published in that Gazette. (3) Any regulation made under this Act other than a regulation made under section 28 may provide that a breach thereof shall be punishable with fine which may extend to 3[two thousand rupees], and where the breach is a continuing one, with further fine which may extend to 4[five hundred rupees] for every day after the first during which such breach continues. 5[(4) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation].
1. Ins. by Act 29 of 1974, s. 37 (w.e.f. 1-2-1975).
2. Ins. by Act 17 of 1982, s. 20 (w.e.f. 31-5-1982). 3. Subs. by s. 20, ibid., for "two hundred rupees" (w.e.f. 31-5-1982). 4. Subs. by s. 20, ibid., for "fifty rupees" (w.e.f. 31-5-1982). 5. Ins. by s. 20, ibid. (w.e.f. 31-5-1982). | ||||||||||||||||
Related Section(s)(1) The Board may 1***
by notification, make regulations not
inconsistent with the provisions of this Act to provide for all matters for which provision is necessary or
expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-- 2[(a) the removal of Director under sub-section (8) of section 6; (aa) the places of meetings of the Board under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business and the manner of adoption of resolution under section 6; (ab) the functions to be discharged by the Executive Committee under sub-section (2) of section 12; (ac) the places of meetings of the Executive Committee and the procedure to be followed at such meetings under sub-section (4) of section 12; (ad) such fees and allowances which may be paid to the directors and members of the Executive Committee under section 12A; (ae) the particulars to be prescribed in the register of shareholders under clause (iv) of sub-section (1) of section 20B; (af) the procedure relating to maintenance of register of shareholders in electronic form under sub-section (2) of section 20B; (ag) the matters relating to the annual general meeting under sub-section (3) of section 20G;] (b) the form and manner in which the balance-sheets and the accounts of the Small Industries Development Assistance Fund under sub-section (1) of section 25 and the Small Industries Bank under sub-section (1) of section 28 shall be prepared; (c) the manner in which nominations may be made in terms of sub-section (1) of section 46; (d) generally the efficient conduct of the affairs of the Small Industries Bank; (e) any other matter which is to be, or may be, prescribed. 3[(3) Every rule made by the Central Government, and every regulation made by the Board under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.]
1. The words "with the previous approval of the Development Bank" omitted by Act 7 of 2000, s. 25 (w.e.f. 27-3-2000).
2. Subs. by s. 25, ibid., for clause (a) (w.e.f. 27-3-2000). 3. Subs. by s. 25, ibid., for sub-section (3) (w.e.f. 27-3-2000). | ||||||||||||||||
Related Section(s)A Board may make regulations, not inconsistent with this Act, to
provide for any one or more of the following matters, namely:--
(a) the appointment, promotion, suspension, 1[reduction in rank, compulsory retirement,] removal removal and dismissal of its employees; (b) their leave, leave allowances, pensions, gratuities, compassionate allowances and travelling allowances and the establishment and maintenance of a Provident Fund or any other fund for their welfare; (c) the terms and conditions of service of persons who become employees of the Board under clause (f) of sub-section (1) of section 29; (d) the time and manner in which appeals may be preferred under sub-section (2) of section 25 and the procedure for deciding such appeals; (e) any other matter which is incidental to, or necessary for, the purpose of regulating the appointment and conditions of service of its employees.
1. Ins. by s. 10, ibid. (w.e.f. 31-5-1982).
(1) No regulation made by the Board under this Act
1[, other than a regulation made under sub-section (2) of section 17,] shall have effect until it has been
approved by the Central Government and until such approval has been published in the Official Gazette.
(2) No such regulation 2[other than a regulation made under section 28,] shall be approved by the Central Government until the same has been published by the Board for two weeks successively in the Official Gazette and until fourteen days have expired from the date on which the same had been first published in that Gazette. (3) Any regulation made under this Act other than a regulation made under section 28 may provide that a breach thereof shall be punishable with fine which may extend to 3[two thousand rupees], and where the breach is a continuing one, with further fine which may extend to 4[five hundred rupees] for every day after the first during which such breach continues. 5[(4) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation].
1. Ins. by Act 29 of 1974, s. 37 (w.e.f. 1-2-1975).
2. Ins. by Act 17 of 1982, s. 20 (w.e.f. 31-5-1982). 3. Subs. by s. 20, ibid., for "two hundred rupees" (w.e.f. 31-5-1982). 4. Subs. by s. 20, ibid., for "fifty rupees" (w.e.f. 31-5-1982). 5. Ins. by s. 20, ibid. (w.e.f. 31-5-1982). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. (1)The Authority may appoint such officers and other
employees as it considers necessary for the efficient discharge of its functions under this Act.
(2) The terms and other conditions of service of officers and other employees of the Authority appointed under sub-section (1) shall be such as may be determined by regulations. | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1
[by
notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees, of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2 [(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith: (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank shall, if in force at the commencement of this Act, be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act, shall be deemed to refer to the Custodian. 3 [(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 5-5-1986).
2. Ins. by Act 37 of 1994, s. 9 (w.e.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 69 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Board of Directors of a corresponding new bank may,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or
any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose
of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-- (a) the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local boards (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat; (b) the manner in which the business of the local boards shall be transacted and the procedure in connection therewith; 2[(ba) the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of Shareholders; (bb) the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith; (bc) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (bd) the holding of meetings of shareholders and the business to be transacted thereat; (be) the manner in which notices may be served on the half of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;] (c) the delegation of powers and functions of the Board of Directors of a corresponding new bank to the general manager, director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependents of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and effect of its use; (i) the form and manner in which contracts binding on the corresponding new bank may be executed; (j) the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank; (k) the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependents; (l) the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and (m) generally for the efficient conduct of the affairs of the corresponding new bank. (3) Until any regulation is made under sub-section (1), the articles of association of the existing bank and every regulation, rule, bye-law or order made by the existing bank in force immediately before the commencement of this Act shall be deemed to be the regulations made under sub-section (1) and shall have effect accordingly and any reference therein to any authority of the existing bank shall be deemed to be a reference to the corresponding authority of the corresponding new bank and until any such corresponding authority is constituted under this Act shall be deemed to refer to the Custodian. 3[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more succcessive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 38 (w.e.f. 30-12-1988).
2. Ins. by Act 37 of 1994, s. 17 (we.f. 15-7-1994). 3. Ins. by Act 1 of 1984, s. 75 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. |
