Lawgist31Attachment of assets and supersession of management of intermediary
(1) Any person aggrieved may apply to the Authority for an interim measure of protection in respect of any of the following matters, namely:–
(a) the retention, preservation, interim custody or sale of any asset or property which is regulated by the provisions of this Act;
(b) securing any pension fund, moneys and other assets and properties owned by or under the control of the pension fund;
(c) interim injunction or appointment of an administrator; and
(d) such other interim measures as may appear to the Authority to be just and necessary,
and the Authority shall have power to make such orders including an order for attachment of assets of the pension fund as it deems fit in this regard.
(2) Where, on a complaint received by the Authority or suo motu, the Authority, after conducting an inquiry, comes to a conclusion that the governing board or board of directors, by whatever name called, or the persons in control of any intermediary to the extent regulated under this Act are indulging in any activity which is in contravention of the provisions of this Act or regulations, it may supersede the governing board or board of directors or management of the intermediary in accordance with the provisions of the regulations.
(3) In case the governing board or board of directors or management of an intermediary is superseded under sub-section (2), the Authority may appoint an Administrator to manage the affairs of the intermediary in accordance with the provisions contained in the regulations.
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- 1 Short title, extent and commencement
- 2 Definitions
- 3 Establishment and incorporation of Authority
- 4 Composition of Authority
- 5 Term of office and conditions of service of Chairperson and members of Authority
- 6 Removal of members from office
- 7 Restriction on future employment of members
- 8 Administrative powers of Chairperson
- 9 Meetings of Authority
- 10 Vacancies, etc., not to invalidate proceedings of Authority
- 11 Officers and employees of Authority
- 12 Extent and application
- 13 Transfer of assets, liabilities, etc., of Interim Pension Fund Regulatory and Development Authority
- 14 Duties, powers and functions of Authority
- 15 Power to issue directions
- 16 Power of investigation
- 17 Search and seizure
- 18 Power of Authority to ensure compliance
- 19 Management by Administrator
- 20 National Pension System
- 21 Central Recordkeeping Agency
- 22 Point of presence
- 23 Pension funds
- 24 Certain restrictions on foreign companies or individual or association of persons
- 25 Prohibition of investment of funds of subscribers outside India
- 26 Eligibility norms of the central recordkeeping agency, etc
- 27 Registration of central recordkeeping agency, pension fund, point of presence, etc
- 28 Penalty for failure by an intermediary or any other person to comply with provisions of this Act, rules, regulations and directions
- 29 Crediting sums realised by way of penalties to Subscriber Education and Protection Fund
- 30 Power to adjudicate
- 31 Attachment of assets and supersession of management of intermediary
- 32 Offences
- 33 Power to grant immunity
- 34 Exemption from tax on wealth, income, profits and gains
- 35 Cognizance of offences by court
- 36 Appeal to Securities Appellate Tribunal
- 37 Civil Court not to have jurisdiction
- 38 Appeal to Supreme Court
- 39 Grants by Central Government
- 40 Constitution of Pension Regulatory and Development Fund
- 41 Constitution of Subscriber Education and Protection Fund
- 42 Accounts and audit
- 43 Power of Central Government to issue directions
- 44 Power of Central Government to supersede Authority
- 45 Establishment of Pension Advisory Committee
- 46 Furnishing of returns, etc., to Central Government
- 47 Members, officers and employees of Authority to be public servants
- 48 Protection of action taken in good faith
- 49 Delegation of powers
- 50 Offences by companies
- 50A Powers of Authority not to apply to International Financial Services Centre
- 51 Power to make rules
- 52 Power to make regulations
- 53 Rules and regulations to be laid before Parliament
- 54 Power to remove difficulties
- 55 Application of other laws not barred
- 56 Savings
