Lawgist5Term of office and conditions of service of Chairperson and members of Authority
(1) The Chairperson and every whole-time member shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for reappointment:
Provided that no person shall hold office as a Chairperson after he has attained the age of sixty-five years:
Provided further that no person shall hold office as a whole-time member after he has attained the age of sixty-two years.
(2) A part-time member shall hold office as such for a term not exceeding five years from the date on which he enters upon his office.
(3)The salary and allowances payable to, and other terms and conditions of service of, the members other than part-time members shall be such as may be prescribed.
(4)The part-time members shall receive such allowances as may be prescribed.
(5)The salary, allowances and other conditions of service of a member shall not be varied to his disadvantage after his appointment.
(6) Notwithstanding anything contained in sub-section (1) or sub-section (2), a member may—
(a) relinquish his office, by giving in writing to the Central Government, a notice of not less than thirty days; or
(b) be removed from his office in accordance with the provisions of section 6.
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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
