PFRDA introduces new amendment regulations for exits & withdrawals under NPS

The Pension Fund Regulatory and Development Authority has announced new regulations to amend the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015. The amendment adds a new proviso to clause (i) of sub-regulation (d) of Regulation 4, stating that the clause will not be applicable to subscribers of a body corporate or other entity under the ownership and control of the Central Government or any State Government or a Government Company, and their exit will be governed by other sub-regulations of Regulation 4. These regulations come into force on the date of their publication in the official gazette

Exits and withdrawals under the national pension system) (amendment) regulations, 2023

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 23rd March, 2023

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (EXITS AND WITHDRAWALS UNDER THE NATIONAL PENSION SYSTEM) (AMENDMENT) REGULATIONS, 2023

No. PFRDA/12/RGL/139/8.- In exercise of the powers conferred by sub-section (1) of Section 52 read with sub-clause(g), (h), and (i) of sub-section 2 of Section 52 of the Pension Fund Regulatory and Development Authority Act, 2013 (Act No.23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to amend the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015 namely, –

1. These regulations may be called the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2023.
2. These shall come into force on the date of their publication in the official gazette.
3. In the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015:

In clause (i) of sub-regulation (d) of Regulation 4, following new proviso shall be added:

“Provided that such clause shall not be applicable to the subscribers of a body corporate or other entity under the ownership and control, either of the Central Government or any State Government or a Government Company and their exit shall be governed by other sub-regulations of Regulation 4, as may be applicable;”

Dr. DEEPAK MOHANTY, Chairperson
[ADVT.-III/4/Exty./703/2022-23]

Footnote:

1. The Principal Regulations, The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015 were published in the Gazette of India on 11th May, 2015 vide notification No. PFRDA/12/ RGL/139/8.
2. The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 were published in the Gazette of India on 10th August, 2017 vide notification No. PFRDA/12/RGL/139/8
3. The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2017 were published in the Gazette of India on 06th October, 2017 vide notification No. PFRDA/12/RGL/139/8
4. The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Third Amendment) Regulations, 2018 were published in the Gazette of India on 02nd February, 2018 vide notification No. PFRDA/12/RGL/139/8.
5. The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Fourth Amendment) Regulations, 2018 were published in the Gazette of India on 18th May, 2018 vide notification No. PFRDA/12/RGL/139/8.
6. The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Fifth Amendment) Regulations, 2019 were published in the Gazette of India on 19th February, 2019 vide notification No. PFRDA/12/RGL/139/8.
7. The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Sixth Amendment) Regulations, 2019 were published in the Gazette of India on 20th September, 2019 vide notification No. PFRDA/12/RGL/139/8.
8. The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2020 were published in the Gazette of India on 29th September, 2020 vide notification No. PFRDA/12/RGL/139/8.
9. The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2021 were published in the Gazette of India on 14th June, 2021 vide notification No. PFRDA/12/RGL/139/8.
10. The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 were published in the Gazette of India on 28th December, 2021 vide notification No. PFRDA/12/RGL/139/8.