On Mar. 11, IND PFRDA issued circulars re amended PoP regulations.
IND PFRDA issued circular on eligibility criteria of minimum net-worth, and circular on surrender of existing certificate of registration (CoR) under the amendments below.
Existing point of presence (PoPs) are required to meet the eligibility criteria of net worth latest by the end of financial year 2024-25, according to the regulations.
Minimum net worth of INR 70mn, including minimum paid-up capital of IND 5mn.
PoPs shall furnish a duly certified net worth certificate from their statutory auditor; and the IND PFRDA said this certificate shall be submitted on/before Jun. 30, 2025.
PoPs have to meet the eligibility criteria at all the times, including it and its key managerial personnel meeting the fit and proper person criteria under the regulations.
Surrendering of Certificates
Entities already registered for distribution and servicing only their own employees as well as other personnel, shall surrender their CoRs, no later than Sep. 30, 2024.
They may seek new registration under the amended regulations subject to eligibility.
Shall continue to serve their employees who are NPS subscribers, and ensure timely transfer of all subscribers to such other eligible PoPs, before the surrender of the CoRs.
In addition, IND PFRDA explained that PoPs are advised to ensure submission of annual compliance certificate, compliance report/audit reports, before surrender of CoR issued to them under the PFRDA (point of presence) regulations 2018.
Effectiveness
CoRs shall be surrendered no later than Sep. 30, 2024.
Regulators
IND GVT; IND PFRDA
Entity Types
Auditor; IA; Inv Co; Pension
Reference
Cir PFRDA/2024/02/REG-POP/02, PFRDA/2024/03/REG-POP/03, 3/11/2024; Reg PFRDA/16/05/112/0018/2020-REG-POP, OG No. 29, REGD. No. D. L.-33004/99, CG-DL-E-12012024-251307, 1/10/2024;
