(1) The Authority may, invite applications including proposals from the eligible entities for the grant of a certificate to act as a central recordkeeping agency. The entities, including the existing central recordkeeping agency, desirous of obtaining registration shall be required to submit applications, along with the requisite non-refundable application fee to the Authority, as and when applications for grant of certificate, are invited by it. The basis of the selection process and evaluation under such selection process shall be as the Authority may specify on the date of inviting applications for grant of a certificate, which shall be published in the newspapers and placed on the website of the Authority.
(2) The appointment of the existing central recordkeeping agency which was prior to the commencement of the Act shall be valid and continue to remain in force and such central recordkeeping agency may be granted a certificate for a period equal to the unexpired period of its original appointment:
Provided, however that such existing central recordkeeping agency shall make an application as specified in these regulations and comply with the provisions of the Act and these regulations within six months from the date of commencement of these regulations, failing which the existing appointment granted to it is liable to be cancelled. The existing central recordkeeping agency shall pay all fees including the annual fee as specified under these regulations.
(3) The Authority shall examine the eligibility of the applicants in terms of the provisions of the Act, rules and these regulations and any other criteria, so specified in such selection process to be undertaken, as referred to in sub-regulation (1), or any modification in the criteria as may be specified by the Authority from time to time.
(4) The Authority may appoint one or more central recordkeeping agency under these regulations. The allocation of the subscribers between the existing central recordkeeping agency and the other central recordkeeping agency or agencies, if appointed, shall be based on a transparent criteria and process as may be notified by the Authority from time to time having regard to the subscribers’ interest. The central recordkeeping agency shall at all times comply with the provisions of the Act or the rules or the regulations made or directions, circulars or guidelines issued by the Authority there under. The central recordkeeping agency shall also ensure compliance of the quality of subscriber service or services to other intermediaries and ensure that intermediation and other operational costs under the National Pension System or any other pension scheme regulated by the Authority are economical and reasonable.
(5) A non-refundable application fee, of rupees ten lakh shall be paid by an applicant along with its application to the Authority payable at New Delhi.
28 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]