The eligibility criteria as specified under this regulation, shall have to be fulfilled by an applicant, seeking to obtain a certificate of registration to act as a central recordkeeping agency, on the day on which such application is presented to the Authority. The eligibility criteria, besides such other criteria, required to be fulfilled under these regulations, for grant of registration, shall be the following namely:-
(a) the applicant shall be a company formed and registered under the Companies Act, 1956 (1 of 1956) or the Companies Act, 2013 or under any other central enactment, and registered with the service tax authority and operating for the last five years in the country, preceding the date of application;
(b) the applicant should have made net profit in any three out of the last five financial years, preceding the date of application, and should not have incurred cash loss during such preceding two years;
(c) the applicant, its director, principal officer should not have been black listed by any regulatory Authority or Governments (Central and States) or should not have been convicted of any offence involving moral turpitude or of any economic offences;
(d) Information technology capabilities and sufficiently qualified and experienced manpower, as per the guidelines including the requirements of service standards issued by the Authority for the purpose.
(e) the amounts, numbers or figures, as applicable, in respect of the following criteria shall be specified by the Authority on the date of inviting applications for registration,-
(i) The applicant should have minimum Tangible net worth of Rupees hundred crores, as on the last day of the preceding financial year, and the applicant should have demonstrated experience in developing and managing technology based central administration and recordkeeping system;
(ii) The applicant should have experience of at least five years of performing central recordkeeping and administration functions;
(iii) The applicant should have experience in managing over five lakh individual accounts per year over the preceding three years, shall possess Information technology capabilities and sufficiently qualified and experienced manpower of at least hundred professional staff with at least fifty staff in the area of Operation & Technology Management;
(iv) The applicant should have experience with developing and managing technology based central administration & recordkeeping system
(v) The applicant should have minimum CMMI level three certification for the services being offered or should acquire the same within twelve months of commencement of commercial operations.
(vi) A direct or indirect cross holding by any intermediary or its sponsor under the central recordkeeping agency should be less than forty percent of the paid up capital.
(III ) In Regulation 8, sub-clause(a) of sub-regulation (1) shall be substituted as follows:
whether the applicant satisfies the eligibility criteria specified in these regulations and also the terms and conditions specified in regulation 4;
(IV ) In Regulation 9, sub-regulation (1) shall be substituted as follows:
8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(1) The applicant shall submit a proposal as specified under regulation 3. In order to be eligible for registration, the applicant shall be required to qualify, on the date of submission of its proposal, all the technical and commercial parameters as specified by the Authority.
(V ) In Regulation 9, sub-regulation (3) shall be substituted as follows:
(3) The Authority upon being satisfied that the applicant satisfies the eligibility criteria as laid down under the Act, the rules and as specified under these regulations, including the provisions of regulation 4, shall grant a certificate of registration to the Applicant in the form specified under Schedule I and send an intimation to this effect to the applicant.
(VI ) In Regulation 10, sub-clause(b) of sub-regulation (1) shall be substituted as follows:
(b) it shall at all times meet the eligibility criteria and other requirements as specified under these regulations:
Provided that the Authority may impose any other conditions as it may deem fit in the interest of subscribers or orderly development of the National Pension System or any other scheme regulated or administered by it or for regulation of the working of the central recordkeeping agency and the central recordkeeping agency shall comply with such conditions.
(VII ) In Regulation 10, sub-regulation(3) shall be substituted as follows:
(3) Subject to compliance with the provisions of the Act, rules and regulations, the certificate granted to an applicant shall be valid, unless surrendered by the applicant with the approval of the Authority or suspended or cancelled by the Authority, in accordance with these regulations.
(VIII ) In Regulation 14, sub-regulation(1) shall be substituted as follows:
(1) An applicant granted a certificate of registration shall commence operations for which it has been authorized, within six months from the date of grant of such registration:
Provided that if the entity feels that it will not be able to commence the operations within the specified period, it may, before the expiry of the stipulated period of six months, seek an extension from the Authority, by making a written application, together with just cause to be shown.
(IX) Regulation 15 shall be substituted as follows: