(1) Upon completion of documentation by the pension fund and other related formalities for undertaking its operations for which it has been granted certificate of registration, the pension fund shall seek issuance of “certificate for commencement of business” from the Authority.
(2) At the time of seeking the certificate of commencement of business, the sponsor or pension fund shall represent and warrant that it has the necessary approvals and permission to act as pension fund and suffers from no disability in law or otherwise to act as such.
(3) The Authority upon being satisfied that the pension fund is fully equipped to commence its operations for managing the scheme assets, may issue “certificate for commencement of business” to the pension fund in the format specified in Schedule IV pursuant to which the pension fund can operationalize the business.
44 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(4) A pension fund granted a certificate of registration shall commence its operations within a period of six months from the date of registration. Any extension in the time limit for such operationalizing shall be permitted by the Authority for a maximum period of six months for reasons to be recorded in writing.