The certificate of registration granted to the pension fund shall be subject to the following conditions, namely:-
(a) the sponsor and pension fund shall fulfill and comply at all times the eligibility requirements as specified under the Act, the rules and these regulations and all representations, warranties, information, disclosures, reports, documents or statements relating to the registration as pension fund are true, complete, accurate and correct in all respects and do not contain any untrue or misleading statement of any material fact or do not omit to state any material fact. The sponsor or pension fund shall inform the Authority of any material change in the information or particulars previously furnished, which have a bearing on its certificate of registration;
(b) the sponsor and pension fund have taken all necessary actions and steps to accept the registration as pension fund for managing the pension schemes regulated by the Authority and bind themselves for the due performance of their obligations;
(c) The pension fund shall maintain tangible net worth of Rs. 25 crores or higher as specified by the Authority from time to time.
(d) the sponsor and pension fund shall ensure that the pension schemes are not operated, managed nor the portfolio of securities selected, in the interest of sponsor, the directors of the pension fund or associated persons or to benefit a special class of subscribers and shall avoid conflict of interest in managing the affairs of the pension schemes and keep the interest of subscribers paramount in all matters; the pension fund shall take adequate steps and exercise prudence and due diligence to ensure that the interest of subscribers is not being compromised in any manner;
(e) the pension fund executes such agreements with the parties as directed by the Authority or as specified under these regulations and shall comply with the terms of the agreements so executed;
(f) the pension fund shall maintain confidentiality with respect to all transactions, records, data and information received while discharging its obligations and shall not, without the prior permission of Authority, produce or share such data or information as evidence or for any other purpose except as required under the process of law or as directed by the Authority or the National Pension System Trust;
(g) the sponsor and pension fund shall comply with the provisions of the Act, the rules and the regulation or guidelines, directions/ notifications or circulars issued by the Authority at all times including during the period of suspension of the certificate of registration as also during the transitory phase of transfer of assets or documents till completion of all actions as specified under regulation 34;
(h) the pension fund shall ensure the dissemination to Authority, National Pension System Trust, subscriber and intermediaries of adequate, accurate, explicit and timely information presented in a fairly simple language about the investment policies, investment objectives, financial position and general affairs of the pension schemes they are managing. The pension fund shall communicate requisite information to the subscribers including as specified in Schedule V in the format and periodicity as may be required by the Authority from time to time;
(i) the sponsor shall periodically review the desirability or continuance of the pension fund. If substantial irregularities are observed in any of the pension schemes, sponsor shall immediately report to the Authority of any special developments in the pension fund;
(j) in case of any major change in management or ownership or shareholding pattern or any change in controlling interest of sponsor of the pension fund, prior approval shall be obtained from the Authority. Any change in the key personnel shall be intimated to the Authority within fifteen days of the occurrence of change;
(k) the sponsor and pension fund shall comply with the ‘code of conduct’ notified by the Authority from time to time and specified in Schedule VI;
(l)The pension fund shall not delegate any core function to any third party. Delegation of any other function shall be done only with the prior approval of the Authority.
(m) the pension fund shall not engage in any other business activity except those relating to pension schemes or funds regulated by the Authority.