(1) In these regulations, unless the context otherwise requires,—
(a) “Act” means the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013);
(b) Business Day: means all days excluding weekly holidays (Saturday and Sunday) and such other days on which the designated Branch of the Trustee Bank is closed under the Negotiable Instruments Act, 1881 (26 of 1881) or a day on which the principal stock exchange as well as the debt market with reference to which the valuation of securities under the scheme is done is closed for business.
(c) “compliance officer” means a person of responsibility from the pension fund; designated as such and charged with the responsibility of monitoring compliance by it of the provisions of the Act or the rules or the regulations made or notifications, guidelines, circulars or instructions issued by the Authority thereunder;
(d) “financial year” means the period from the 1 st day of April of a year to the 31 st day of March of the following year;
(e) “National Pension System Trust” means the Board of Trustees who hold the assets of subscribers for their benefit;
(f) “principal officer” means any person who is responsible for the activities of a pension fund and includes,-
(i) any whole-time director, executive director, managing director or Chief Executive Officer or Chief Financial Officer, in the case of a body corporate;
(ii) any person designated as a principal officer by the board of directors; and
(iii) any key managerial personnel or any person in accordance with whose directions or instructions the board of directors or any one or more of the directors is or are accustomed to act as such;
(g) “tangible net worth” would comprise of paid-up capital plus free reserves including share premium but excluding revaluation reserves, plus investment fluctuation reserve and credit balance in profit & loss account, less debit balance in profit and loss account, accumulated losses and intangible assets.
(2) Words and expressions used and not defined in these regulations but defined in the Act shall have the meanings respectively assigned to them in the Act.
CHAPTER II REGISTRATION OF PENSION FUND