(1) The Authority shall register and grant a certificate of registration to pension funds [in the format specified under Schedule I] for managing the assets of the pension schemes regulated by the Authority.
(2) There shall be a choice of multiple pension funds.
(3) The number of pension funds shall be determined by the Authority, which, may in public interest, vary the number of pension funds from time to time:
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Provided that at least one of the pension funds shall be a Government company.
Explanation.—for the purposes of this sub-section, the expression “Government company” shall have the meaning assigned to it under section 617 of the Companies Act, 1956 (1 of 1956).
(4) No pension fund shall commence any activity relating to a National Pension System or any other pension scheme referred to in clause (b) of sub-section (1) of section 12 of the Act, except under and in accordance with the conditions of the certificate of registration granted by the Authority in conformity with the provisions of the Act and the regulations made thereunder.
(5) Any pension fund, which has been appointed to act as such by or under any selection process initiated by interim Pension Fund Regulatory and Development Authority, subject to payment of such fee as may be specified by the Authority for transitory period, continue to do so for a period of six months from the notification of these regulations or, until the selection of the pension funds under a fresh selection process specified under regulation 4.