(1) As and when applications are invited by the Authority for grant of certificate of registration to a pension fund, an entity which fulfills the eligibility conditions, under these regulations and the selection process, to act as a sponsor of such pension funds may make an application, accompanied by a non-refundable application fee as specified in Part A of the Schedule II and the manner of payment of such fee specified in Part B thereof.
(2) The joint ventures between the sponsors, may also apply provided the joint venture falls or will fall under the jurisdiction of one of the financial sector regulators. The joint venture shall at least be at the memorandum of understanding execution stage and the joint venture should be finalized within one month from the date of appointment of sponsor.
(3) The Authority may also provide for such additional terms and conditions, which may be deemed necessary, in the selection process and the sponsors shall satisfy such additional terms and conditions.