(1) The applications received in response to the Authority’s invitation under the selection process for registration of the pension fund will be evaluated in accordance with the criteria specified in these regulations and the selection process, at the time of inviting such applications.
(2) The best value proposal shall be given an offer to accept the investment management fees as determined under regulation 20.
(3) After receiving the acceptance of offer given under sub-regulation (2), the Authority may, subject to such terms and conditions as it may specify, permit the Applicant to set up a pension fund and on receipt of the non-refundable registration fee as specified in Part A of Schedule III in the manner specified in Part B (explanations) thereof, may grant a certificate of registration to the pension fund in the format as specified in Schedule I.