(1)Any Trustee Bank, which has been granted a certificate of registration under the Act or the regulations made there under, desirous of giving up its activity and surrendering the certificate, may make a request for such surrender to the Authority.
(2)While disposing of a request under these regulations, the Authority may require the concerned Trustee Bank to satisfy the Authority of the factors as it deems fit, including but not limited to the following:—
(a) the arrangements made by the Trustee Bank at its own costs and expenses for maintenance and preservation of records and other documents required to be maintained under the Act, regulations and guidelines;
(b) redressal of subscriber grievances;
(c) transfer of records, funds or securities of the subscribers at its own cost and expense;
(d) the arrangements made by it for ensuring continuity of service to the subscribers;
(e) defaults or pending actions, if any.
(3)While accepting the surrender request, the Authority may impose such conditions upon the Trustee Bank as it deems fit for the protection of interest of the subscribers of the National Pension System and the Trustee Bank concerned shall comply with such conditions.
(4) No Trustee Bank shall be permitted to surrender its certificate, in respect of which any action for default has been initiated or has been contemplated by the Authority.