(1)The Authority may invite applications from the eligible entities for grant of a certificate of registration as Trustee Bank. The entities desirous of obtaining such certificate shall be required to submit applications, accompanied by the application fee specified in sub-regulation (5), to the Authority. The basis of the selection process and evaluation under such selection process shall be as the Authority may specify, on the date of inviting applications for grant of certificate of registration, which shall be published in the newspapers and placed on the website of the Authority.
(2) The Trustee Bank, which was appointed to function as such, by the Interim Pension Fund Regulatory and Development Authority, prior to establishment of the Authority under the Act, may continue to act as such for the unexpired period of its tenure of appointment, or any extension granted thereof by the Authority, provided however that such Trustee Bank shall make an application for grant of certificate of registration, within a period of ninety days from the notification of these regulations. The Authority, may subject to the Trustee Bank, fulfilling the eligibility conditions grant a certificate of registration, for the period mentioned in this sub-regulation.
(3) The Authority shall examine the eligibility of the applicants in terms of the provisions of the Act, rules and regulations, and any other criteria, so specified in such selection process to be undertaken, as referred to in sub-regulation (1), and any modifications in the criteria as may be specified by it from time to time.
(4) The Authority may appoint one or more Trustee Bank under these regulations.
(5) Every applicant shall pay a non –refundable application fee of rupees ten lakh, along with the application to the Authority.