Chapter 13: Miscellaneous covers additional provisions, including grievance redressal, confidentiality, conflict of interest, compliance, corporate governance, and the authority’s power to issue clarifications for the Unified Pension Scheme (UPS).
Section 34 of The Unified Pension Scheme
34. Redressal of Subscriber Grievances. – The grievances of the subscriber shall be redressed in accordance with the provisions of the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015, and the intermediary shall have suitable mechanism for redressal of grievance of subscribers in accordance with the provisions of the said regulations.
Section 35 of The Unified Pension Scheme
35. Confidentiality. – The intermediary shall maintain absolute confidentiality with respect to all records, data and information received or acquired by it during the course of its working. The intermediary shall ensure updated cyber security measures and prevent breach of data, at all times. It shall not, without the prior permission of the Authority, produce or share such data or information as evidence, or for any other purpose, except as required by the due process of law.
Section 36 of The Unified Pension Scheme
36. Conflict of Interest. -The intermediary shall avoid conflict of interest and make adequate disclosure of its interest and shall put in place a mechanism to resolve any conflict-of-interest situation that may arise in the conduct of its business or where any conflict of interest arises, shall take reasonable steps to resolve the same in an equitable manner. The intermediary shall make appropriate disclosure to Authority of its possible source or potential areas of conflict of duties and interest while acting as such intermediary which would impair its ability to render fair, objective and unbiased services.
Section 37 of The Unified Pension Scheme
37. Compliance and Corporate Governance. -(1) The intermediary shall ensure that good corporate policies and corporate governance is in place. It shall not engage in fraudulent and manipulative transactions and shall not indulge in any unfair competition including resorting to unfair means for inducing other intermediary of the Authority, which is likely to harm the interests of other intermediary or subscriber or is likely to place such other intermediary in a disadvantageous position while competing for or executing any assignment. (2) The intermediary shall take adequate and necessary steps to ensure that continuity in data and record keeping is maintained and that the data or records are not lost or destroyed. It shall also ensure that for electronic records and data, up-to-date back up is always available with it. (3)The intermediary shall comply with the directions given to it by the Authority, and shall co-operate with any person or entity designated by the Authority, as and when required and shall not make any untrue statement or suppress any material fact in any documents, reports, papers or information furnished to the Authority or neglect or fail or refuse to submit to the Authority or other agencies with which it is registered, such books, documents, correspondence and papers or any part thereof as may be demanded or requested from time to time. (4) The intermediary shall ensure that any change in its registration status or any penal action taken by any authority or any material change in financials which may adversely affect the interests of other intermediaries or subscribers is promptly informed to the Authority and any business remaining outstanding is transferred to another registered person in accordance with any instructions of the Authority and as per the provisions of the relevant regulations.
Section 38 of The Unified Pension Scheme
38. Power of Authority to issue Clarifications. -In order to remove any difficulties in the implementation, application or interpretation of these regulations, the Authority may issue clarifications, instructions, guidelines or circulars.