Section 37 of The Unified Pension Scheme: Compliance and Corporate Governance
Compliance and Corporate Governance 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.