law: The Pension Fund Regulatory and Development Authority Act, 2013
  23.
  
     Pension
  
  funds.
  1.   The Authority may, by
  
  granting a certificate of registration under sub-section ( 3 ) of section
  
  27, permit one or more persons to act as a pension fund for the purpose of
  
  receiving contributions, accumulating them and making payments to the
  
  subscriber in such manner as may be specified by regulations.
  2.   The number of pension
  
  funds shall be determined by regulations and the Authority may, in public
  
  interest, vary the number of pension funds:
  Provided that at least one of the pension funds shall be a Government company.
  Explanation .- For the purposes of
  
  this sub-section, the expression “Government company” shall have the meaning
  
  assigned to it in section 617 of the Companies Act, 1956.
  1.  
  2.  
  3.   The pension fund
  
  shall function in accordance with the terms of its certificate of registration
  
  and the regulations made under this Act.
  4.   The pension fund
  
  shall manage the schemes in accordance with the regulations.