law: The Pension Fund Regulatory and Development Authority Act, 2013
  24.
  
     Certain
  
  restrictions on foreign companies or individual or association of persons.
  The
  
  aggregate holding of equity shares by a foreign company either by itself or through
  
  its subsidiary companies or its nominees or by an individual or by an association
  
  of persons whether registered or not under any law of a country outside India
  
  taken in aggregate in the pension fund shall not exceed twenty-six per cent. of
  
  the paid-up capital of such fund or such percentage as may be approved for an
  
  Indian insurance company under the provisions of the Insurance Act, 1938,
  
  whichever is higher.
  Explanation.- For the purposes of
  
  this section, the expression “foreign company” shall have the meaning assigned
  
  to it in clause ( 23A ) of section 2 of the Income-tax Act, 1961.