law: The Pension Fund Regulatory and Development Authority Act, 2013
  Chapter
  
  VII  Registration
  
  of Intermediaries
  27.
  
     Registration
  
  of central recordkeeping agency, pension fund, point of presence, etc.
  1.   No intermediary,
  
  including a pension fund or a point of presence to the extent regulated under
  
  this Act, shall commence any activity relating to a pension fund except under
  
  and in accordance with the conditions of a certificate of registration granted
  
  by the Authority in accordance with the provisions of this Act and the
  
  regulations:
  Provided that any intermediary, including any point of presence, who had been associated
  
  with a pension scheme and appointed to act as such by the Interim Pension Fund Regulatory
  
  and Development Authority immediately before the establishment of the Authority
  
  under this Act for which no registration certificate was necessary prior to
  
  such establishment, and may continue to do so for a period of six months from
  
  such establishment or, if he has made an application for such registration
  
  within the said period of six months till the disposal of such application.
  1.  
  2.   Every application for
  
  grant of a certificate of registration under this Act shall be in such form and
  
  manner and shall be accompanied by such fees as may be determined by
  
  regulations.
  3.   The Authority may,
  
  after considering the application and subject to such terms and conditions as
  
  it may specify, grant a certificate of registration as a central recordkeeping
  
  agency, point of presence, pension fund or such other intermediary, as the case
  
  may be.
  4.   The Authority may, by
  
  order, suspend or cancel a certificate of registration granted under
  
  sub-section ( 3 ) in such manner as may be determined by regulations:
  Provided that no order under this sub-section shall be made unless the person concerned has
  
  been given a reasonable opportunity of being heard.