Intermediary - Bare Acts

Insurance Act, 1938 (4 of 1938) Section 42D

Title: Issue of Licence to Intermediary or Insurance Intermediary

State: Central

Year: 1938

.....may issue a duplicate licence to replace a licence lost, destroyed or mutilated, on payment of such fee, as may be determined by the regulations made by the Authority. ( 8 ) Any person who acts as an intermediary or an insurance intermediary without holding a licence issued under this section to act as such, shall be punishable with fine, and any insurer or any person who appoints as an intermediary or an insurance intermediary or any person not licensed to act as such or transacts any insurance business in India through any such person, shall be punishable with fine. ( 9 ) Where the person contravening sub-section ( 8 ) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or other officer of the company, and every partner of the firm who is knowingly a party to such contravention shall be punishable with fine.] ____________________________ 1. Inserted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000).

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Information Technology Act, 2000 Chapter XII

Title: Intermediaries Not to Be Liable in Certain Casesliable in Certain Cases

State: Central

Year: 2000

.....in his capacity as an intermediary. _________________________ 1. Substituted vide Information Technology (Amendment) Act, 2008 Prior to substitution text read as under :- Section79 : Network service providers not to be liable in certain cases:- For the removal of doubts, it is hereby declared that no person providing any service as a network service provider shall be liable under this Act, rules or regulations made thereunder for any third party information or data made available by him if he proves that the offence or contravention was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence or contravention. Explanation.For the purposes of this section, (a) "network service provider" means an intermediary; (b) "third party information" means any information dealt with by a network service provider in his capacity as an intermediary.

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Information Technology Act, 2000 Section 79

Title: Exemption from Liability of Intermediary in Certain Cases

State: Central

Year: 2000

.....in his capacity as an intermediary. _________________________ 1. Substituted vide Information Technology (Amendment) Act, 2008 Prior to substitution text read as under :- Section79 : Network service providers not to be liable in certain cases:- For the removal of doubts, it is hereby declared that no person providing any service as a network service provider shall be liable under this Act, rules or regulations made thereunder for any third party information or data made available by him if he proves that the offence or contravention was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence or contravention. Explanation.For the purposes of this section, (a) "network service provider" means an intermediary; (b) "third party information" means any information dealt with by a network service provider in his capacity as an intermediary.

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Prevention of Money-laundering Act, 2002 Chapter IV

Title: Obligations of Banking Companies, Financial Institutions and Intermediaries

State: Central

Year: 2002

.....be less than ten thousand rupees but may extend to one lakh rupees for each failure. (3) The Director shall forward a copy of the order passed under sub-section (2) to every banking company, financial institution or intermediary or person who is a party to the proceedings under that sub-section. Section 14 - No civil proceeding against banking companies, financial institutions, etc., in certain cases Save as otherwise provided in section 13, the banking companies, financial institutions, intermediaries and their officers shall not be liable to any civil proceedings against them for furnishing information under clause (b) of sub-section (1) of section 12. Section 15 - Procedure and manner of furnishing information by banking company, financial institution and intermediary The Central Government may, in consultation with the Reserve Bank of India, prescribe the procedure and the manner of maintaining and furnishing information under sub-section (1) of section 12 for the purpose of implementing the provisions of this Act.

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Insurance Act, 1938 (4 of 1938) Section 42E

Title: Commission, Brokerage or Fee Payable to Intermediary or Insurance Intermediary

State: Central

Year: 1938

1[42E. Commission, brokerage or fee payable to intermediary or insurance intermediary (1) No intermediary or insurance intermediary shall be paid or contract to be paid by way of commission, fee or as remuneration in any form, an amount exceeding thirty per cent of the premium payable as may be specified by the regulations made by the Authority, in respect of any policy or policies effected through him: Provided that the Authority may specify different amounts payable by way of commission, fee or as remuneration to an intermediary or insurance intermediary for different classes of business of insurance. (2) Without prejudice to the provisions contained in this Act, the Authority may , by the regulations made in this behalf, specify the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary. ] _________________________ 1. Inserted by Act 42 of 2002, section 11 (w.e.f. 23-9-2002).

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Prevention of Money-laundering Act, 2002 Section 12

Title: Banking Companies, Financial Institutions and Intermediaries to Maintain Records

State: Central

Year: 2002

.....the principal officer of a banking company or financial institution or intermediary, as the case may be, has reason to believe that a single transaction or series of transactions integrally connected to each other have been valued below the prescribed value so as to defeat the provisions of this section, such officer shall furnish information in respect of such transactions to the Director within the prescribed time 1[(2) (a) The records referred to in clause (a) of sub-section (1) shall be maintained for a period of ten years from the date of transactions between the clients and the banking company or financial institution or intermediary, as the case may be. (b) The records referred to in clause (c) of sub-section (1) shall be maintained for a period of ten years from the date of cessation of transactions between the clients and the banking company or financial institution or intermediary, as the case may be.] ____________________ 1. Substituted by the Prevention of Money-Laundering (Amendment) Act 2009 w.e.f. 01.06.2009 Previous text was "(2) The records referred to in sub-section (1) shall be maintained for a period of ten years from the date of cessation of.....

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Pension Fund Regulatory and Development Authority Act, 2013, Section 31

Title: Attachment of Assets and Supersession of Management of Intermediary

State: Central

Year: 2013

.....fund; (c) interim injunction or appointment of an administrator; and (d) such other interim measures as may appear to the Authority to be just and necessary, and the Authority shall have power to make such orders including an order for attachment of assets of the pension fund as it deems fit in this regard. (2) Where, on a complaint received by the Authority or suo motu, the Authority, after conducting an inquiry, comes to a conclusion that the governing board or board of directors, by whatever name called, or the persons in control of any intermediary to the extent regulated under this Act are indulging in any activity which is in contravention of the provisions of this Act or regulations, it may supersede the governing board or board of directors or management of the intermediary in accordance with the provisions of the regulations. (3) In case the governing board or board of directors or management of an intermediary is superseded under sub-section (2), the Authority may appoint an Administrator to manage the affairs of the intermediary in accordance with the provisions contained in the regulations.

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Information Technology Act, 2000 Section 67C

Title: Preservation and Retention of Information by Intermediaries.

State: Central

Year: 2000

1[67C Preservation and retention of information by intermediaries.- (1) Intermediary shall preserve and retain such information as may be specified for such duration and in such manner and format as the Central Government may prescribe. (2) any intermediary who intentionally or knowingly contravenes the provisions of sub-section (1) shall be punished with an imprisonment for a term which may extend to three years and also be liable to fine.] __________________ 1. Inserted vide Information Technology (Amendment) Act, 2008.

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Pension Fund Regulatory and Development Authority Act, 2013, Section 28

Title: Penalty for Failure by an Intermediary or Any Other Person to Comply with Provisions of This Act, Rules, Regulations and Directions

State: Central

Year: 2013

.....of not more than one crore rupees or five times the amount of profits made or losses avoided, whichever is higher. (4) If any person, who is registered under this Act as an intermediary, fails to segregate moneys of the client or clients or uses the moneys of a client or clients for self or for any other client, he shall be liable to a penalty not exceeding one crore rupees or five times the amount of profits made or losses avoided, whichever is higher. (5) Whoever fails to comply with any provision of this Act, the rules or the regulations made or the directions issued by the Authority under the provisions of this Act for which no separate penalty has been provided, he shall be liable to a penalty which may extend to one crore rupees or five times the amount of profits made or losses avoided, whichever is higher.

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Pension Fund Regulatory and Development Authority Act, 2013, Chapter VII

Title: Registration of Intermediaries

State: Central

Year: 2013

Chapter VII REGISTRATION OF INTERMEDIARIES

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