Involved in an inositol phospholipid-based intracellular signaling cascade. Shows no PLC activity to phosphatidylinositol 4,5-bisphosphate and phosphatidylinositol. Component in the phospho-dependent endocytosis process of GABA A receptor. Acts as an inhibitor of PPP1C (By similarity). Involved in the assembly and/or the trafficking of gamma-2 subunit-containing GABA A receptors. Interacts with PPP2CA, Ins(1,4,5)P3, Ins(1,4,5,6)P4 GABARAP, GABA receptor beta subunits, GABA receptor gamma-2 subunits and PPP1C (By similarity). May form a ternary complex with GABA receptor beta subunit and GABARAP. The formation of a ternary complex with GABA receptor beta subunit and GABARAP could be the key step for facilitating the association of GABARAP with the GABA receptor gamma-2 subunit and to allow it to be transported at the right destination. Phosphorylated by the catalytic subunit of PKA. Phosphorylation of Thr-94 resulted in dissociation of PPP1C from PRIP1. In the PI-PLC X-box Asn-459 is present instead of the conserved His which is one of the active site residues. It is therefore expected that this protein lacks catalytic activity.