Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2023

Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2023: Notification dated 17.04.2023

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 17th April, 2023

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (NATIONAL PENSION SYSTEM TRUST) (AMENDMENT) REGULATIONS, 2023

No. PFRDA/12/RGL/139/5.—In exercise of the powers conferred by sub-section (1) of Section 52 read with clause (v) and clause (w) of sub-section (2) of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to amend the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015, namely: –

1. These regulations may be called the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2023.

2. These shall come into force on the date of their publication in the official gazette.

3. In the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015: –

(I). Existing Sub-regulation (1)(i) of regulation 2 shall be substituted as below –

(i) “Assets of the National Pension System Trust” shall mean the assets of the subscribers held in the name of the National Pension System Trust, the funds of the subscribers held in the account of National Pension System Trust with Trustee Bank, e-NPS web portal hosted by the National Pension System Trust or by any other intermediary on behalf of such Trust and such other assets both moveable and immoveable, as are recorded in the books of accounts of National Pension System Trust;

These assets shall comprise cash, securities and any other instruments as specified in the investment guidelines issued by the Authority and held by and in the name of the National Pension System Trust, on behalf of the subscribers.

(II). Existing Sub-regulation (2)(vi) of regulation 11 shall be substituted as below –

(vi) appoint officers and other staff for implementation or administration of the functions of the trust, and to determine their pay and allowances and other terms and conditions of service, with intimation to the Authority;

(III). Existing Sub-regulation (2)(x) of regulation 11 shall be substituted as below –

(x) monitor the activities of and issue instructions to the custodian, not to assign, transfer, hypothecate, pledge, lend or otherwise dispose of any assets or property of the National Pension System Trust, held by such custodian, except to the extent specifically permitted under any circulars or directions or guidelines issued, by the Authority, in that behalf;

(IV). Existing Sub-regulation (2)(xviii) of regulation 11 shall be substituted as below –

(xviii) arrange for a suitable indemnity policy for the trustees from an Indian Insurance Company to provide indemnity to trustees, only for their bona fide actions, carried out in good faith. The National Pension System Trust may provide for legal and other assistance to the trustees or its officers, in any disputes or legal proceedings arising on account of their bonafide actions which have beentaken while acting in that capacity;

(V). In regulation 11, in sub-regulation (2), after clause (xviii), new clause (xix) shall be inserted in place of existing clause (xix) as below-

(xix) manage and monitor on a regular basis the operation of the “eNPS” online web portal hosted by the National Pension System Trust or by any other intermediary on behalf of such Trust, including any functions or activities incidental thereto;

(VI). In regulation 11, in sub-regulation (2), clause (xix) as existed (prior to insertion), shall be renumbered as new clause (xx).

(VII). Existing Sub-regulation (k) of regulation 12 shall be substituted as below –

(k) it shall not acquire any asset out of the pension funds, which involves the assumption of any liability upon itself, which may result in encumbrance of the property of the National Pension System Trust or that of the subscribers in any manner, except to the extent specifically permitted under any circulars or directions or guidelines issued, by the Authority, in that behalf;

Dr. DEEPAK MOHANTY, Chairperson
[ADVT.-III/4/Exty./020/2023-24]

Footnote:
1. The principal regulations, Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015 was published in the Gazette of India, Part III Section 4 on March 12, 2015 vide notification No. PFRDA/12/RGL/139/5.

2. The Pension Fund Regulatory and Development Authority (National Pension System Trust) (First Amendment) Regulations, 2019 was published in the Gazette of India, Part III Section 4 on July 29, 2019 vide notification No. PFRDA/12/RGL/139/5.

3. The Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second Amendment) Regulations, 2020 was published in the Gazette of India, Part III Section 4 on July 29, 2020 vide notification No. PFRDA/12/RGL/139/5.

4. The Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2021 was published in the Gazette of India, Part III Section 4 on June 14, 2021 vide notification No. PFRDA/12/RGL/139/5.

Source: PFRDA