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New Pension Scheme: PFRDA to appoint Auditors for Pension Fund Managers

To keep a tighter check on investments, the pension regulator has decided to appoint auditors for the pension fund managers (PFMs) and schemes of t

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To keep a tighter check on investments, the pension
regulator has decided to appoint auditors for the pension fund managers (PFMs)
and schemes of the National Pension System (NPS). Fund managers will also be
expected to make full disclosure of scheme-wise investments on their websites.
As the NPS gets more subscribers, there is a need to keep a
tighter check on investments being made by the fund managers. That is why we
have made the reporting and audit norms more stringent
,” said a senior PFRDA
official.
The auditors, for which the Pension Fund Regulatory and
Development Authority (PFRDA) has recently issued guidelines, will review the
performance of schemes under the NPS as well as investments made by the fund
managers. They will also be expected to audit prepare financial and annual
reports of schemes managed by each of the fund manager
.
The new norms, which will make it mandatory for fund
managers to make their investment portfolio public, comes after concerns that
some of them were violating the investment ceilings and more worryingly,
investing in products issued by their promoter groups
.

The issue was raised late last year by some members of the
NPS Trust who later ordered checks on the portfolios of the scheme’s seven fund
managers after quarterly review of their performance revealed that they had
violated investment norms.
Source: Indian Express

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