Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) (Amendment) Regulations, 2021

Homenew pension scheme

Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) (Amendment) Regulations, 2021

Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) (Amendment) Regulations, 2021

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

NOTIFICATION

New Delhi, the 14th June, 2021.

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (CENTRAL RECORDKEEPING AGENCY) (AMENDMENT) REGULATIONS, 2021

No.PFRDA/12/RGL/139/7.—In exercise of the powers conferred by sub-section (1) of Section 52 read with clauses (e),(j), (k), (l), (n), (o) and (p) 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(Central Recordkeeping Agency) Regulations, 2015 namely,: ─

1. These regulations may be called the Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) (Amendment) Regulations, 2021.

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 (Central Recordkeeping Agency) Regulations, 2015:-

(I). Sub-regulation (1) of regulation 15 shall be substituted as below-

Subject to compliance with the provisions of the Act, the rules and regulations, the certificate of registration, granted to a central recordkeeping agency shall remain valid, unless suspended or cancelled by the Authority, or permitted to be surrendered by such central recordkeeping agency, for just cause to be shown. In the event of cancellation, the Authority, shall at least thirty days before the date of cancellation, deliver to the central recordkeeping agency, instructions as to the disposal or transfer of the information and regulated assets held by it.

(II). Sub-regulation (2) (o) of regulation 18 shall be substituted as below-

comply with the service level agreements with the intermediaries or stakeholders as may be specified by the Authority;

(III). Para 2 of regulation 21 shall be substituted as below-

The central recordkeeping agency shall be required to strictly adhere to all the service levels specified by the Authority under the following categories, namely: –

(i) service operations and maintenance for each stakeholder under the National Pension System;

(ii) performance requirements with respect to application, architecture and technology platform, network, hardware and human resources and other like things as may be specified by the Authority.

(IV). Sub-regulation (a) of regulation 23 shall be substituted as below-

a detailed program of the transfer process including details of the means to be used to ensure continuing provision of the services throughout the transfer process or until the cessation of the services and of the management structure during the transfer;

(V). Sub-regulation (1) of regulation 26 shall be substituted as below-

The Authority may, atleast once in a year and as decided by the Authority, undertake directly or through its authorized representative or auditor an inspection and audit of the books, accounts, records including the telephone records and electronic records and documents of the central recordkeeping agency for any purpose, including the purposes as specified under this regulation.

(VI). Explanation given under sub-regulation 3(b) of regulation 26 shall be substituted as below-

Explanation. – For the purposes of this sub-regulation, the expression “qualified auditor” shall have the meaning derived from section 226 of the Companies Act, 1956 (1 of 1956) or Section 139 of the Companies Act, 2013.

(VII). Regulation 31 shall be omitted.

SUPRATIM BANDYOPADHYAY, Chairperson
[ADVT.-III/4/Exty./103/2021-22]

  1. The Principal Regulations, The Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015 were published in the Gazette of India on 27th April, 2015 vide notification No. PFRDA/12/ RGL/139/7.
  2. The Principal Regulations, The Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) (First Amendment) Regulations, 2018 were published in the Gazette of India on 25th June, 2018 vide notification No. PFRDA/12/ RGL/139/7.
  3. The Principal Regulations, The Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) (Second Amendment) Regulations, 2020 were published in the Gazette of India on 29th July, 2020 vide notification No. PFRDA/12/ RGL/139/7.

Source: Click here to view/download the PDF

COMMENTS

WORDPRESS: 0