Executive Summary:
This document contains the Pension Fund Regulatory and Development Authority National Pension System Trust First Amendment Regulations, 2019. It amends the Pension Fund Regulatory and Development Authority National Pension System Trust Regulations, 2015. The regulations come into force on the date of publication in the Official Gazette, July 29, 2019.
Key Points / Main Content:
* **General:**
* These regulations are called the Pension Fund Regulatory and Development Authority National Pension System Trust First Amendment Regulations, 2019.
* These regulations amend the Pension Fund Regulatory and Development Authority National Pension System Trust Regulations, 2015.
* The regulations become effective on the date of publication in the Official Gazette.
* **Trustee Eligibility:**
* Subregulation 4 of regulation 5 is substituted.
* A trustee of the National Pension System Trust cannot be a trustee of another pension trust or a director of intermediaries registered with the Authority or its sponsor.
* This restriction does not apply to trustees appointed by the Government of India or State Governments.
Impact Analysis:
* **Pension Fund Regulatory and Development Authority:**
* Impact: The Authority is responsible for implementing and enforcing the amended regulations.
* Action Required: Ensure compliance with the amended regulations in their oversight of the National Pension System Trust.
* **National Pension System Trust (NPST) Trustees:**
* Impact: Current and prospective trustees are affected by the eligibility requirements.
* Action Required: Trustees (excluding those appointed by Government of India or State Governments) must ensure they do not serve as trustees for other pension trusts or directors of registered intermediaries.
* **Pension Trusts (other than NPST):**
* Impact: Affected by the restriction on NPST trustees serving as trustees for other pension trusts.
* Action Required: Ensure no trustee is dually appointed, unless they fall under the governmental exceptions.
* **Intermediaries Registered with the Authority or their Sponsor:**
* Impact: Affected by the restriction on NPST trustees serving as directors.
* Action Required: Ensure no director is dually appointed as trustee of the NPST, unless they fall under the governmental exceptions.
Key Entities Referenced
Pension Fund Regulatory and Development Authority: The regulatory body responsible for promoting and regulating pension schemes in India.
Pension Fund Regulatory and Development Authority Act, 2013: The act of the Indian Parliament that established the Pension Fund Regulatory and Development Authority.
National Pension System Trust: A trust established to manage the assets of the National Pension System.
Pension Fund Regulatory and Development Authority National Pension System Trust Regulations, 2015: The regulations governing the operations of the National Pension System Trust.
Pension Fund Regulatory and Development Authority National Pension System Trust First Amendment Regulations, 2019: Amendments made to the existing regulations governing the National Pension System Trust in 2019.
Ravi Mital: Chairperson of the Pension Fund Regulatory and Development Authority.
Government of India: The Union Government of India.
State Governments: The governments of the individual states within India.
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PUBLISHED BY AUTHORITY
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3852 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
पपपपााााददददललललखखेेखखेे ::::
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III
गए थे I
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 29th July, 2019
Pension Fund Regulatory and Development Authority (National Pension System Trust) (First Amendment)
Regulations, 2019
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 Section 52 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) (First Amendment) Regulations, 2019.
2. They 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) The sub-regulation (4) of regulation 5 shall be substituted as follows:
No person who is appointed as a trustee of the Board of Trustees of the National Pension System Trust shall be
eligible to be appointed as a trustee of any other pension trust, or as director of any of the intermediaries registered
with the Authority or its sponsor:
Provided that the above shall not be applicable to the Trustees appointed by Government of India or those
appointed by any of the State Governments.
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./159/19]
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.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.