Home India Pension Fund Regulatory and Development Authority In exercise of the powers conferred by subsection 1 of Secti...
Date: 17-Apr-2023 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by subsection 1 of Section 52 read with clause v and clause w of subsection

Issued by Pension Fund Regulatory and Development Authority · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification introduces the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2023. These regulations amend the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015.
  • The amendments pertain to the definition of 'Assets of the National Pension System Trust', appointment of officers and staff, monitoring of assets, indemnity policies for trustees, and management of the e-NPS online web portal.
  • The regulations come into force on the date of their publication in the official gazette, April 17, 2023.

Key Changes

  • Regulation 2(1)(i) is substituted to provide an updated definition of 'Assets of the National Pension System Trust'. The definition includes assets of subscribers held in the name of the NPS Trust, funds held with the Trustee Bank, assets related to the e-NPS web portal, and other movable and immovable assets recorded in the books of accounts of the NPS Trust. These assets comprise cash, securities and other financial instruments as specified by PFRDA.
  • Regulation 11(2)(vi) is substituted to state that the NPS Trust can appoint officers and staff for the implementation or administration of the functions of the trust, and determine their pay, allowances, and other terms and conditions of service, with intimation to the Authority.
  • Regulation 11(2)(x) is substituted to empower the NPS Trust to monitor the activities of custodians and issue instructions to prevent the assignment, transfer, hypothecation, pledge, lending, or disposal of any assets or property of the NPS Trust, unless specifically permitted by PFRDA.
  • Regulation 11(2)(xviii) is substituted to allow the NPS Trust to arrange for an indemnity policy for the trustees from an Indian Insurance Company to provide indemnity to trustees for their bona fide actions. The NPS Trust may also provide legal and other assistance to the trustees or its officers in case of disputes or legal proceedings arising from their bonafide actions.
  • A new clause (xix) is inserted in Regulation 11(2) to explicitly include the management and monitoring of the operation of the 'eNPS' online web portal hosted by the NPS Trust or any other intermediary on behalf of the trust, including any related functions or activities.
  • Regulation 11(2)(xix) as it existed before the insertion of the new clause (xix) is renumbered as clause (xx).
  • Regulation 12(k) is substituted to restrict the NPS Trust from acquiring any asset out of the pension funds that involves the assumption of any liability which may result in encumbrance of the property of the NPS Trust or that of the subscribers, unless specifically permitted by PFRDA.

Impact Analysis

National Pension System Trust

  • Action Item: Review and update internal policies and procedures to reflect the amended regulations, particularly regarding asset management, custodian oversight, and e-NPS portal operations.

Subscribers

  • Action Item: Communicate the key changes to subscribers, emphasizing the enhanced security and management of their pension funds.

Pension Fund Regulatory and Development Authority (PFRDA)

  • Action Item: Ensure that all circulars, directions, and guidelines are updated to reflect the amended regulations. Monitor the NPS Trust's compliance with the new regulations.

Trustees

  • Action Item: Review and update indemnity policies for trustees to ensure they align with the amended regulations.

Key Entities Referenced

Pension Fund Regulatory and Development Authority (PFRDA): The regulatory body established to promote, develop, and regulate pension funds in India. National Pension System (NPS) Trust: The trust responsible for managing the assets of the National Pension System on behalf of the subscribers. Pension Fund Regulatory and Development Authority Act, 2013: The Act that established PFRDA and provides the legal framework for regulating pension funds in India. Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015: The principal regulations governing the National Pension System Trust, which are being amended by this notification. Trustee Bank: The bank holding the funds of the subscribers in the account of National Pension System Trust e-NPS web portal: Online web portal hosted by the National Pension System Trust or by any other intermediary on behalf of such Trust
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-18042023-245226 xxxGIDHxxx CG-DL-E-18042023-245226 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 240] नई दिल्ली, बृहस्ट्प जतिार, अप्रलै 17, 2023/चत्रै 27, 1945 No. 240] NEW DELHI, MONDAY, APRIL 17, 2023/CHAITRA 27, 1945 पिें न जनजध जिजनयामक और जिकास प्राजधकरण अजधसचू ना नई दिल्ली, 17 अप्रैल 2023 पिें न जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पिें न प्रणाली न्यास) (संिोधन) जिजनयम, 2023 फा. सं. पीएफआरडीए/12/आरिीएल/139/5.—पेंिन जनजध जिजनयामक और जिकास प्राजधकरण अजधजनयम 2013 (2013 का 23) की धारा 52 की उपधारा (1) के साथ पठित उपधारा (2) के खडं (फ) और (ब) द्वारा प्रित्त िजियों का प्रयोग करते हुए, पेंिन जनजध जिजनयामक और जिकास प्राजधकरण एतद्द्वारा पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पेंिन प्रणाली न्यास) जिजनयम, 2015 म ेंसंिोधन करते हुए जनम्नजलजखत जिजनयम बनाता ह,ै नामतः – इन जिजनयमों का नाम पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पेंिन प्रणाली न्यास) (संिोधन) जिजनयम, 2023 ह ैI य े जिजनयम िासकीय रािपत्र म ें उनके प्रकािन की जतजथ स े प्रिृत्त होंगे I पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पेंिन प्रणाली न्यास) जिजनयम, 2015 म ें:- (I). जिजनयम 2 के िततमान उप-जिजनयम 1(झ) को जनम्नानुसार प्रजतस्ट्थाजपत दकया िाएगा – (झ).“राष्ट्रीय पेंिन प्रणाली न्यास की आजस्ट्तयों” स े तात्पय त हरै ाष्ट्रीय पेंिन प्रणाली न्यास केनाम पर धाठरत अजभिाताओं की आजस्ट्तयां, न्यासी बैंक केसाथ राष्ट्रीय पेंिन प्रणाली न्यास के खाते म ें धाठरत अजभिाताओं की राजि और राष्ट्रीय पेंिन प्रणाली न्यास या इस न्यास की ओर स े दकसी अन्य मध्यिती द्वारा होस्ट्ट दकया 2493 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] गया ई-एनपीएस िेब पोटतल तथा राष्ट पिें न प्रणालीन्यास की खाता बजहयों म ें िित ऐसी अन्य सभी चल और अचल िोनों प्रकार की आजस्ट्तयां ; इन आजस्ट्तयों म,ें प्राजधकरण द्वारा िारीजनिेि दििाजनिेिों म ें यथाजनर्िष्टत नकि, प्रजतभूजतयां और अन्य जित्तीय प्रपत्र िाजमल होंगऔे रइसे अजभिाताओं की ओर स े राष्ट्रीय पेंिन प्रणाली न्यास द्वारा और इसके नाम पर धाठरत दकया िाएगा I (II). जिजनयम 11 के िततमान उप-जिजनयम 2 (vi) को जनम्नानुसार प्रजतस्ट्थाजपत दकया िाएगा – (vi). प्राजधकरण को सूजचत करते हुए, न्यास के कृत्यों के दियान्ियन या प्रिासन के जलए अजधकाठरयों और अन्य कमतचाठरयों को जनयुि करना तथा उनके िते न और भत्त े तथा सेिा के अन्य जनबंधन और ितें अिधाठरत करना ; (III). जिजनयम 11 के िततमान उप-जिजनयम 2 (x) को जनम्नानुसार प्रजतस्ट्थाजपत दकया िाएगा – (x). राष्ट्रीय पिें न प्रणाली न्यास की दकन्हीं आजस्ट्तयों या संपजत्तयों के अजभरक्षक दियाकलापों को मॉजनटर करना, तथा उस े समुिेजित न करने, अंतठरत न करने, बंधक न रखने, जगरिी न रखन,े उधार न िेने या उससे अन्यथा उसका व्ययन न करन े संबंधी अनुिेि िारी करना िब तक दक प्राजधकरण द्वारा इस संबंध म ें िारी दकए गए दकन्हीं भी पठरपत्रों या जनिेिों या दििाजनिेिों के तहत जििेष रूप स ेअनमु जत न प्रिान की गई हो; (IV). जिजनयम 11 के िततमान उप-जिजनयम 2 (xviii) को जनम्नानुसार प्रजतस्ट्थाजपत दकया िाएगा – (xviii). न्याजसयों को, सद्भाि पूितक की गई केिल उनकी सद्भािी कारतिाइयों के जलए उनको क्षजतपूर्तत प्रिान करन े हते ु दकसी भारतीय बीमा कम्पनी स े न्याजसयों के जलय े उपयिु क्षजतपूर्त त पाजलसी की व्यिस्ट्था करनाI राष्ट्रीय पेंिन प्रणाली न्यास, न्याजसयों के रूप म ें काय त करते समय न्याजसयों और उसके अजधकाठरयों को, उनकी सद्भािी कारतिाइयों स े उद्भूत दकसी जििाि या जिजधक कायतिाही की ििा में उन्ह ें जिजधक या अन्य सहायता प्रिान कर सकता ह ै; (V). जिजनयम 11 के उप-जिजनयम (2) म,ें खडं (xviii) के बाि, िततमान खंड (xix) के स्ट्थान पर नया खंड (xix) जनम्नानुसार सजिजिष्ट दकया िाएगा – (xix). राष्ट्रीय पेंिन प्रणालीन्यास या ऐसे न्यास की ओर स े दकसी अन्य मध्यिती द्वारा होस्ट्ट दकए गए "ई- एनपीएस" ऑनलाइन िेब पोटतल के संचालन की जनयजमत आधार पर प्रबंधन और जनगरानी, जिसम ें उससे सम्बंजधत कोई भी कृत्य या प्रासजं गक गजतजिजधयां िाजमल ह ैं; (VI). जिजनयम 11 के उप-जिजनयम (2) म ें पूितिती खंड (xix) (सजिजिष्ट करन े स े पहल)े को नय े खंड (xx) के रूप म ें पनु ः िमांदकत दकया िाएगा। (VII). जिजनयम 12 के िततमान उप-जिजनयम (ट) को जनम्नानुसार प्रजतस्ट्थाजपत दकया िाएगा – (ट). पेंिन जनजधयों स े ऐसी कोई आजस्ट्त अर्ितत नहीं करना जिसम ें उस पर कोई ऐस े िाजयत्ि की धारणा अन्तितजलत हो, जिसके पठरणामस्ट्िरूप राष्ट्रीय पेंिन प्रणाली न्यास या उसके अजभिाताओं की संपजत्त का दकसी प्रकार स े अजधभार हो, िब तक दक प्राजधकरण द्वारा इस संबंध म ें िारी दकए गए दकन्हीं भी पठरपत्रों या जनिेिों या दििाजनिेिों के तहत जििेष रूप स ेअनमु जत न प्रिान की गई हो ; पािलखे : 1. मूल जिजनयम, पिें न जनजध जिजनयामकऔरजिकास प्राजधकरण (राष्ट्रीय पेंिन प्रणाली न्यास) जिजनयम, 2015, भारत के रािपत्र मेंभाग III, खंड 4 म ें 12 माचत 2015 को अजधसूचना स.ं पीएफआरडीए/12 /आरिीएल/139/5 केमाध्यम से प्रकाजित दकए गए थIे 2. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पिें न प्रणाली न्यास) (प्रथम संिोधन) जिजनयम, 2019, भारत के रािपत्र मेंभाग III, खडं 4 म ें 29 िुलाई 2019 को अजधसूचना स.ं पीएफआरडीए/12 /आरिीएल/139/5 केमाध्यम से प्रकाजित दकए गए थIे[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 3. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पिें न प्रणाली न्यास) (जद्वतीय संिोधन) जिजनयम, 2020, भारत के रािपत्र मभें ाग III, खंड 4 म ें 29 िुलाई 2020 को अजधसूचना स.ं पीएफआरडीए/12 /आरिीएल/139/5 केमाध्यम से प्रकाजित दकए गए थेI 4. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पिें न प्रणाली न्यास) (संिोधन) जिजनयम, 2021, भारत के रािपत्र मेंभाग III, खंड 4 म ें 14 िून 2021 को अजधसूचना स.ं पीएफआरडीए/12 /आरिीएल/139/5 केमाध्यम से प्रकाजित दकए गए थIे डॉ. िीपक महान्ती, अध्यक्ष [जिज्ञापन-III/4/असा./020/2023-24] 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;4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (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. 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.

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