Mad. HC: Can Attach Properties Purchased Prior to Offence if Criminal Activity Held Outside Country  ||  Ker. HC: The Term ‘Dumb’ Now Considered as Ethically and Technically Inaccurate  ||  SC: If Construction of Building Essential for Carrying Supplying Services, it Can be Held as a Plant  ||  SC Sets Aside Judgements Holding that TOLA Won’t Extend Time for Issuing Notices for Re-Assessment  ||  Supreme Court Strikes Down Khalsa University (Repeal) Act, 2017  ||  SC: Criminal Cases Having Civil Character Should be Quashed When Parties Resolved Disputes  ||  SC: Tendency to Treat Members of Denotified Tribes as Habitual to Crime Reinforces a Stereotype  ||  Raj. HC: Protecting Children's Right is Not Just a Legal Obligation, It's a Moral Imperative  ||  Cal. HC: 90 Day Timeline for Completion of Arbitral Proceedings Under MSME Act is Directory  ||  All. HC: Application u/s 34 Can’t be Dismissed for Non-Filing of Certified Copy if Explanation Given    

PFRDA notifies amendments to Trustee Bank (TB) and Central Recordkeeping Agency (CRA) Regulations- (Press Information Bureau) (22 Feb 2024)

MANU/PIBU/0200/2024

Service

The Pension Fund Regulatory and Development Authority (PFRDA) has notified the Trustee Bank (TB) (Amendment) Regulations, 2023 and the Central Recordkeeping Agency (CRA) (Amendment) Regulations, 2023 on 09.02.2024.

The amendments to Trustee Bank (TB) Regulations simplify and strengthen the provisions related to implementation of fraud prevention and mitigation policy, compensation to the subscriber, invitation of application for new registration and surrender of certificate of registration.

Amendments to Central Recordkeeping Agency (CRA) Regulations simplify and strengthen the provisions related to governance of CRA in line with Companies Act, 2013 and enhanced disclosure of information by CRA. The other notable amendments inter alia include:

i. Implementation of fraud prevention and mitigation policy by CRA to protect the interest of subscribers.

ii. Inclusion of certificate by CEO in the annual report in respect of adequacy and effectiveness of internal controls, compliance and audit processes.

iii. Criteria of 'fit and proper person' has been introduced for CRA and its key personnel.

The amendments in key areas aim at simplification and reducing compliance burden.

The above simplifications are in line with Union Budget 2023-24 announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business.

Tags : AMENDMENTS   TRUSTEE BANK   REGULATIONS  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved