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PFRDA notifies amendments to National Pension System Trust (NPST) and Pension Fund Regulations for Good Governance

Newdelhi:21/2/24:The Pension Fund Regulatory and Development Authority (PFRDA) has notified the National Pension System Trust (Second Amendment) Regulations 2023 and Pension Fund (Amendment) Regulations 2023 on 05.02.2024 and 09.02.2024 respectively.

The amendments to NPS Trust Regulations simplify the provisions related to appointment of Trustees, their terms and conditions, holding of meetings of Board of Trustees, and appointment of CEO – NPS Trust.

Amendments to Pension Fund Regulations simplify the provisions related to governance of Pension Funds in line with Companies Act, 2013 and enhanced disclosure by Pension Funds.

The other notable amendments inter alia include:

  1. Clarity of roles of Sponsor of Pension Fund & Pension Fund along with compliance to ‘fit and proper person’ criteria.
  2. Constitution of additional Board committees by Pension Funds such as Audit Committee and Nomination & Remuneration Committee.
  3. Inclusion of name ‘Pension Fund’ in name clause and requirement of existing pension fund(s) to comply with this provisions within 12 months.
  4. The annual report of schemes managed by the pension fund to include Directors’ responsibility statement.

The amendments in key areas aim at simplification and reducing compliance. For detailed information on the amended regulations, please visit the PFRDA website:

NPS Trust: https://www.pfrda.org.in/myauth/admin/showimg.cshtml?ID=2883

Pension Fund: https://www.pfrda.org.in/myauth/admin/showimg.cshtml?ID=2891

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

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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