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1 · Short title and commencement.-( 1) These regulations may be called the Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015. The regulation aims to provide standards for the eligibility, governance, organization and operational conduct of the Trustee Bank and requiring it to establish internal system that delivers compliance with standards for internal organization and operational conduct, for protecting the interest of the subscribers_ (2) They shall come into force on the date of their publication in the Official Gazette. 2 Definitions. 71) In these regulations, unless the context otherwise requires, a) ~Act" means the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013); b "Board of Trustees means trustees appointed by the Authority to the Board of the National Pension System Trust; ~compliance officer' means person of responsibility from the Trustee Bank; designated as such and charged with the responsibility of monitoring compliance by it of the provisions of the Act; or the rules or the regulations made or notifications, guidelines, circulars O1 instructions issued by the Authority there under. ~Drav wing and Disbursing Officer" means Drawing and Disbursing Officer under the Central Government or similar office under it or State Government or an autonomous body which shall interact with the Pay and Accounts Office (or equivalent office) or the central recordkeeping agency on behalf of the subscribers for the purpose of the National Pension System; "firewall' means system t0 prevent access to inside information of different segregated activities and resources among the key personnel of the Trustee Bank; the systems, back office, bank and securities accounts which must be segregated activity-wise; ~nodal office" means the offices which act as interface between the subscribers and the central recordkeeping agency and includes the Government office like Principal Accounts Officer, Directorate of Treasuries and Accounts, Pay and Accounts Officer, District Treasury Office, Drawing and Disbursing Office as well as point of presence and a service provider in the un-organized sector, National Pension System-Lite oversight office and the National Pension System-Lite Accounting Office in the National Pension System-Lite sector; ~Pay and Accounts Office" means Pay and Accounts Office under the Central Government or State Government or a similar office under Union territory O an autonomous body responsible for maintaining the contribution details for subscribers covered under the National Pension System; ~Permanent Retirement Account Number" means unique number allotted by the central recordkeeping agency to each subscriber under the National Pension System; ""principal officer' means any person who is responsible for the activities of a Trustee Bank and includes; any whole-time director, executive director, managing director or Chief Executive Officer or Chief Financial Officer, in the case of a body corporate; (ii) any person designated as a principal officer by the board of directors; and (iii) any key managerial personnel or any person in accordance with whose directions or instructions the board of directors O any one r more of the directors is Or are accustomed t0 act as such; service-level standards" means standards defining the service quality and turnaround time for fulfilling the duties and responsibilities laid down for the Trustee Bank: (2) Words and expressions used and not defined in these regulations but defined in the Act, shall have the meanings respectively assigned to them in the Act:

5 · The request for prior approval under clause (a) of sub-regulation (3) shall contain the information in respect of the Trustee Bank after the proposed change in status O constitution and the information shall be placed on the website as may be specified by the Authority. 10. Effect of refusal to grant certificate or expiry of certificate: 1) Where the Trustee Bank has failed to make an application or where an existing Trustee Bank has been refused grant of certificate under these regulations the Trustee Bank shall;

11 · Registration fee.~A non refundable registration fees of rupees twenty-five lakh shall be paid by the applicant to the Authority:

12 · Annual fee. (1) The Trustee Bank shall deposit each year an annual fee before the due date which shall be determined through bid 0r in such other manner as may be decided by the Authority at the time of selection process _ (2) For the year in which the certificate of registration is granted, annual fee shall be deposited by the Trustee Bank within thirty days from the date of registration in the proportion applicable for each quarter of the financial year regardless of the number of months or days falling short of such quarterly period. In case, the Trustee Bank fails to deposit an annual fees before O on due date, the Authority shall have the right to cancel the certificate of registration of the Trustee Bank.

13 · Period of validity: -(1) Subject to compliance with the provisions of the Act or these regulations, every certificate of registration granted to a Trustee Bank shall be valid for period of five years from the date of grant of registration unless suspended or cancelled by the Authority. The Authority may, extend O reduce the tenure of the registration certificate, for such period as it may determine in the interest of the subscribers Such extension O reduction shall be granted for reasons to be recorded in writing: Any extension granted to the Trustee Bank upon expiry of tenure of registration shall be binding on the Trustee Bank and the Trustee Bank shall discharge its functions in accordance with the terms of such extension.

15 · Authorization: - (1)The Board of Trustees of National Pension System Trust shall authorize the Trustee Bank to act as its agent for the purpose of banking the funds in accordance with the provisions of the Act, the rules or the regulations made there under and any guidelines O directions issued by the Authority: (2) The Board of Trustees shall authorize the Trustee Bank to hold on its behalf the funds in the name of National Pension System Trust and for the beneficial interests of the beneficiaries of the National Pension System: No such authorization shall confer upon the Trustee Bank, any right, title, interest or share in the funds of the subscribers or any other right under the National Pension System. (3) The Board of Trustees shall certify to the Trustee Bank the names and signatures, address and scope of authority of all persons authorized to give proper instructions or any other notice, request, directions, circulars, instruction and notification issued by the Authority from time t0 time and in accordance with the terms of the regulation, certificate Or instrument on behalf of the National Pension System Trust Such certificate may be accepted and relied upon by the Trustee Bank as conclusive evidence of the facts set forth therein and may be considered in full force and effect until receipt of similar certificate t0 the contrary: Any such certificate may be given by the Chief Executive Officer of the National Pension System Trust O such other person, as may be authorized by the Board of Trustees_ The Trustee Bank shall certify to the Board of Trustees, the names and signatures, address and scope of authority of all persons authorized to receive proper instructions or any other notice, request; direction, instruction, certificate O instrument on behalf of the Trustee Bank: The service of any notice, request; direction, instruction; certificate O instrument 0n such authorized persons shall be deemed to be effective notice O service to the Trustee Bank:

16 · Roles and responsibilities (1)The Trustee Bank shall assume the day to day banking of the funds under the National Pension System and shall provide banking facilities in accordance with the provisions of the directions issued by the Authority in terms of the Act, the rules and the regulations made there under; operational service level agreements executed with the National Pension System Trust and standard operating procedure issued by the National Pension System Trust; based on the Authority' $ guidelines. (2) The Trustee Bank shall exercise all due diligence and vigilance in carrying out its duties and in protecting the rights and interests of the subscribers, the beneficiaries of the schemes under the National Pension System: The Trustee Bank shall be responsible for the acts of omissions or commissions by its employees or the persons whose services have been procured by the Trustee Bank in whatever capacity. (3) The account of the National Pension System Trust with the Trustee Bank shall be in the name of National Pension System Trust and the Trustee Bank shall be holding the funds of the National Pension System Trust However; individual subscribers under the National Pension System shall remain beneficial owners of these funds _

20 · Inspection and audit: (1) The Authority may, if it considers necessary at any time, 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 Trustee Bank for any purpose, including the purposes as specified under sub-regulation (2). (2) The purposes referred t0 in sub-regulation (1) may include;- (a) to ascertain the infrastructural capabilities, systems and procedures; b) to ensure that the books of account; records including telephone records and electronic records and documents are being maintained in the manner required under these regulations; to ascertain whether adequate internal control systems, procedures and safeguards have been established and are being followed by the Trustee Bank; to ascertain whether the provisions of the Act or rules Or the regulations made there under or circulars, guidelines o notifications issued by the Authority are being complied with; to inquire into the complaints received from subscribers, nodal offices, intermediaries O any other person on any matter having a bearing O the activities assigned by the Authority to the Trustee Bank; to inquire suomotu into such matters as may be deemed fit in the interest of subscribers. (3) The Authority may; appoint one O more authorized representatives O, appoint qualified auditor to undertake the inspection O audit referred t0 in sub-regulation (1); 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). 21. Notice before inspection or audit: (1)Before undertaking an inspection Or audit under regulation 2Othe Authority O its authorised representative O the auditor shall give ten working days' notice t0 the Trustee Bank: Provided that no notice shall be required if the Authority is satisfied that an inspection or audit is required for immediate safeguarding of the interest of the subscribers. (2) During the course of an inspection O audit; the Trustee Bank against whom the inspection Or audit is being carried out shall be bound to discharge its obligations as provided in these regulations

22 · Obligations on inspection and audit -(1) It shall be the duty of the Trustee Bank, the affairs of which is being inspected or audited, and of every director_ officer and employee thereof; to produce to the Authority, Or its authorized representative Or auditor; such books, accounts, records and other documents in its custody O control and furnish to the Authority or its authorized representative O the auditor with such statements and information relating to the activities entrusted to it by the Authority, as it or he may require, within such reasonable period as may be specified.

25 · Inspection and audit by National Pension System Trust. (1) The National Pension System Trust shall undertake directly or through its authorized representative, inspection or audit or both of the Trustee Bank, on an annual basis O at such other period as may be specified by the Authority in relation to operational Service Level Agreements in accordance with the provisions of Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015. The Trustee Bank shall allow the National Pension System Trust; or its authorized representative to have reasonable access to the premises occupied by it, books of accounts, records and provide necessary information as may be required by it for the purpose of such inspection or audit, as the case may be. (2)The National Pension System Trust shall be entitled to recover from the Trustee Bank such expenses incurred by it for the purposes of inspection Or audit undertaken directly or through its authorized representative (3) The scope of audit Or inspection may be modified by the Authority as may be specified by it from time to time_

26 · Cancellation or suspension of certificate of registration. 1) Where any Trustee Bank which has been granted a certificate of registration under these regulations_ fails to comply with any conditions subject to which a certificate of registration has been granted t0 it; contravenes any of the provisions of the Act or the rules or the regulations made or guidelines or notifications, directions, instructions O circulars issued by the Authority there under; contravenes any of the provisions of the agreements entered into with other intermediaries; indulges in unfair trade practices O conducts its business in a manner prejudicial to the interests of the subscribers; fails to furnish any information as required by the Authority relating to its area of operations; does not submit periodical returns as required under the Act or by the Authority; does not cO-operate in an inquiry conducted by the Authority; commits any acts f defaults as mentioned under Section 28 of the Act; any other reason which in the opinion of the Authority warrants for suspension, cancellation O withdrawal of the certificate of registration granted; The Authority may; without prejudice to any other action under the Act; regulations, directions_ instructions Or circulars issued there under; by order take such action in the manner provided under these regulations including cancellation or suspension of the registration of such Trustee Bank and such other action, as may be deemed appropriate.

33 · Procedure for action on recommendation: 1) On receipt of the report recommending measures from the designated authority, the designated member shall consider the same and issue show cause notice to the noticee enclosing copy of the report submitted by the designated authority calling upon the noticee to submit its written representation as to why the action, including passing of appropriate direction, should not be taken (2) The noticee may, within twenty-one days of receipt of the notice send reply to the designated member who may pass appropriate order after considering the reply, if any received from the noticee and providing the person with an opportunity of being heard, as expeditiously as possible and endeavor shall be made to pass the order within one hundred and twenty days from the date of receipt of reply of the notice or hearing: (3) The designated member may pass a common order in respect of a number of noticees where the subject matter in question is substantially the same Or similar in nature. 34. Intimation of order: (1) Every report made by a designated authority and every order made by the designated member under these regulations shall be dated and signed. (2) A copy of the order passed under these regulations shall be sent to the Trustee Bank or other concerned person and also placed on the website of the Authority: 35. Penalty and adjudication: The imposition of penalty, if any, on the Trustee Bank or person shall be in accordance with the provisions of the Act and the Pension Fund Regulatory and Development Authority(Procedure for Inquiry by Adjudicating Officer) Regulations, 2015.

36 · Appeals to Securities Appellate Tribunal-~The Trustee Bank or any person concerned aggrieved by any order under these regulations may, prefer an appeal to the Securities Appellate Tribunal against such order in accordance with the provisions of sub-section (1) of Section 36 of the Act: Explanation- For the purposes of this chapter; "designated authority" means an officer of the Authority appointed under sub-regulation (1) of regulation 29 b) "designated member" means the Chairperson Or a whole-time Member of the Authority designated for the purpose. "noticee means the person to whom a notice has been issued under this chapter_ CHAPTER VIL

37 · . Redressal of grievances. The overall responsibility of the redressal of subscriber grievance shall be as per the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015.

38 · Confidentiality.~The Trustee Bank shall maintain absolute confidentiality with respect to all records, data and information received or acquired by it during the course of its working: It shall not; without the prior permission of the Authority, produce Or share such data or information as evidence, or for any other purpose, except as required by the due process of law.

39 · Power of Authority to issue clarifications: In order to remove any difficulties in the application or interpretation of these regulations, the Authority shall have the power to issue clarifications and guidelines in the form of notes Or circulars which shall be binding o the Trustee Bank O any person connected with it_

40 · Appointment of Compliance Officer: The Trustee Bank must appoint compliance officer who shall be responsible for monitoring compliance by it of the provisions of Act, rules and regulations, notifications_ guidelines, instructions issued by the Authority.

1 · Subscriber Protection