44zo_3o_qdo-33004/99

3874 · 1

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31874 · 2

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218474 · 7

16 · Maintenance of books of account and audit of accounts The following books of accounts be kept by the point = of presence a) details of applications received and submitted to the central recordkeeping agency for registration and Permanent Retirement Account Number data generated for all such applicants; b) details of money received from the subscribers in cash; by cheque, O any authorized form of remittance; details of cash held on daily basis; details of subscriber-wise money remitted to the Trustee Bank; details of subscriber-wise instructions sent to the central recordkeeping agency. The point of presence shall follow the Segmental Method of Accounting (under the relevant accounting standards) for its National Pension System related activities and the same shall be audited.. The format and scope of such an audit shall be in conformity with the notifications, guidelines, circular etc issued by Authority from time to time. The Audit certificate shall be submitted to the Authority as soon as practicable upon finalisation of books of point of presence S accounts but not later than ninety days from the date of such finalisation of such accounts 17. Separation of National Pension System accounts from other businesses__Each point of presence shall ensure that all matters related t0 National Pension System including maintenance of accounts, flow of funds in respect of the National Pension System business are maintained separately or distinctly from its other businesses 18. Systems and procedures (1) Each point of presence of the National Pension System shall have all the technological capabilities, infrastructures and necessary systems and procedures that may be required to enable it to co-ordinate with other intermediaries. (2) Each point of presence shall be responsible for the acts of commissions O omissions by its employees or the persons whose services it has procured. 19. Redressal of subscriber grievances -(1)The overall responsibility of the point of presence for redressal of subscriber grievances shall be as provided under the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015. The point of presence shall ensure that an effective mechanism t0 receive and redress complaints from the subscribers is in place and the grievances are examined and redressed in prompt and fair manner. (2) The point of presence shall inform subscriber at the commencement of relationship with the subscriber and at such other time when the information is likely to be required by the subscriber of (i) the subscriber'$ right to seek redress for any complaints, including through the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievances) Regulations, 2015; (ii) the processes followed by the point of presence to receive and redress complaints from its subscribers _ (3) The point of presence shall display the grievance redressal mechanism prominently on its website_ 20. Appointment of Compliance officer (1) Each point of presence shall appoint a 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 for redressal of subscriber grievances_ (2) The compliance officer shall immediately and independently report any non-compliance observed by him or her to the Authority. 21. Code of Conduct-_Every point of presence shall adhere to the code of conduct at all times as specified in Schedule II: CHAPTER IV INSPECTION AND AUDIT 22. Inspection and audit (1) The Authority may if it considers necessary at any time, undertake directly or through its authorized representative an inspection and audit of the books, accounts, records including the telephone records and electronic records and documents of the point of presence for any purpose, including the purposes as specified under this regulation. (2) The purposes referred to in sub-regulation (1) may include: ensuring that the books of account; records including telephone records and electronic records and documents are being maintained in the manner required under these regulations; b ascertaining whether adequate internal control systems, procedures and safeguards have been established and are being followed by the point of presence; ascertaining whether the provisions of the Act or the regulations made or circulars, guidelines or notifications issued by the Authority are being complied with; inquiring into the complaints received from subscribers, nodal offices, intermediaries Or any other person on any matter having bearing On the activities assigned by the Authority to the point of presence; inquiring Suo motu into such matters as may be deemed fit in the interest of subscribers_ 3 The Authority may, appoint one Or more persons as inspecting officer O, appoint qualified auditor to undertake the inspection or 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).

23 · Notice before inspection and audit (1) Before undertaking an inspection or audit under regulation 22, the Authority or its authorized representative or auditor shall give ten working days' notice to the point of presence; Provided that no notice shall be required if the Authority is satisfied that an inspection o audit is required for immediate safeguarding of the interest of the subscribers_

29 · Surrender of any certificate of registration Any point of presence, who has been granted a certificate of registration under the Act or the regulations made thereunder, desirous of giving up its activity and surrendering the certificate, may make a request for such surrender to the Authority. (2) While disposing off request under these regulations, the Authority may require the concerned point of presence to satisfy the Authority of the factors as it deems fit, including but not limited to the following the arrangements made by the intermediary at its own costs and expenses for maintenance and preservation of records and other documents required to be maintained under the relevant Act; regulations and guidelines; redressal of subscriber grievances; transfer of records, funds or securities of the subscribers at its own cost and expense; the arrangements made by it for ensuring continuity of service to the subscribers; defaults Or pending actions, if any: (3) While accepting the surrender request; the Authority may impose such conditions upon the point of presence as it deems fit for the protection of interest of the subscribers of the National Pension System and the Point of presence concerned shall comply with such conditions. (4) No point of presence shall be permitted to surrender its certificate, in respect of which any action for default has been initiated O has been contemplated by the Authority. 30. Effect of suspension, cancellation or surrender of certificate (1) On and from the date of suspension or cancellation of the certificate, the concerned point of presence shall - not undertake any additional assignment or collect any new money or information from the subscriber During the period of such suspension, it shall cease to carry on any activity in respect of which the certificate of registration had been granted; allow its subscribers to transfer; as the case may be, their money or assignments or allow the National Pension System Trust to withdraw any assignment given t0 it, without any additional cost; make provisions as regards liabilities incurred 0r assumed by it; take such other action including the action relating to any records or documents and information Or money of the subscribers that may be in the custody O control of such point of presence, within the time limit and in the manner; as may be required under the relevant regulations Or as may be directed by the Authority, while passing the order under these guidelines or otherwise. (2) On and from the date of surrender or cancellation or suspension of the certificate of registration, the concerned point of presence shall- 4) return the certificate of registration so cancelled to the Authority and shall not represent itself to be holder of the certificate of registration for carrying out the activity for which such certificate had been granted; cease to carry on any activity in respect of which the certificate had been granted; transfer its activities t0 another point of presence, as directed by the Authority, holding a valid certificate of registration to carry 0n such activities and allow its subscribers to transfer their funds to the transferee entity, without any additional cost; make provisions as regards liability incurred or assumed by it; take such other action including the action relating to any records o documents and assets of the subscribers that may be in the custody 0 control of such point of presence, within the time limit and in the manner, as may be required under the relevant regulations O as may be directed by the Authority while passing order under these guidelines or otherwise_ 31. Appointment of designated authority-(1) Where it appears to the designated member that any point of presence who has been granted certificate of registration under these regulations or any other concerned person has committed any default of the nature specified in regulation 28, he may appoint an officer not below the rank of Chief General Manager, or any other officer of an equal rank as a designated authority. (2) No officer who has conducted investigation O inspection in respect of the alleged violation shall be appointed as designated authority: 32. Issuance of notice (1) The designated authority shall, if he finds reasonable grounds to do SO, issue notice to the point of presence or any person concerned requiring it to show cause as to why the certificate of registration granted to it, should not be suspended O cancelled O why any other action provided herein should not be taken: (2) Every notice under sub-regulation (1) shall specify the contravention alleged to have been committed by the noticee indicating the provisions of the Act; regulations, directions or circulars in respect of which the contravention is alleged to have taken place_ (3)There shall be annexed to the notice issued under sub-regulation (1) copies of documents relied on in making of the imputations and extracts of relevant portions of documents reports containing the findings arrived at in an investigation or inspection, if any, carried out: (4) The noticee shall be called upon to submit within period to be specified in the notice, not exceeding twenty-one days from the date of service thereof, written representation to the designated authority. 33_ Reply by noticee (1) The noticee shall submit to the designated authority its written representation within the period specified in the notice along with documentary evidence, if any, in support thereof: