XU Ho sto_Uo-33004/99

1172 · GI/2015

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35r · ~ 1

13 · General and specific due diligence - (1) The Board of Trustees shall exercise the following due diligence, namely: - a) it shall review the desirability of continuance of the pension fund if substantial irregularities are observed and recommend to the Authority its observations; b) it shall ensure that the trust property is properly protected, held and administered by the proper persons and by a proper number of such persons; it shall arrange for test checks of operational and service level agreementsz it shall immediately report to the Authority of any special developments in the domestic pension fund industry. (2) The Board of Trustees shall exercise the following specific due diligence, namely:- (a) obtain internal audit reports at regular intervals from auditors appointed by the trustees and the intermediaries; (b) obtain compliance certificates at regular intervals from all intermediaries under the National Pension System; hold meeting of trustees periodically; consider the reports of the auditor and compliance reports of all intermediaries, at the meetings of trustees for appropriate action; maintain records of the decisions of the trustees at their meetings and of the minutes of the meetings; ensure that the entities under the National Pension System adhere to the code of ethics; communicate in writing to all intermediaries of the deficiencies and for rectification of such deficiencies. CHAPTERIV ACCOUNTS AND MAINTENANCE OF RECORDS 14_ Maintenance of records_ The National Pension System Trust shall maintain such books and accounts in such form and in manner as may be determined by the Authority, in addition to those that are statutorily required to be maintained. The National Pension System Trust shall cause its accounts to be audited by a chartered accountant on every financial year in such manner as may be directed by the Authority from time to time. (2) The Board of Trustees shall give true and accurate accounts of all money received and spent and all matters in respect thereof in the course of management of the National Pension System Trust'$ properties or in relation with carrying out the objectives and purpose of the National Pension System Trust as well as all the assets and liabilities related to the National Pension System Trust' $ properties (3)The Board of Trustees shall, prepare once every year, an annual report of the activities of the National Pension System Trust. A copy of the same along with the copy of the audited accounts at the end of the financial year be furnished to the Authority, not later than July,31s of the same calendar year: (4) The National Pension System Trust shall maintain proper books of accounts and records with respect to (i) all sums of money received and expended by it under the National Pension System Trust General Administration Account' and the matters in respect of which the receipt and expenditure have taken place; (ii) the assets and liabilities of the National Pension System Trust; (iii) minutes of meetings of trustees; (iv) audited reports of pension funds schemes approved by the pension fund and approved by the Board of Trustees; vconsolidated scheme accounts approved by the Board of Trustees; (vi)register for documents Or records received and sent to the National Pension System intermediaries. CHAPTER V INSPECTION AND AUDIT 15. Right to inspection and audit - (1) Notwithstanding anything contained in Chapter IV, the Authority may, if it considers necessary at any time, undertake directly or through its authorized representative, inspection and audit of the books, accounts, records including telephone records and electronic records and documents of the National Pension System Trust for any purpose, including the purposes as specified under this regulation. (2) The purposes referred to in sub-regulation (1) may include; 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; (b) to ascertain whether adequate internal control systems, procedures and safeguards have been established and are being followed by the National Pension System Trust; to ascertain whether the provisions of the Actor the regulations made or circulars, guidelines or notifications issued by the Authority are being complied with;

20 · Definitions. In this Chapter, unless the context otherwise requires, (a "designated authority" means an officer of the Authority appointed under regulation 22; (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: 21. Contravention of provisions of Act, etc. Where the National Pension System Trust 0 any of its officers O any person concerned contravenes any of the provisions of the Act or the regulations made or directions, instructions or circulars issued thereunder Or the Trust Deed, the Authority may, without prejudice to any action under the Act or the

29 · Penalty and adjudication.-The imposition of penalty, if any, 0n the National Pension System Trust O any officer thereof or any person concerned 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. 30. Appeals to Securities Appellate Tribunal.-The National Pension System Trust O any officer thereof or any person concerned if aggrieved by any order passed by the designated member may prefer an appeal before the Securities Appellate Tribunal under sub-section (1) of section 36 of the Act: CHAPTER VII

31 · Revocation of the National Pension System Trust.-The National Pension System Trust shall be irrevocable, save at the instance of the Authority. In the event of revocation, all the funds, assets and other properties of the National Pension System Trust shall be transferred to another trust created by the Authority Or shall vest with the Authority: 32.Power to issue directions and amend the National Pension System Trust Deed - The Authority; (a) may from time to time, issue such guidelines O directions to the Board of Trustees of the National Pension System Trust as it may consider necessary for the proper implementation of the National Pension System o for the purpose of removing any difficulty which may arise; (b) shall direct the National Pension System Trust to alter, vary, modify, rescind, cancel or add to the Trust Deed any clause it may consider necessary in the interest of the subscribers and the Board of Trustees shall execute deed of amendment 0n receipt of directions from the Authority t0 give immediate effect to any such variations, modifications, cancellations or additions thereto. 33. Amendment to the Trust Deed.-Any amendment to the Trust Deed shall be made by a deed of amendment; but such an amendment shall not revoke any of the trusts herein declared or resume_ recover or divert the National Pension System Trust' $ funds or any part thereof or to apply the National Pension System Trust'$ fund for any purposes other than the purposes of the National Pension System Trust_ 34. Provisions of Indian Trust Act; 1882 t0 override - Without prejudice to what has been provided in these regulations_ the National Pension System Trust and Board of Trustees shall be bound by the provisions of the Indian Trusts Act; 1882 (2 of 1882).

35 · Systems and procedures. The National Pension System Trust shall,- a) have all the necessary systems and procedures that may be required to enable it to cO-ordinate with other intermediaries; (b) be responsible for the acts of, O commissions OT omissions by, its employees o the persons whose services it has procured. 36.Monitoring; review, evaluating and inspecting systems and controls The National Pension System Trust,- (a)shall have adequate processes for reviewing, monitoring and evaluating its controls, systems procedures and safeguards and that of other intermediaries; (b) must take necessary precautions, where its records are kept electronically, to ensure that continuity in recordkeeping is not lost or destroyed and that a sufficient back-up of records is available; (c) must ensure that its systems, processes and account be inspected annually by an expert and this expert must forward the inspection report within one month from the date of inspection to the Authority; (d) shall establish and maintain adequate infrastructural facilities to be able to discharge its role and responsibilities under the Act, rules and regulations and as per the agreement with pension fund, custodian; Trustee Bank O any other intermediary under the National Pension System; and its operating procedures and systems must be adequately documented and backed by operation manuals. 37.Prohibition of assignment-The National Pension System Trust shall not assign Or delegate its functions t0 any other person unless such person is authorized by the Authority. 38. Confidentiality.-The National Pension System Trusts shall ensure safety of all the records, data and information received by it under the National Pension System: Further_ it shall maintain confidentiality with respect to all records, data and information received by it under the National Pension System: It shall not, without the prior permission of the

43 · The provisions of this Chapter shall apply to the pension schemes other than National Pension System and, any other pension scheme referred to in clause (b) of sub-section (1) of section 12 of the Act: 44_ The pension schemes referred t0 in regulation 43shall be constituted in the form of a trust and the instrument of trust shall be in the form of a deed, executed by the sponsor in favour of the trustees and duly registered under the provisions of the Registration Act, 1908 (16 of 1908). 45. The qualifications and the disabilities of the trustees shall be as specified in the case of Board of Trustees under the National Pension System under regulation 5. The trustees shall cease to be trustees as specified under regulation 6. 46. The Trust Deed shall contain at least the indicative contents of the Trust deed provided in regulation 4 of this regulation and applicable for the National Pension System Trust and the trustees shall at all times adhere to the code of conduct set out in Schedule III: 47. The trustees shall have the same powers, duties, functions and responsibilities as are applicable in the case of Board of Trustees under the National Pension System, provided in these regulations, excepting that any reference t0 the words National Pension System Trust as appearing in these regulations shall be substituted with the words "pension scheme and shall mean as such: Any reference to intermediaries generally or specifically by name under the National Pension System, shall be substituted with such intermediaries or entities as are O1 shall be rendering services to the pension schemes other than National Pension System: 48. No such pension scheme shall commence its activities unless registered with the Authority and the existing pension schemes shall conform to these regulations and operational guidelines that may be issued by the Authority, o the date to be notified by the Authority.