PFRDA amends regulations for Trustee Bank, Central Recordkeeping Agency

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

Pension Fund Regulatory and Development Authority (PFRDA) has amended regulations for Trustee Bank, and Central Recordkeeping Agency.

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, an official statement said on Thursday.

Amendments to Central Recordkeeping Agency (CRA) Regulations simplify and strengthen the provisions related to the governance of CRA in line with Companies Act, 2013 and enhanced disclosure of information by CRA, it said.

Both amendments were carried out earlier this month and these are in line with the 2023-24 Union Budget announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business.

The other notable amendments included implementation of fraud prevention and mitigation policy by CRA to protect the interest of subscribers.