Section 16(5) in Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015
(5)The banking of the funds shall be on account of the National Pension System Trust and the Trustee Bank shall discharge its duties in terms of the regulation with adequate care. The Trustee Bank shall be fully liable for any losses occasioned to the National Pension System Trust on account of any acts of omission or commission in the nature of fraud, negligence, dereliction of duty, misconduct or misdemeanor or any breach of applicable law or of the provisions of these regulations on the part of the Trustee Bank or its employees in which event the Trustee Bank shall be liable to indemnify the National Pension System Trust and the Board of Trustees for any loss occasioned (either directly or indirectly to the National Pension System Trust or Board of Trustees) or any claim raised against the National Pension System Trust or Trustees by any party in accordance with any agreement signed between the Board of Trustees and the Trustee Bank.
