Section 15 in Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015
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,-(a)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;(c)to ascertain whether the provisions of the Actor the regulations made or circulars, guidelines or notifications issued by the Authority are being complied with;(d)to inquire into the complaints received from subscribers, nodal offices, intermediaries or any other person on any matter having a bearing on the activities assigned by the Authority to the National Pension System Trust;(e)to inquire suo motu into such matters as may be deemed fit in the interest of subscribers.(3)The Authority may, appoint one or more authorised representatives or, appoint a qualified auditor to undertake the inspection or audit referred to 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).(4)For the purpose of inspection or audit by the Authority, the National Pension System Trust shall provide reasonable access to all the information, documents, records and systems in its possession relating to the National Pension System and its services and shall also cause employees, subcontractors, suppliers and agents to produce any document, record and system reasonably required for inspection or audit and shall provide reasonable assistance in connection with the inspection or audit.(5)Any change or amendment required to be incorporated in the systems and procedures, arising out of the audit or inspection report and approved by the Authority, shall be effected within sixty days by the National Pension System Trust and informed to the Authority and required change or amendment shall be effected through the change control note procedure as defined by the Authority.
