Section 13(2) in Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015
(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;(c)hold meeting of trustees periodically;(d)consider the reports of the auditor and compliance reports of all intermediaries, at the meetings of trustees for appropriate action;(e)maintain records of the decisions of the trustees at their meetings and of the minutes of the meetings;(f)ensure that the entities under the National Pension System adhere to the code of ethics;(g)communicate in writing to all intermediaries of the deficiencies and for rectification of such deficiencies.
