Section 36 in Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015
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 or any other intermediary under the National Pension System, and its operating procedures and systems must be adequately documented and backed by operation manuals.
