Section 15 in Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015
15. Authorization.
(1)The Board of Trustees of National Pension System Trust shall authorize the Trustee Bank to act as its agent for the purpose of banking the funds in accordance with the provisions of the Act, the rules or the regulations made there under and any guidelines or directions issued by the Authority.(2)[ The Board of Trustees shall authorize the Trustee Bank to hold on its behalf the funds in the name of National Pension System Trust and for the beneficial interests of the beneficiaries of the schemes regulated or administered by the Authority. No such authorization shall confer upon the Trustee Bank, any right, title, interest or share in the funds of the subscribers or any other right under the schemes regulated or administered by the Authority.] [Substituted by Notification No. PFRDA/12/RGL/139/6, dated 19.2.2019 (w.e.f. 23.3.2015).](3)The Board of Trustees shall certify to the Trustee Bank the names and signatures, address and scope of authority of all persons authorized to give proper instructions or any other notice, request, directions, circulars, instruction and notification issued by the Authority from time to time and in accordance with the terms of the regulation, certificate or instrument on behalf of the National Pension System Trust. Such certificate may be accepted and relied upon by the Trustee Bank as conclusive evidence of the facts set forth therein and may be considered in full force and effect until receipt of similar certificate to the contrary. Any such certificate may be given by the Chief Executive Officer of the National Pension System Trust or such other person, as may be authorized by the Board of Trustees.(4)The Trustee Bank shall certify to the Board of Trustees, the names and signatures, address and scope of authority of all persons authorized to receive proper instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Trustee Bank. The service of any notice, request, direction, instruction, certificate or instrument on such authorized persons shall be deemed to be effective notice or service to the Trustee Bank.
