Section 16(7) in Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015
(7)(a)Systems and procedures, -(i)The Trustee Bank shall have all the necessary systems procedures, infrastructure that may be required to enable it to co-ordinate with other intermediaries;(ii)[ Firewall from other businesses: Trustee Bank shall ensure that a firewall is maintained in respect of the business under the schemes regulated or administered by the Authority, both in terms of staff and systems, from its other businesses;] [Substituted by Notification No. PFRDA/12/RGL/139/6, dated 19.2.2019 (w.e.f. 23.3.2015).](b)monitoring, review, evaluating and inspecting systems and controls, -(i)Trustee Bank must have adequate mechanisms for reviewing, monitoring and evaluating its controls, systems, procedures and safeguards;(ii)where the records are kept electronically, it must take precautions necessary to ensure that continuity in recordkeeping is not lost or destroyed and that a sufficient back-up of records is available;(iii)Trustee Bank shall have its systems inspected annually at its own cost, under the mechanism referred to in sub-clause (i), by an expert and this expert shall forward the inspection report within one month from the date of inspection to the Authority;(iv)Trustee Bank shall establish and maintain adequate infrastructural facilities to be able to discharge its role and responsibilities as per the "service-level agreement" with the National Pension System Trust, and the operating procedures and systems of the Trustee Bank shall be adequately documented and backed by operation manuals.
