The Pension Fund Regulatory and Development Authority (PFRDA) on July 14, 2023, issued a notification seeking public comments/feedback on proposed changes to the PFRDA (Point of Presence) Regulations, 2018
The following has been stated namely: -
• It states that the proposed changes are in the following key areas which, inter-alia, also aims at reducing certain compliance costs and simplification and to ensure orderly growth of NPS in the interest of subscribers namely: -
(i) Digitization and maintenance of subscriber records (onboarding, contribution, exit, and KYC documents) by PoPs and centralized storage by CRAs.
(ii) Simplification in eligibility criteria and a corresponding reduction in time taken for processing of an application for registration by the Authority from 60 days to 30 days. a. Reduction in the requirement of the minimum number of branches from 15 to 10 for the purpose of seeking registration under Regulation 3(1)(i). b. PoPs to fulfill the requirement of minimum net worth criteria on the date of application, instead of the last day of the immediately preceding Financial Year.
(iii) PoPs’ Audit Committee/Board to appoint an external auditor to carry out Operational/Process and Financial audit of PoPs and submit the report to their Board and the Authority. PoP is to also submit its Board’s observation to the Authority
• The draft proposal for PFRDA (Point of Presence) Regulations, 2018 is placed in Annexure-A
Comments/feedback are open for stakeholder consultation and the public for the draft proposal and can also be provided for any other provisions of PFRDA (Point of Presence) Regulations, 2018 where changes have not been proposed.
Comments/feedback may be sent in a Word document by email at [email protected] with the subject line as ‘Feedback on proposed changes to the PFRDA (Point of Presence) Regulations, 2018’ on or before August 04, 2023
