The Pension Fund Regulatory and Development Authority (PFRDA) on February 21, 2024, notified Pension Fund Regulatory and Development Authority (Retirement Adviser) (Amendment) Regulations, 2023 to amend the Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016.
The following has been stated: -
•In regulation 2,
(i)Clause (vi) shall be deleted.
(ii)Clause (vii) shall be substituted as follows:
“(vii)“compliance Officer” shall mean a designated director or designated partner of a non-individual retirement adviser, duly responsible for monitoring compliance with the provisions of the Act, rules, regulations, notifications, guidelines, circulars, directions, and instructions issued by the Authority;”
•Sub-regulation (2) of regulation 2 shall be deleted.
•Sub-regulation (1) of regulation 3 shall be substituted as follows:
“3. Application for grant of certificate of registration. - (1) An individual or non-individual desirous to provide retirement advice on the National Pension System or any other pension scheme covered under the Act, shall obtain a certificate of registration from the Authority, to act as a retirement adviser, as provided under these regulations.”
•Regulation 8 which is about Security Deposit is deleted.
•Regulation 14 which is about Suspension and Cancellation of Certificate of Registration is deleted.
•New clause (q) shall be inserted after clause (p) of regulation 17 as follows:
“(q) take all measures necessary for the prevention of fraud and develop and implement a fraud prevention and mitigation policy in accordance with guidelines issued by Authority;”
These shall come into force on February 22, 2024.
The detailed notification is given in the document attached below.
[Notification No. F. No. (PFRDA/16/13/13/0017/2022-REG-RA)]
