The Pension Fund Regulatory and Development Authority (PFRDA) on February 23, 2024 published the Pension Fund Regulatory and Development Authority (Custodian of Securities) (Amendment) Regulations, 2023 to further amend the Pension Fund Regulatory and Development Authority (Custodian of Securities) Regulations, 2015.
This shall come into effect on February 23, 2024.
The following has been amended namely: -
• In regulation 1 which states “Short title and commencement” the sub-regulation (2) of the principal regulations, the objective of regulation shall be substituted as follows namely: -
“The objective of the regulations is to standardize the framework for registration, monitoring, supervision, and internal control of the custodian of securities to enable it to establish high standards for internal control and operational conduct, with the aim of protecting the assets of the pension schemes covered under the Act and ensuring proper management of risk”
•In Regulation 2 which states “definitions” in sub-regulation (1) the following changes shall be made namely: -
o Clause (c) shall be deleted.
o Clause (e) shall be substituted as follows:
“(e) custodial services- shall mean custodial services as defined under the SEBI (Custodian) Regulations, 1996 (with amendments thereof) save to the extent permitted by the Authority, in accordance with the investment guidelines”
o Clause (g) shall be deleted.
o Clause(h) shall be deleted.
Kindly refer to the document to view further amendments in detail
[Notification No. PFRDA/16/12/06/0001/2017-REG-CUST]
