PFRDA updates regulations to cut compliance costs, prevent frauds

The Pension Fund Regulatory and Development Authority (PFRDA) has updated regulations for Trustee Bank and Central Recordkeeping Agency (CRA) to safeguard National Pension System subscribers against fraud, and lower compliance costs.

In a statement, the finance ministry noted that the amendments to Trustee Bank (TB) Regulations simplify and strengthen the provisions related to implementation of fraud prevention and mitigation policy, compensation to the subscriber, invitation of application for new registration and surrender of certificate of registration. "The amendments in key areas aim at simplification and reducing compliance burden," it said, adding that amendments to CRA Regulations will simplify and strengthen the provisions related to governance of CRA, including implementation of fraud prevention and mitigation policy by CRA to protect the interest of subscribers.