Nationwide Pension System: PFRDA updates rules to chop compliance prices, stop frauds

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The Pension Fund Regulatory and Growth Authority (PFRDA) has up to date rules for Trustee Financial institution and Central Recordkeeping Company (CRA) to safeguard Nationwide Pension System subscribers in opposition to fraud, and decrease compliance prices.

In a press release, the finance ministry famous that the amendments to Trustee Financial institution (TB) Rules simplify and strengthen the provisions associated to implementation of fraud prevention and mitigation coverage, compensation to the subscriber, invitation of software for brand spanking new registration and give up of certificates of registration. “The amendments in key areas purpose at simplification and lowering compliance burden,” it mentioned, including that amendments to CRA Rules will simplify and strengthen the provisions associated to governance of CRA, together with implementation of fraud prevention and mitigation coverage by CRA to guard the curiosity of subscribers.

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