Section 29 of The Unified Pension Scheme: Custodian of Securities
Custodian of Securities Unified Pension Scheme
29. Custodian of Securities. – (1) The custodian of securities undertaking the activities under UPS shall comply with the
terms and conditions of registration as provided under the Pension Fund Regulatory and Development Authority
(Custodian of Securities) Regulations, 2015, including the code of conduct and fit and proper criteria.
(2) The custodian of securities shall perform its roles and responsibilities as provided under Chapter III of Pension Fund
Regulatory and Development Authority (Custodian of Securities) Regulations, 2015, as if the reference to “National
Pension System” in such regulations shall extend to “Unified Pension Scheme” option under NPS as well.
(3) The obligations of the management of the custodian of securities, compliance officer and principal officer, appointed
by custodian of securities, arising under Pension Fund Regulatory and Development Authority (Custodian of Securities)
Regulations, 2015, shall ipso facto extend to activities under UPS, as provided under these regulations.
(4) The custodian of securities shall abide by the provision of Schedule IV of the Pension Fund Regulatory and
Development Authority (Custodian of Securities) Regulations, 2015, pertaining to infrastructure requirements with such
modifications as are required to undertake its activities under UPS.