About Custodian

Custodian of Securities refers to an entity granted a certificate of registration under sub-section (3) of section 27 of the Act by the Authority. This certification allows the entity to provide custodial and depository participant services for pension schemes regulated by the Authority.

The Pension Fund Regulatory and Development Authority (Custodian of Securities) Regulations, 2015 were notified on May 14, 2015, and have since been amended. The Custodian of Securities must comply with these regulations, including any subsequent amendments.

Functions

"Custodial services" refer to those defined under the SEBI (Custodian) Regulations, 1996 (with amendments), as permitted by the Authority in accordance with investment guidelines.

Functions of Custodian include the safekeeping of securities or assets held under the National Pension System (NPS) or Atal Pension Yojana (APY). The Custodian is responsible for settlements, recording receipts, maintaining records, and managing custody accounts on behalf of the NPS Trust.

Deutsche Bank AG was appointed as the Custodian of Securities for the National Pension System (NPS) and other pension schemes regulated by the Pension Fund Regulatory and Development Authority (PFRDA) on March 17, 2022.

Roles & Responsibilities of Custodian

For detailed information, refer to the Pension Fund Regulatory and Development Authority (Custodian of Securities) Regulations, 2015 and its subsequent amendments.

Charges

In consideration for the services provided, the Custodian is entitled to charge asset servicing fees, expressed as a percentage of the assets (to be calculated on daily accrual basis) under custody. These fees are calculated on a daily accrual basis for various schemes regulated or administered by the Pension Fund Regulatory and Development Authority (PFRDA), as approved by the Authority. The fee structure is subject to revision to ensure subscriber interests and the orderly growth of the pension sector.

The asset servicing charges are based on the daily closing balance of assets held by the custodian of securities under the pension schemes regulated by the Authority. This includes the face value of debt instruments and the purchase price of equity instruments.

Asset Servicing Charges

• 0.000000001770% per annum of assets under custody for both electronic and physical segments.

List of Custodians

Deutsche Bank AG: Deutsche Bank AG is a recognized custodian of securities under the National Pension System (NPS) and other pension schemes regulated by the Pension Fund Regulatory and Development Authority (PFRDA). The bank provides comprehensive custodial services, ensuring the safekeeping and management of assets.