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13
February 2017
Central
securities depository NSDL's e-Governance Infrastructure has decided to cut
maintenance and account opening charges for subscribers of the National Pension
System (NPS) from April 1, the pension regulator has announced. The Total Investment & Insurance
Solutions
"NSDL
e-Governance Infrastructure Ltd would be rationalising its charge structure
w.e.f. April 1, 2017 which would be Rs 40 for PRA opening, Rs 95 for PRA Annual
Maintenance and Rs 3.75 for each transaction," the Pension Fund and
Regulatory Development Authority (PFRDA) said on Monday.
The
current charges are Rs 190 for PRA annual maintenance, Rs 50 as account opening
fee and Rs 4 for transaction fee. The
Total Investment & Insurance Solutions
The
regulator also said Karvy Computershare will be joining NSDL as second Central
Recordkeeping Agency (CRA) from February 15. The Total Investment & Insurance Solutions
"It
has been decided that Karvy Computershare would be allowed to service the new
accounts till March 31, 2017 and thereafter it would be allowed to function as
a full-fledged CRA with interoperability functionality providing for option to
shift for existing subscribers of NPS from April 1, 2017 onwards," PFRDA
said. The Total Investment & Insurance
Solutions
A CRA
is responsible for record-keeping, administration and customer service
functions for all NPS subscribers. The function includes receiving instructions
from subscribers through the points of presence, transmitting such instructions
to pension funds and effecting switching instructions received from
subscribers. The Total Investment &
Insurance Solutions
From
the next fiscal onwards, the subscriber would be provided an option to choose
between NSDL e-governance and Karvy Computershare. The Total Investment & Insurance Solutions
"The
criteria of allocation of subscribers shall be notified by the Authority from
time to time having regard to the subscribers' interest," PFRDA said.
As on
January 17, the total number of NPS and Atal Pension Yojna subscribers was over
1.42 crore. The Total Investment &
Insurance Solutions
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