(1) A pension fund shall prepare an annual report in respect of each financial year as detailed in Schedule VII so as to provide appropriate details of the scheme-wise disposition of the assets at the relevant accounting date and the performance during that period, together with information regarding distribution and accumulation of income accruing to the subscribers in a true and fair manner, in compliance with these regulations or guidelines issued by the Authority from time to time.
(2) The pension fund shall be required to get the accounts of its schemes audited in the manner specified by the Authority and the audit report shall form a part of the annual report. The auditor shall report to the National Pension System Trust.
(3) Every pension fund shall within sixty days from the date of closure of each financial year forward to the National Pension System Trust a copy of the audited annual report and other information including details of investments and deposits held by it so that its entire scheme-wise portfolio is disclosed to the National Pension System Trust.
(4) The financial statement of the schemes should be approved at a meeting of the board of directors of the pension fund and forwarded to the National Pension System Trust for approval. The Board of Trustees of the National Pension System Trust shall, approve and counter sign the financial statement of the schemes of the pension fund, after it is approved and signed by the board of directors of the pension fund. The financial statement of the Scheme shall be submitted to the Authority within ninety days from the date of closure of each financial year.
46 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(5) Every balance sheet and revenue account of schemes shall be in conformity with the Accounting Standards as notified under Companies Act, from time to time except AS 3 (Cash Flow Statement) and AS 17 (Segmental Reporting) to the extent applicable to pension schemes and not inconsistent with these regulations.
(6) The annual report and portfolio details of each scheme shall be prominently placed on the website of the respective pension funds by the pension fund after approval by the National Pension System Trust within ninety days from the date of closure of each financial year.
(7) The scheme wise annual report or an abridged summary thereof shall be provided by the pension fund to the central recordkeeping agency for onward transmission to subscribers. The report provided in the abridged summary to all subscribers shall carry a note that full annual report shall be available on the website of pension fund and the link of the same, where the full report is placed, shall be specified.
(8) The annual report shall be available for inspection at the Head Office of the pension fund and a copy thereof shall be made available to any subscriber on payment of such nominal fee of two hundred rupees or such other fee as may be specified by the Authority.
(9) The pension fund shall within one month from the close of each half year that is 31st March and 30th September of a year, disclose its scheme wise unaudited financial statements along with statement of scheme portfolio on its web site.
(10) The half-yearly unaudited report referred in sub-regulation (9) shall contain details as specified by the Authority or the National Pension System Trust from time to time and such other details which are necessary for the purpose of providing a true and fair view of the operations of scheme.