Inspection and investigation powers permit the Authority, on its own initiative or on information or complaint, to inspect records, documents, infrastructure, procedures and systems of pension funds, custodians, trustees, and other pension-ecosystem participants. The powers support compliance, subscriber protection, and other purposes considered appropriate, and include authority to conduct investigations.

Each Scheme's assets and liabilities must be valued daily at market prices using methodologies fully disclosed and documented by the Pension Fund. Net Asset Value per unit must be calculated and declared daily by deducting total liabilities from total asset value and dividing the balance by outstanding units. Valuation functions may be carried out by a valuer registered with the Insolvency and Bankruptcy Board of India or the Authority, or another person specified by the Authority.

Pension Funds must obtain prior approval before levying fees or charges on Subscribers. Charges may include account-opening charges, annual maintenance charges, investment-management fees calculated as a percentage of assets under management, and transaction charges. Complete details of all proposed fees and charges must be disclosed to Subscribers through the Scheme Information Document and other relevant documents.

Pension Funds must pay annual fees, Scheme Information Document filing fees, and any further fees specified by the Authority from time to time. The fee obligation covers identified annual and filing charges as well as additional Authority-specified charges.

Pension Funds must obtain the Authority's prior approval before any direct or indirect change in control. A Pension Fund operating in the form of a branch need only inform the Authority within fifteen days of the change where prior approval is required from its sectoral regulator in its principal place of operation.

Pension Funds must promote financial literacy among potential Subscribers and provide timely, accurate and comprehensive information on Scheme operations, investment risks, fee structures, and Subscribers' rights and responsibilities. Key educational materials, performance disclosures and Scheme details must be available to every Subscriber in a readily accessible, clear and easily understandable form.

A Pension Fund may engage distributors to market, solicit, or service Subscribers, but remains fully and solely responsible for each distributor's conduct, compliance, and activities. The Pension Fund must ensure that engaged distributors comply with applicable regulations and directions issued by the Authority.

Trustees and their directors, officers and governing-body members must act in a fiduciary capacity solely for Subscribers' benefit and protect and enhance superannuation benefits. They must apply reasonable care, diligence, skill and prudence, prioritise Subscribers' interests in actual or potential conflicts, and ensure that Scheme administration complies with the Scheme Information Document, trust deed, applicable pension regulations, subsidiary instructions and other applicable laws.

Trustee appointment eligibility requires independence from the Pension Fund, authorisation or registration to act as trustee, and adequate infrastructure, manpower and related resources. The proposed Trustee must have sufficient operational capacity to discharge its functions and obligations.

Trust creation for pension fund arrangements requires the trust contemplated for the fund to be settled under applicable laws in force in India. The trust deed must specify the Trustee's roles and responsibilities in conformity with the prescribed regulatory requirements, thereby linking trust governance to the duties imposed on the Trustee and ensuring that foundational governance arrangements are formally recorded.

A Pension Fund must ensure that all Scheme assets are held in the safe custody of an independent Custodian. The Custodian is responsible, in accordance with applicable law and regulatory requirements, for safekeeping and settlement of Scheme assets and reporting of holdings.

Pension Funds must undergo annual financial audits by independent auditors under applicable law and submit the audit report to the Authority within thirty days of receipt. The Authority may also initiate special audits or appoint auditors for concurrent audits when considered necessary.

Every Pension Fund must take adequate steps to redress Subscriber grievances and handle them in conformity with the prescribed framework for complaint handling and grievance redressal by regulated entities in the IFSC. This obligation, governed by the relevant regulatory circular, forms part of the general responsibilities applicable to Pension Funds.

Pension Funds must submit prescribed reports on operations, financial performance, investment portfolios and compliance status within specified reporting timelines. At onboarding, Subscribers must receive the Scheme Information Document, fee details, grievance procedures, and terms for contributions, withdrawals and exit. Yearly performance reports and annual consolidated statements on transactions, investment performance and fees are required. Changes to core onboarding disclosures must be communicated to Subscribers immediately.

Pension Funds must maintain secure electronic systems for Subscriber data and transactions, ensuring data integrity, confidentiality and availability in accordance with applicable laws. Each Subscriber must be assigned a unique Pension Account number. Subscribers must receive online access to their account details, including transaction history, current valuation and investment allocation.

Pension Fund risk management requires comprehensive stress testing and scenario analysis at regular intervals to evaluate portfolio resilience under extreme conditions. Pension Funds must formulate, implement and maintain robust business continuity and disaster recovery plans, subject to regular testing to ensure uninterrupted operations as ongoing resilience and continuity controls.

Pension Funds must maintain a Board-level Risk Committee and implement a three lines of defence model. Investment management and operations own and control operational risks; compliance, legal and risk-management functions set risk appetite, monitor regulatory requirements and report deficiencies; and internal audit reports directly to the Board, providing independent assurance on governance, risk management and internal controls.

Pension Fund Boards must maintain and periodically review a documented risk appetite statement defining the overall risk accepted in Scheme management. The statement must be operationalised through specific, measurable and actionable quantitative and qualitative risk limits for the whole portfolio and its individual components.

Pension Funds must establish a risk management framework covering the key risk categories specified in the Fourth Schedule. Detailed methodologies for managing those risks must be set out in internal risk management policies and conform to the applicable requirements. Each Pension Fund must also implement a currency risk management policy, including hedging strategies where appropriate.

Every Pension Fund must establish and maintain a comprehensive enterprise-wide risk management framework approved by its Board. The framework must identify, measure, monitor and mitigate all material risks arising from and associated with Scheme management, and must be integrated into all aspects of the Pension Fund's operations.