Punjab Trusts Amendment Act 2026
The Punjab Trusts (Amendment) Act, 2026 amends the Punjab Trusts Act, 2020 to strengthen the regulatory framework governing the registration and oversight of specialized trusts. The amendments primarily address the issuance of No Objection Certificates (NOCs) and introduce a structured appellate mechanism for decisions made by the relevant authorities.
The Act designates the Director General Labour Welfare, Labour and Human Resource Department as the competent regulator for issuing No Objection Certificates (NOCs) in matters that do not fall within the jurisdiction of the regulators specified in Schedule IV of the Anti-Money Laundering Act, 2010. It also introduces a statutory mechanism enabling an aggrieved person to challenge the refusal or cancellation of an NOC before the prescribed appellate authority within the stipulated period. The decision of the appellate authority is final.
The amendment further strengthens the appellate framework by providing trustees with a right to appeal against specified administrative decisions before the designated authority. It also prescribes a time frame for the disposal of such appeals and accords finality to the appellate decision, thereby promoting procedural certainty, transparency, and administrative efficiency.
These amendments address a legislative gap that remained after the enactment of the Punjab Trusts (Amendment) Act, 2022, which had introduced provisions relating to the regulation of trusts but did not establish a mechanism for appointing a regulator to issue NOCs for specialized trusts. The 2026 amendment fills this gap by creating a dedicated regulatory framework for Provident Funds, Gratuity Funds, Superannuation Funds, and Employment Benefit Trusts, thereby facilitating their registration and effective regulation.
