23/02/2020 Pension Fund Regulatory and Development Authority - Wikipedia

Pension Fund Regulatory and

Development Authority
The Pension Fund Regulatory and Development
Pension Fund Regulatory
Authority (PFRDA), a statutory body, is the pension
and Development Authority
regulator of India which was established by Government of
(PFRDA)
India on 23 August 2003 and was authorized by Ministry of
Finance, Department of Financial Services. Upon introduction Type Regulator
of the PFRDA Bill by the Government of India in the Industry Pension
Parliament of India and the subsequent passage of the PFRDA Founded 23 August 2003
Act[2] in 2013, the Authority became a Central Autonomous Headquarters New Delhi, India [1]
Body. Like other financial sector regulators namely Reserve
Key people Supratim
Bank of India (RBI), Securities and Exchange Board of India
Bandyopadhyay,
(SEBI), Insurance Regulatory and Development Authority
Chairman
(IRDAI) and Insolvency and Bankruptcy Board of India (IBBI),
Website www.pfrda.org.in (h
PFRDA is a government regulatory body having executive,
ttp://pfrda.org.in)
legislative and judicial powers. PFRDA promotes old age
income security by establishing, developing and regulating pension funds and protects the interests
of subscribers to schemes of pension funds and related matters. Currently, PFRDA is regulating
and administering the National Pension System (NPS) along with administering the Atal Pension
Yojana (APY) which is a defined benefits pension scheme for the unorganized sector, guaranteed
by the Government of India.[3] PFRDA is responsible for appointment of various intermediate
agencies such as Central Record Keeping Agency (CRA), Pension Fund Managers, Custodian, NPS
Trustee Bank, etc.

Contents
Structure
Current members
History
National Pension System
References
External links

Structure
The Authority consists of a Chairperson and not more than six members, of whom at least three
shall be whole-time members, to be appointed by the Central Government.

Current members
1. SHRI RAVI MITAL , CHAIRPERSON[4]

https://en.wikipedia.org/wiki/Pension_Fund_Regulatory_and_Development_Authority 1/3
23/02/2020 Pension Fund Regulatory and Development Authority - Wikipedia

2. Sh. Supratim Bandopadhyay, Whole-Time Member(Finance)

History
PFRDA have set up a Trust under the Indian Trusts Act, 1882 to oversee the functions of the
Pension Fund Managers (PFMs). The NPS Trust is composed of members representing diverse
fields and brings wide range of talent to the regulatory framework. The Union Parliament passed
the IPRDA [Interim Pension Fund Regulatory & Development Authority] Bill in February 2003 as
a Budget Announcement, approved by the then President of India, Dr. APJ Abdul Kalam. It was
meant to be in place till the final and fool-proof system was prepared, re-approved, and
implemented in a way acceptable to all political parties in India, including the opposition. Tamil
Nadu became the first state to implement NPS for its newly appointed employees from the
financial year 2003–04, under the Chief Ministership of Jayalalitha.

On 19 September 2013[5], the President, Pranab Mukherjee, gave his assent to Pension Fund
Regulatory and Development Authority Bill of 2013, which was passed in the Monsoon Session of
Parliament on 4 September 2013 in the Lok Sabha and 6 September 2013 in the Rajya Sabha, to
make it a Permanent Act. This improved, foolproof and re-approved Bill, with the acceptance of all
political parties in India, has replaced the old and imperfect IPRDA Bill of 2003.[6] The President
of India is the guardian of the PFRDA, subject to his Financial Emergency Powers, as per the
Articles of Indian Constitution. PFRDA now has Full Autonomy & functioning Independently from
F.Y. 2014-15.

National Pension System

National Pension System is a defined contributory pensions introduced by Government of India. It
is mandatory for all Central Government employees with effect from 1 January 2004. It extends to
all citizens of India including workers of the unorganized sector on a voluntary basis with effect
from 1 May 2009.[7] On 29 October 2015 the Reserve Bank of India allowed Non-Resident Indians
(NRI) to subscribe to NPS.

References
1. "Archived copy" (https://web.archive.org/web/20140811181006/http://www.pfrda.org.in/indexma
in.asp?linkid=56). Archived from the original (http://pfrda.org.in/indexmain.asp?linkid=56) on 11
August 2014. Retrieved 29 July 2014.
2. "PFRDA Act" (https://web.archive.org/web/20131107103954/http://indiacode.nic.in/acts-in-pdf/2
32013.pdf) (PDF). Archived from the original (http://indiacode.nic.in/acts-in-pdf/232013.pdf)
(PDF) on 7 November 2013.
3. "PIB Release" (https://web.archive.org/web/20150305163237/http://pib.nic.in/newsite/PrintRele
ase.aspx?relid=116208). Archived from the original (http://pib.nic.in/newsite/PrintRelease.asp
x?relid=116208) on 5 March 2015.
4. http://www.pfrda.org.in//MyAuth/Admin/showimg.cshtml?ID=1229
5. http://www.pfrda.org.in/index.cshtml
6. Government of India (19 September 2013). "serial no.s 82 and 10 for Ministry of Law and
attention as The Pension Fund Regulatory and Development Authority Act, 2013" (http://www.e
gazette.nic.in). Act No. 23. The Gazette of India. Retrieved 22 June 2014.
7. "Archived copy" (https://web.archive.org/web/20140527085446/http://www.pfrda.org.in/writerea
ddata/linkimages/Offer%20Document%20All%20Citizen1783097450.pdf) (PDF). Archived from
the original (http://pfrda.org.in/writereaddata/linkimages/Offer%20Document%20All%20Citizen
1783097450.pdf) (PDF) on 27 May 2014. Retrieved 29 July 2014.
https://en.wikipedia.org/wiki/Pension_Fund_Regulatory_and_Development_Authority 2/3
23/02/2020 Pension Fund Regulatory and Development Authority - Wikipedia

External links
Official site (http://pfrda.org.in)
National Pension Scheme FAQs (http://www.pfrda.org.in/WriteReadData/Links/FAQsAllCitizens
Modelbf322a1a-be90-4eba-9356-4258f4bdfafd.pdf)

Retrieved from "https://en.wikipedia.org/w/index.php?

title=Pension_Fund_Regulatory_and_Development_Authority&oldid=941423087"

This page was last edited on 18 February 2020, at 14:31 (UTC).

Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. By using
this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a registered trademark of the Wikimedia
Foundation, Inc., a non-profit organization.

https://en.wikipedia.org/wiki/Pension_Fund_Regulatory_and_Development_Authority 3/3