PFRDA releases draft norms for development of pension market
Pension funds regulator PFRDA today came out with a new set of draft regulations for intermediary institutions to ensure orderly development of the pension market and invited public comments on them.
These norms deal with regulation for custodians, trustee bank, enquiry investigation appeal and adjudication, and regulation for centralised record keeping agencies.
“Four regulations have been posted today,” PFRDA officiating Chairman R V Verma told PTI.
“We are putting the regulatory framework to govern and regulate the pension industry under the new architecture of the New Pension System (NPS). These regulations are aimed at ensuring sound growth and orderly development of the pension market in India, he added.
The watchdog has invited public comments on the draft regulations by July 15.
“Under the new architecture based on contributory system, PFRDA will explore market-based solutions for securing and protecting the old-age pension for citizens of the country,” Verma said.
Regulations would ensure an effective and credible use of inspection, investigation, surveillance and enforcement powers and implementation of an efficient compliance programme in tune with the spirit of PFRDA Act, the regulator said on its website.
The Act was passed by Parliament in September last year and notified on February 1, 2014.