Development Research Group (DRG) Guidelines

Development Research Group (DRG) Guidelines 1. Introduction 1.1 The PFRDA Act, 2013 mandates the Authority to undertake and commission studies, research, and projects by collecting data and requiring intermediaries to collect such data. 1.2 The Development Research Group (DRG) initiative was established via PFRDA/09/01/0001/2022-MWnR dated October 16, 2024, to collaborate with academia for commissioning studies and research projects. 2. Objectives 2.1 The DRG Research initiative aims to conduct policy-oriented research with a strong analytical and empirical foundation. Its objectives include:  Providing inputs for policy formulation, knowledge creation, and dissemination.  Inviting proposals from external researchers to build internal and external research capabilities. 3. Eligibility 3.1 Professors, Associate Professors, and Assistant Professors from nationally significant academic institutions specializing in Economics, Finance, Business Law, Population and Demography, Statistics, Actuarial Sciences, AI & Machine Learning, Public Policy, and Management are eligible to apply. 3.2 Proposals may be submitted individually or jointly. 4. Application and Proposal Submission 4.1 PFRDA will periodically identify relevant research topics. An indicative list is provided in Annexure I. 4.2 Applicants must submit a research proposal (maximum 1,500 words) summarizing objectives, research questions, motivations, relevant literature, data, methodology, and expected outcomes. Proposals should be emailed to Market Watch & Policy Research Department at market.watch@pfrda.org.in. Format for proposal is provided in Annexure II. DRG Guidelines-PFRDA Page 1 of 154.3 Applicants should include:  A detailed curriculum vitae (with publication list).  A self-declaration stating that the proposal is original and unpublished.  A detailed budget with a breakdown of expenses. 5. Selection Procedure 5.1 All proposals will be screened and evaluated by the Research Advisory Committee (RAC). 5.2 The RAC will assess proposals based on their merit and relevance to the pension sector. 5.3 Shortlisted applicants will be invited for an interaction or presentation (in person or online). 5.4 Final acceptance will be based on RAC recommendations. 6. Duration and Timelines 6.1 The study is expected to conclude within six months. In exceptional cases, extensions of up to three months may be considered. 6.2 Awardees are responsible for ensuring the research project is completed within the stipulated timeframe. 7. Award and Fund Release Timelines 7.1 Each project carries an all-inclusive award of up to ₹10,00,000 (subject to applicable TDS), depending on the study's quality, content, and publishability, as decided by the RAC. 7.2 Fund release milestones: Review Milestone Cumulative stages Funding Released (percent of total) 1 Proposal submission Nil 2 Proposal Review: Accepted and Approved 30% 3 Final seminar/ presentation before PFRDA 70% 4 Final Report submission and acceptance 100% 7.3 For joint projects, authors must declare the distribution of the award among themselves. DRG Guidelines-PFRDA Page 2 of 157.4 The funds shall be released to the researcher’s institute. A Utilization Certificate shall be submitted by the researcher in the format attached at Annexure III which is also to be countersigned by Head of Institution/Department/Finance Officer. 8. Assistance for DRG Projects 8.1 If the researcher desires, PFRDA officers may assist with data collection and literature reviews under the researcher’s guidance. However, the researcher retains full responsibility for timely project completion. 9. Submission and Publication 9.1 A progress review seminar/presentation must be conducted before the RAC after three months from commencement of the study. 9.2 A final seminar will be held after five months to present study outcomes. 9.3 Feedback from the RAC should be incorporated, and the final report to be submitted by the sixth month. 9.4 Approved studies will be published on the PFRDA website. 9.5 The copyright of the study will rest with PFRDA, and authors require prior approval for external publication. 9.6 The principal author will be credited, with PFRDA officers listed as co-authors. 10. Data Privacy The researcher shall abide by the PFRDA Data Governance Policy/ DPDP Act and rules notified under the Act. The researcher shall also be required to execute an agreement (Annexure IV) prior to commencement of research. 11. Termination of Projects 11.1 PFRDA reserves the right to terminate a project for unsatisfactory progress, lack of originality, or other valid reasons. 11.2 Researchers in breach may:  Be barred from submitting proposals for five years.  Forfeit the award amount and return funds received. 11.3.1 All the disputes which may arise shall be subject to exclusive jurisdiction of courts in New Delhi only. DRG Guidelines-PFRDA Page 3 of 15(cid:874)वकास अनुसंधान समूह ( डीआरजी) (cid:465)दशा(cid:467)नद(cid:566)श 1. (cid:292)(cid:232)तावना 1.1 पीएफआरडीए अ(cid:876)ध(cid:467)नयम, 2013 म(cid:581) यह (cid:292)ावधान (cid:873)कया गया है (cid:873)क, (cid:292)ा(cid:876)धकरण (cid:232)वयं एव ं म(cid:218)यव(cid:467)तय(cid:91) (cid:585) (cid:622)वारा सं(cid:274)(cid:465)हत डटे ा के आधार पर अ(cid:218)ययन, अनुसंधान और प(cid:464)रयोजनाओं क(cid:551) श(cid:510)ु आत और संचालन कर सकता है I 1.2 (cid:874)वकास अनुसंधान समहू (डीआरजी) पहल क(cid:551) शु(cid:509)आत (cid:465)दनांक 16 अ(cid:200)टूबर, 2024 को प(cid:464)रप(cid:287) सं. पीएफआरडीए/09/01/0001/2022-MWnR के मा(cid:218)यम से क(cid:551) गई थी, ता(cid:873)क अ(cid:218)ययन और अनुसंधान प(cid:464)रयोजनाओं को आर(cid:224)भ करन े के (cid:871)लए (cid:871)श(cid:162)ा(cid:874)वद(cid:585) के साथ सहयोग (cid:232)था(cid:874)पत (cid:873)कया जा सके। 2. उ(cid:622)दे(cid:230)य 2.1 डीआरजी अनुसंधान पहल का उ(cid:622)दे(cid:230)य एक सश(cid:200)त (cid:874)व(cid:230)लेषणा(cid:215)मक और अनुभवज(cid:219)य मौ(cid:871)लकता के साथ नी(cid:467)त-उ(cid:219)मुख अनुसंधान का (cid:292)बंध करना है। इसके उ(cid:622)दे(cid:230)य(cid:585) म(cid:581) (cid:467)न(cid:224)न(cid:871)ल(cid:872)खत शा(cid:871)मल ह(cid:583) :  नी(cid:467)त (cid:467)नमा(cid:91)ण, (cid:163)ान सजृ न और (cid:292)सार के (cid:871)लए इनपटु (cid:292)दान करना।  आंत(cid:464)रक और बा(cid:233)य अनुसंधान (cid:162)मताओं के (cid:467)नमा(cid:91)ण के (cid:871)लए बा(cid:233)य शोधकता(cid:91)ओ ं से (cid:292)(cid:232)ताव आम(cid:466)ं (cid:287)त करना। 3. पा(cid:287)ता 3.1 अथश(cid:91) ा(cid:232)(cid:287), (cid:874)व(cid:419), (cid:229)यवसा(cid:467)यक (cid:874)व(cid:876)ध, जनस(cid:201)ं या और जनसांि(cid:201)यक(cid:551), सांि(cid:201)यक(cid:551), बीमां(cid:873)कक (cid:874)व(cid:163)ान, एआई और मशीन ल(cid:467)नग(cid:589) , सावज(cid:91) (cid:467)नक नी(cid:467)त और (cid:292)बधं न म(cid:581) (cid:874)वशेष(cid:163)ता वाले रा(cid:231)(cid:282)(cid:547)य (cid:232)तर पर मह(cid:450)वपूण(cid:91) श(cid:162)ै (cid:872)णक सं(cid:232)थान(cid:585) के (cid:292)ोफेसर, एसो(cid:871)सएट (cid:292)ोफेसर और सहायक (cid:292)ोफेसर आवेदन करन े के (cid:871)लए पा(cid:287) ह(cid:583)। 3.2 (cid:292)(cid:232)ताव (cid:229)यि(cid:200)तगत (cid:510)प से या संय(cid:200)ु त (cid:510)प से (cid:292)(cid:232)तुत (cid:873)कए जा सकते ह(cid:583)। 4. आवेदन और (cid:292)(cid:232)ताव (cid:292)(cid:232)तुत करना 4.1 पीएफआरडीए समय-समय पर (cid:292)ासं(cid:876)गक अनुसंधान (cid:874)वषय(cid:585) को (cid:876)चि(cid:233)नत करेगा। इसक(cid:551) एक सांके(cid:467)तक सूची अनुल(cid:202)नक I म(cid:581) द(cid:547) गई है। 4.2 आवदे क(cid:585) को उ(cid:622)दे(cid:230)य(cid:585), शोध (cid:292)(cid:230)न(cid:585), (cid:292)ेरणाओं, (cid:292)ासं(cid:876)गक सा(cid:465)ह(cid:215)य, डटे ा, काय(cid:91)(cid:292)णाल(cid:547) और अपे(cid:879)(cid:162)त प(cid:464)रणाम(cid:585) को सारां(cid:871)शत करते हुए एक शोध (cid:292)(cid:232)ताव (अ(cid:876)धकतम 1,500 श(cid:222)द(cid:585) म(cid:581)) (cid:292)(cid:232)तुत करना होगा। DRG Guidelines-PFRDA Page 4 of 15ये (cid:292)(cid:232)ताव market.watch@pfrda.org.in पर माक(cid:566)ट वॉच एंड पॉ(cid:871)लसी (cid:464)रसच (cid:91) (cid:875)डपाट(cid:91)म(cid:581)ट को ईमेल (cid:292)दान (cid:873)कया जा सकता है। (cid:292)(cid:232)ताव के (cid:871)लए (cid:292)ा(cid:510)प अनुबधं II म(cid:581) (cid:465)दया गया है। 4.3 आवदे न म(cid:581) (cid:467)न(cid:224)न(cid:871)ल(cid:872)खत शा(cid:871)मल होना चा(cid:465)हए :  एक (cid:874)व(cid:232)ततृ आ(cid:215)मजीवनव(cid:419)ृ (बायोडाटा) ((cid:292)काशन सूची के साथ)  एक (cid:232)व-घोषणा िजसम(cid:581) यह उ(cid:227)लेख हो (cid:873)क (cid:292)(cid:232)ताव मूल और अ(cid:292)का(cid:871)शत है।  खच(cid:607) के उ(cid:227)लेख के साथ एक (cid:874)व(cid:232)ततृ बजट। 5. चयन (cid:292)(cid:873)(cid:272)या 5.1 अनुसंधान सलाहकार स(cid:871)म(cid:467)त (आरएसी) (cid:622)वारा सभी (cid:292)(cid:232)ताव(cid:585) क(cid:551) समी(cid:162)ा और म(cid:227)ू यांकन क(cid:551) जाएगी। 5.2 आरएसी, प(cid:581)शन (cid:162)े(cid:287) के (cid:871)लए उनक(cid:551) यो(cid:202)यता और (cid:292)ासं(cid:876)गकता के आधार पर (cid:292)(cid:232)ताव(cid:585) का आकलन करेगी। 5.3 शॉट(cid:91)(cid:871)ल(cid:232)ट (cid:873)कए गए आवदे क(cid:585) को संवाद या (cid:292)(cid:232)तु(cid:467)त ((cid:229)यि(cid:200)तगत (cid:510)प से या ऑनलाइन) के (cid:871)लए आम(cid:466)ं (cid:287)त (cid:873)कया जाएगा। 5.4 अ(cid:467)ं तम (cid:232)वीकृ(cid:467)त आरएसी क(cid:551) अनुशंसाओं पर आधा(cid:464)रत होगी। 6. अव(cid:876)ध और समयरेखा 6.1 अ(cid:218)ययन के पूण (cid:91) होने क(cid:551) समयसीमा छह मह(cid:547)ने (cid:467)नधा(cid:91)(cid:464)रत है। कुछ (cid:874)वशेष मामल(cid:585) म(cid:581), इसके अ(cid:467)त(cid:464)र(cid:200)त तीन मह(cid:547)ने तक के (cid:874)व(cid:232)तार पर (cid:874)वचार (cid:873)कया जा सकता है। 6.2 चय(cid:467)नत (cid:292)(cid:232)तावक(cid:585) को यह सु(cid:467)नि(cid:230)चत करना होगा (cid:873)क अनुसंधान प(cid:464)रयोजना उ(cid:200)त (cid:467)नधा(cid:91)(cid:464)रत समयसीमा के भीतर परू (cid:547) हो जाए। 7. परु (cid:232)कार और फंड (cid:464)रल(cid:547)ज क(cid:551) समयसीमा 7.1 आरएसी (cid:622)वारा (cid:871)लए गए (cid:467)नणय(cid:91) के अनुसार अ(cid:218)ययन क(cid:551) गुणव(cid:419)ा, (cid:874)वषयव(cid:232)तु और (cid:292)काशन क(cid:551) यो(cid:202)यता के आधार पर (cid:292)(cid:215)येक प(cid:464)रयोजना म(cid:581) ₹10,00,000 (लाग ू ट(cid:547)डीएस के अधीन) तक का सव-(cid:91) समावशे ी परु (cid:232)कार (cid:465)दया जाएगा। 7.2 फंड से जुड़ े मह(cid:450)वपणू (cid:91) त(cid:216)य : DRG Guidelines-PFRDA Page 5 of 15समी(cid:162)ा जार(cid:547) (cid:873)कया गया (cid:272)म मह(cid:450)वपणू (cid:91) चरण सचं यी (cid:874)व(cid:419)पोषण (कुल का (cid:292)(cid:467)तशत) 1 (cid:292)(cid:232)ताव (cid:292)(cid:232)ततु करना श(cid:219)ू य 2 (cid:292)(cid:232)ताव क(cid:551) समी(cid:162)ा : (cid:232)वीकृत और अनुमो(cid:465)दत 30% 3 पीएफआरडीए के सम(cid:162) अ(cid:467)ं तम (cid:292)दशन(cid:91) / (cid:292)(cid:232)तु(cid:467)त 70% 4 अ(cid:467)ं तम (cid:464)रपोट(cid:91) जमा करना और (cid:232)वीकृ(cid:467)त 100% 7.3 संय(cid:200)ु त प(cid:464)रयोजनाओं के (cid:871)लए, लेखक(cid:585) को आपस म(cid:581) परु (cid:232)कार के (cid:874)वतरण क(cid:551) घोषणा करनी होगी। 7.4 (cid:467)न(cid:876)धयां अनुसधं ानकता(cid:91) स(cid:232)ं थान को जार(cid:547) क(cid:551) जाएगं ी। अनुबधं -III म(cid:581) संल(cid:202)न (cid:292)ा(cid:510)प म(cid:581) अनुसंधानकता(cid:91) (cid:622)वारा एक उपयो(cid:876)गता (cid:292)माणप(cid:287) (cid:292)(cid:232)तुत (cid:873)कया जाएगा, िजस पर (cid:874)व(cid:419) अ(cid:876)धकार(cid:547)/ स(cid:232)ं थान/(cid:874)वभाग के (cid:292)मुख (cid:622)वारा (cid:292)(cid:467)तह(cid:232)ता(cid:162)र भी (cid:873)कया जाएगा। 8. डीआरजी प(cid:464)रयोजनाओ ंके (cid:871)लए सहायता 8.1 य(cid:465)द अनुसंधानकता(cid:91) चाहे तो, पीएफआरडीए अ(cid:876)धकार(cid:547) अनुसंधानकता(cid:91) के मागद(cid:91) शन(cid:91) म(cid:581) डटे ा स(cid:274)ं हण और सा(cid:465)ह(cid:215)य समी(cid:162)ा म(cid:581) सहायता कर सकते ह(cid:583)। हालां(cid:873)क, प(cid:464)रयोजना के समयब(cid:622)ध (cid:510)प स े पूरा होने क(cid:551) िज(cid:224)मेदार(cid:547) शोधकता(cid:91) पर होगी। 9. (cid:292)(cid:232)तु(cid:467)तकरण और (cid:292)काशन 9.1 अ(cid:218)ययन श(cid:510)ु होने के तीन मह(cid:547)ने के बाद आरएसी के सम(cid:162) एक (cid:292)ग(cid:467)त समी(cid:162)ा से(cid:871)मनार/(cid:292)(cid:232)तु(cid:467)त आयोिजत क(cid:551) जाएगी। 9.2 अ(cid:218)ययन के प(cid:464)रणाम(cid:585) को (cid:292)(cid:232)तुत करन ेके (cid:871)लए पांच मह(cid:547)ने के बाद एक अ(cid:467)ं तम संगो(cid:231)ठ(cid:548) आयोिजत क(cid:551) जाएगी। 9.3 अ(cid:467)ं तम (cid:464)रपोट(cid:91) को छठव(cid:581) मह(cid:547)ने के अंत तक (cid:292)(cid:232)तुत (cid:873)कया जाएगा और इसम(cid:581) आरएसी (cid:292)ा(cid:220)त से फ(cid:551)डबकै को भी शा(cid:871)मल (cid:873)कया जाएगा। 9.4 अनुमो(cid:465)दत अ(cid:218)ययन को पीएफआरडीए क(cid:551) वेबसाइट पर (cid:292)का(cid:871)शत (cid:873)कया जाएगा। 9.5 अ(cid:218)ययन का कॉपीराइट पीएफआरडीए के पास होगा और लेखक(cid:585) को बा(cid:233)य (cid:292)काशन के (cid:871)लए पवू (cid:91) अनुमोदन क(cid:551) आव(cid:230)यकता होगी। 9.6 पीएफआरडीए अ(cid:876)धका(cid:464)रय(cid:585) को (cid:292)धान लेखक के सह-लेखक(cid:585) के (cid:510)प म(cid:581) सूचीब(cid:622)ध (cid:873)कया जाएगा। DRG Guidelines-PFRDA Page 6 of 1510. डटे ा गोपनीयता शोधकता(cid:91) को पीएफआरडीए डटे ा गवनस(cid:591) नी(cid:467)त/डीपीडीपी अ(cid:876)ध(cid:467)नयम और अ(cid:876)ध(cid:467)नयम के तहत अ(cid:876)धसू(cid:876)चत (cid:467)नयम(cid:585) का अनुपालन करना होगा। शोधकता(cid:91) को अनुसंधान श(cid:510)ु करन े से पहले एक अनुबधं (अनुल(cid:202)नक IV) भी (cid:467)न(cid:231)पा(cid:465)दत करना होगा। 11. प(cid:464)रयोजनाओं क(cid:551) समाि(cid:220)त 11.1 पीएफआरडीए (cid:622)वारा असंतोषजनक (cid:292)ग(cid:467)त, मौ(cid:871)लकता क(cid:551) कमी या अ(cid:219)य वधै कारण(cid:585) के आधार पर (cid:873)कसी प(cid:464)रयोजना को समा(cid:220)त करन े का अ(cid:876)धकार है। 11.2 उ(cid:227)लंघन करन े वाले शोधकता(cid:91) को :  पांच साल के (cid:871)लए (cid:292)(cid:232)ताव (cid:292)(cid:232)तुत करन ेसे रोक (cid:465)दया जाएगा।  परु (cid:232)कार रा(cid:871)श और वापस (cid:292)ा(cid:220)त हुई रा(cid:871)श को ज(cid:222)त कर (cid:871)लया जाएगा। 11.3 सभी (cid:874)ववाद केवल नई (cid:465)द(cid:227)ल(cid:547) म(cid:581) ि(cid:232)थत (cid:219)यायालय(cid:585) के अ(cid:876)धकार (cid:162)े(cid:287) के अ(cid:218)यधीन ह(cid:585)गे। DRG Guidelines-PFRDA Page 7 of 15Annexure I/ अनुबधं I Broad Research Areas (Indicative list) 1. Financial Education, Financial Literacy and Pension Coverage  Financial literacy strategies - financial and digital literacy related to pensions,  Financial education to support decision-making for retirement,  Behavioural elements affecting pension savings,  Measuring financial literacy and financial inclusion with a focus on pension,  Challenges of financial illiteracy,  Designs of Auto-enrolments,  Challenges of low coverage of social security.  Barriers to Plan for Retirement Planning and the factor of Nudge 2. Infrastructure Finance  Long Term Investment Opportunities  Structure, valuation, framework and regulations,  Market development, potential for future growth,  Legal structure, guidelines, and taxation, ratings  Deterrents, associated risks, Valuation. 3. Technology and Pension Sector  Leveraging Technology to enhance pension coverage, and interaction with subscribers/ members - digital communication, dashboards, robo-advising, innovation of pension products, payment systems  Fintech & internal process – scheme management, investment management, record– keeping, regulatory compliance, impact on the business models, vulnerabilities, and challenges  RegTech and SupTech – challenges and opportunities.  Effectiveness of Blockchain technology in the Pension Sector.  Analyzing the Use of Big Data Analytics, Artificial Intelligence in the Pension Sector.  Cyber Security policies in the Pension Sector. 4. Pension Reforms  Pension reforms in India and globally,  Social security and reform,  Impact on fiscal positions,  Political economy of pension reforms,  Impact on financial markets and economic growth,  Incentive for investment in Pension,  Reform reversion and its impact. DRG Guidelines-PFRDA Page 8 of 155. Regulation and Supervision of entities  Risk-based supervision,  Investment Regulations,  Rule bases versus principle-based regulations  Developing long-term benchmarks in evaluating the pension fund performance,  Portfolio Performance and Attribution Analysis,  Alternative Investments & Asset Classes: Opportunities and Challenges,  Fund Valuation Methodologies: Mark-to-Market vis-a-vis HFT, AFS, and HTM,  Asset Liability Management and Regulatory Capital. 6. Retirement income arrangements  Modelling retirement income, pension adequacy  Modelling replacement rates, various factors impacting replacement rates,  Types of retirement benefits – DB – PAYG, funded, unfunded, DC – target, benefit, non-guaranteed, CDC (Collective Defined Contribution), NDC (Notional Defined Contribution), SWP, improving pay-out phase,  Impact of Intermediary Cost in Pension Planning,  Life-cycle fund design under human capital and financial capital risk,  Wealth Decumulation Behaviour. 7. Annuity Market  Annuity – annuity market structure and available annuity plans, discount rates  Annuities and longevity risk,  Money’s worth ratio (MWR),  Challenges in annuity pricing,  International best practices in annuity markets.  Securing multiple streams of income for sustainable old age income 8. Sustainable Finance & Green Outcomes  Potential role of Pension funds in green growth initiatives, green projects and green investments, sustainable investments, market size,  Barriers to green investment, potential solutions, international best practices,  ESG Investments: Risk and Return Analysis Framework. DRG Guidelines-PFRDA Page 9 of 15Annexure II// अनुबधं II A. Proposal Format Section Description Title Provide a concise and descriptive title for your research proposal. Introduction Briefly introduce the topic, background, and significance of the research. Objectives List the specific objectives of the research. Research Outline the main research questions the study aims to answer. Questions Literature Summarize key literature related to the research topic, identifying gaps Review the study aims to fill. Data Describe the data sources, data collection methods, and data type (quantitative/qualitative) you will use. Methodology Detail the research design, analytical techniques, and tools that will be used to achieve the objectives and answer the research questions. Expected Discuss the potential outcomes and contributions of the research to the Outcomes field. Budget Provide a detailed budget breakdown, including categories such as personnel, equipment, travel, material, and other expenses. Timeline Present a timeline for the research, showing key milestones and the expected completion date for each phase of the project. References List all the references cited in the proposal, following a consistent citation style. B. Budget Breakdown Heads Amount Personal Equipment Travel Material/ Research Assistant Other Expenses Proposal in the above format is to be submitted to market.watch@pfrda.org.in. DRG Guidelines-PFRDA Page 10 of 15Annexure III/ अनुबधं III UTILIZATION CERTIFICATE (Under Development Research Group (DRG) Initiative - PFRDA) Project Title: ___________________________________________ Name of the Researcher(s): ___________________________________________ Institution Name: ___________________________________________ Details of the funds Sl. No. Particulars Amount (Rs.) Funds received from PFRDA Amount spent Unspent balance remaining Certified that out of Rs. _________________Rupees_______________________________________) released by Pension Fund Regulatory and Development Authority (PFRDA) under the Development Research Group (DRG) Initiative on date ____________________________ a sum of Rs. ____________ has been utilized for the purpose for which it was sanctioned and that the balance as on date _________________ is Rs. ________________. Certified that the funds have been actually utilised for the purpose of conducting research under DRG project. Signature of the Researcher (Name & Designation) Date: //____ Signature of Head of Institution/Department/Finance Officer (Name & Designation) Date: //____ DRG Guidelines-PFRDA Page 11 of 15Annexure IV/अनुबधं IV AGREEMENT BETWEEN PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY AND RESEARCHER FOR DRG PROJECT This Agreement is made on [Date], by and between: Pension Fund Regulatory and Development Authority (PFRDA), having its registered office at E-500, Tower E, World Trade Center, Nauroji Nagar, Delhi-110029, hereinafter referred to as the “Authority,” AND [Researcher’s Full Name], a [Position Title] residing at [Address] and affiliated with [Institution Name], hereinafter referred to as the "Researcher." - WHEREAS: The PFRDA has agreed to provide funding for a Development Research Group (DRG) project titled “[Project Title]” (hereinafter referred to as the "DRG"), to the Researcher(s) and the Researcher(s) agree(s) to conduct the research under the terms set forth in this Agreement; NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows: 1. Purpose of the Agreement This Agreement establishes the terms and conditions under which the Researcher will undertake the DRG project funded by PFRDA. 2. Duration The research shall commence on [Start Date] and conclude by [End Date]. Key milestones and deliverables will be aligned with the schedules outlined in the DRG policy/ Guidelines. 3. Funding and Budget 3.1 PFRDA agrees to provide total funding of [Amount] for the project as per the schedule outlined in the DRG policy. 3.2 The Researcher(s) shall utilize the funds solely for the DRG study in accordance with the approved budget. 3.3 If the Researcher is unable to complete the project within the stipulated time, any unutilized funds must be refunded to the Authority within 30 days. 3.4 In case of breach or termination of the project, the funds shall be forfeited and the Researcher shall return the total funds received from the Authority under this Agreement, within 30 days. DRG Guidelines-PFRDA Page 12 of 154. Researcher’s Responsibilities The Researcher agrees to: 4.1 Conduct research as per the approved project proposal. 4.2 Submit progress reports to PFRDA as required under the DRG guidelines. 4.3 Ensure compliance with ethical standards, applicable laws and Research Advisory Committee (RAC) requirements. 4.4 Submit the final research report and seek prior approval from PFRDA before publishing any articles or papers, wherein due credit is given to PFRDA. 4.5 Provide a utilization certificate for the disbursed funds. 4.6 Not violate any laws pertaining to Intellectual Property Rights (IPR) and keep PFRDA safe and harmless towards third party claims, on account of any infringement or purported infringement which shall be the sole responsibility of the Researcher. 5. Data Management and Confidentiality 5.1 The Researcher may request NPS or other pension scheme related data from the Authority, which will be provided in compliance with the DRG policy and shall be kept confidential by the Researcher as provided in Clause 5.3. 5.2 The Researcher shall ensure secure storage and management of all research data in accordance with PFRDA policies, including but not limited to the DRG Policy and PFRDA Data Governance Policy. 5.3 The Researcher agrees: i. To maintain strict confidentiality of all confidential information received from PFRDA. ii. To use confidential information solely for research purposes approved under the DRG Policy and PFRDA Data Governance Policy. iii. Not to disclose, publish, share, or transfer confidential information or research findings to third parties without prior written consent from PFRDA. iv. To implement reasonable security measures to prevent unauthorized access to confidential information. v. To return or securely destroy all confidential information within 30 days upon project completion or termination. 6. Compliance with Applicable Laws The Researcher shall comply with all applicable laws, rules and regulations, including but not limited to: i. Digital Personal Data Protection Act, 2023 and Rules made thereunder, IPR Laws including Copyright. ii. DRG Policy and Guidelines issued by PFRDA. iii. Data Governance Policy of PFRDA. . 7. Publication and Dissemination DRG Guidelines-PFRDA Page 13 of 15i. The Researcher has the right to publish research findings, subject to prior approval from PFRDA for any confidential or proprietary content. ii. The Researcher shall acknowledge PFRDA in all publications arising from the research. 8. Term and Termination i. This Agreement shall remain in force for the duration of the research project and for five (5) years after its completion ii. Upon termination of the research project as per Clause 11 of the Research Policy, the Researcher must return or destroy all confidential information within 30 days as per PFRDA’s instructions, to the satisfaction of PFRDA and give an undertaking to that effect. 9. Breach and Remedies i. In case of a breach of this Agreement, PFRDA reserves the right to take legal action, including seeking injunctive relief or damages. ii. The Researcher may be disqualified from future research funding opportunities by PFRDA. iii. In case of any dispute arising under this Agreement, the parties shall first attempt to resolve the dispute through mutual negotiations. iv. In case the Parties fail to reach an amicable settlement within 30 days of receipt of any party raising the dispute, any and all disputes between the Parties arising out of or in connection with this Agreement shall be settled by way of arbitration to be conducted under the provisions of the Arbitration and Conciliation Act, 1996, as amended from time to time, by a sole arbitrator to be appointed with the consent of both the parties. Failing any agreement to appoint a sole arbitrator as aforesaid, each party shall appoint one arbitrator, and the two appointed arbitrators shall appoint a third arbitrator, who shall act as the presiding arbitrator. Any further proceedings out of or in relation to such arbitration proceedings, which either party to this Agreement may wish to initiate against the other, shall be instituted in courts at New Delhi only. v. Arbitration proceeding shall be held in New Delhi, India, and the language of the arbitration proceedings and that of all documents and communications between the parties shall be in English. vi. Subject to the arbitration clause, only the Courts at New Delhi shall have exclusive jurisdiction to try any disputes arising between the parties, under this Agreement. This recourse shall be without prejudice to any other legal action, whether civil or criminal that may be initiated on account of breach of data/ confidentiality by the Researcher. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first mentioned. For PFRDA: Authorized Signatory (Signature) DRG Guidelines-PFRDA Page 14 of 15[Name] [Designation] [Date] For the Researcher: (Signature) [Researcher’s Name] [Institution Name] [Date] DRG Guidelines-PFRDA Page 15 of 15