Date: 2015-08-31Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by sub-section (1) of Section 45 of the Pension Fund Regulatory and Development Authority Act, 2013 (Act 23 of 2013), and in terms of the sub-regulation 4 of the regulation 6 of Pension Fund Regulatory and Development Authority (Pension Advisory Committee Meetings) Regulations, 2015,
Executive Summary:
This notification, issued by the Pension Fund Regulatory and Development Authority (PFRDA) on August 31, 2015, reconstitutes the Pension Advisory Committee. This action is taken under Section 45 of the PFRDA Act, 2013, and Regulation 6 of the PFRDA Pension Advisory Committee Meetings Regulations, 2015. The reconstitution is effective from the date of the notification.
Key Points / Main Content:
* **Reconstitution of the Pension Advisory Committee:**
* The PFRDA has reconstituted the Pension Advisory Committee.
* This reconstitution is authorized by Section 45(1) of the PFRDA Act, 2013 and Regulation 6(4) of the PFRDA Pension Advisory Committee Meetings Regulations, 2015.
* The reconstitution is effective from August 31, 2015.
* **Composition of the Reconstituted Committee:**
* The committee includes 15 members from various organizations in the financial and pension sectors.
* The Chairperson and members of the Authority will serve as ex-officio Chairperson and members of the Pension Advisory Committee.
Impact Analysis:
* **Pension Fund Regulatory and Development Authority (PFRDA):**
* Impact: The PFRDA is responsible for overseeing the reconstituted Pension Advisory Committee and ensuring its effective operation.
* Action Required: Implement the reconstituted committee as outlined in the notification.
* **Members of the Reconstituted Pension Advisory Committee:**
* Impact: Individuals appointed to the committee are now responsible for providing advice and guidance to the PFRDA on pension-related matters.
* Action Required: Participate in committee meetings and contribute to the PFRDA's regulatory and developmental functions.
* **Pension Industry Stakeholders:**
* Impact: The reconstituted committee's advice and recommendations may influence future regulations and development initiatives within the pension sector.
* Action Required: Stay informed about the committee's activities and any resulting changes in regulations or policies.
Key Entities Referenced
Reserve Bank of India: The central bank of India.
Pension Fund Regulatory and Development Authority: Regulatory body established by the Pension Fund Regulatory and Development Authority Act, 2013 to promote, develop, and regulate pension schemes in India.
Pension Fund Regulatory and Development Authority Act, 2013: Indian legislation that established the Pension Fund Regulatory and Development Authority and provides the legal framework for regulating the pension sector in India.
Pension Advisory Committee: A committee constituted by the Pension Fund Regulatory and Development Authority to provide advice and recommendations on matters related to pension schemes and regulations.
Pension Fund Regulatory and Development Authority Pension Advisory Committee Meetings Regulations, 2015: Regulations governing the meetings and procedures of the Pension Advisory Committee.
Fixed Income Money Market and Derivatives Association of India: An association of participants in the fixed income, money market, and derivatives markets in India.
National Pension System Trust: A trust established to manage and administer the National Pension System in India.
Government of Rajasthan: The state government of Rajasthan, India, whose Principal Secretary of Finance is a member of the Pension Advisory Committee.
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PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 31st August, 2015
F. No. PFRDA/17/RES/25—In exercise of the powers conferred by sub-section (1) of Section 45 of the
Pension Fund Regulatory and Development Authority Act, 2013 (Act 23 of 2013), and in terms of the sub-regulation
4 of the regulation 6 of Pension Fund Regulatory and Development Authority (Pension Advisory Committee Meetings)
Regulations, 2015, the Authority hereby reconstitutes the Pension Advisory Committee constituted earlier vide
F. No. PFRDA/17/RES/25 dated 8th May, 2015 with effect from the date of this notification. The reconstituted Pension
Advisory Committee is as under:—
1. Mr. D.V.S.S.V. Prasad, Chief Executive Officer, Fixed Income Money Market and Derivatives Association of
India.
2. Ms. D. Vijayalakshmi, Chair Professor- Life, National Insurance Academy, Pune.
3. Mr. G. N. Bajpai, Chairman, National Pension System Trust.
4. Mr. Gagan Rai, Managing Director & CEO, NSDL e-Governance Infrastructure Limited.
5. Mr. Leo Puri, Director, The Association of Mutual Funds in India.
6. Dr. L. H. Manjunath, Executive Director, Shree Kshethra Dharmasthala Rural Development Project.
7. Mr. Kulin Patel, Senior Actuary and Director – Client Account Management, Towers Watson, Gurgaon.
8. Ms. Meghana Baji, Chief Executive Officer, ICICI Prudential Pension Funds Management Co. Ltd.
9. Mr. M. V. Tanksale, Chief Executive, Indian Banks' Association.
10. Mr. R. Sridharan, Managing Director, The Clearing Corporation of India Ltd.
11. Mr. Raghavendra Lal Das, Chief General Manager-in-Charge, Human Resource Management Department,
Reserve Bank of India.
12. Mr. Shailendra Kumar, Managing Director & CEO, SBI Pension Funds Pvt. Ltd.
13. Mr. Sumantra Guha, Chairman of the Committee of Banking, Insurance and Pension of the Institute of
Chartered Accountants of India.
14. Ms. Trishaljit Sethi, Deputy Director General (Establishment), Postal Directorate.
15. Principal Secretary, Finance, Government of Rajasthan.
The Chairperson and the members of the Authority shall be the ex officio Chairperson and ex-officio members of the
Pension Advisory Committee.
HEMANT G. CONTRACTOR, Chairperson
[ADVT.-III/4/Exty./203/15(185)]
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