Executive Summary:
This notification from the Pension Fund Regulatory and Development Authority (PFRDA) announces the reconstitution of the Pension Advisory Committee, effective from December 24, 2018. This action is taken under Section 45(1) of the PFRDA Act, 2013, and Regulation 6(4) of the Pension Advisory Committee Meetings Regulations, 2015. The notification lists the members of the newly formed committee.
Key Points / Main Content:
* **Legal Basis:** The reconstitution is based on Section 45(1) of the PFRDA Act, 2013 (Act 23 of 2013) and Regulation 6(4) of the Pension Advisory Committee Meetings Regulations, 2015.
* **Reconstitution Date:** The reconstituted committee is effective from December 24, 2018.
* **Committee Composition:** The notification lists the members of the reconstituted Pension Advisory Committee:
* Chief General Manager, Government Business Unit, State Bank of India, New Delhi
* Managing Director & CEO, NSDL e-Governance Infrastructure Ltd
* Executive Director, Retail Banking, Axis Bank
* Deputy Controller General of Accounts (Technical Advice), Department of Expenditure, Ministry of Finance
* Chief Executive Officer & Whole Time Director, UTI Retirement Solutions Ltd
* Chief Executive Officer, HDFC Pension Management Company Ltd
* Vice President and Head-Custodial Services, Stock Holding Corporation of India Ltd.
* Shri Dinesh Pant, Appointed Actuary, Life Insurance Corporation of India
* Chairman, NPS Trust
* Director, National Institute of Bank Management, Pune
* Dr. Renuka Sane, Associate Professor, National Institute of Public Finance and Policy (NIPFP)
* Shri Kulin Patel, Senior Actuary and Director-Client Account Management, Towers Watson, Gurgaon
* President, Institute of Actuaries of India
* Chief Executive Officer, Fixed Income Money Market and Derivatives Association of India
* Deputy Secretary (Establishment II), Department of Personnel & Training
* Director ACs, Department of Posts, New Delhi
* Shri Rajiv Kapoor, Executive Director-Group HRM, Minda Industries Ltd. representing CII
* Chief Executive, Indian Banks Association
* Director, Budget, Department of Finance, Bhopal, Government of Madhya Pradesh
* **Ex-Officio Members:** The Chairperson and Members of the Authority are ex-officio Chairperson and members of the Pension Advisory Committee.
Impact Analysis:
Stakeholders:
* **Pension Fund Regulatory and Development Authority (PFRDA):**
* Impact: Responsible for the proper functioning and guidance of the newly constituted Pension Advisory Committee.
* Action Required: Ensure the committee adheres to its mandate and regulatory guidelines.
* **Pension Advisory Committee Members:**
* Impact: New responsibilities and obligations as members of the advisory committee.
* Action Required: Actively participate in committee meetings and provide expert advice as required.
* **Government Business Unit, State Bank of India; NSDL e-Governance Infrastructure Ltd; Retail Banking, Axis Bank; Department of Expenditure, Ministry of Finance; UTI Retirement Solutions Ltd; HDFC Pension Management Company Ltd; Stock Holding Corporation of India Ltd; Life Insurance Corporation of India; NPS Trust; National Institute of Bank Management; National Institute of Public Finance and Policy; Towers Watson; Institute of Actuaries of India; Fixed Income Money Market and Derivatives Association of India; Department of Personnel & Training; Department of Posts; Minda Industries Ltd; Indian Banks Association; Department of Finance, Bhopal:**
* Impact: Provide expert advice and guidance to the PFRDA on pension-related matters.
* Action Required: Participate actively in committee discussions.
Key Entities Referenced
Pension Fund Regulatory and Development Authority: Regulatory body established in India to promote and regulate pension schemes.
Pension Fund Regulatory and Development Authority Act, 2013: Law enacted by the Indian Parliament to establish and empower the Pension Fund Regulatory and Development Authority.
Pension Advisory Committee: Committee reconstituted by the Pension Fund Regulatory and Development Authority to provide advice on pension-related matters.
State Bank of India, New Delhi: Indian public sector bank with a Government Business Unit located in New Delhi.
Axis Bank: A private sector bank in India.
Ministry of Finance: A department of the Government of India responsible for financial matters.
Life Insurance Corporation of India: Indian state-owned insurance group and investment company.
Government of Madhya Pradesh: State government in India.
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[िवZापन-III/4/असा./451/18]
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 24th December, 2018
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 Gazette
Notification dated 2nd March, 2017 with effect from the date of this notification. The reconstituted Pension Advisory
Committee is as under:
1. Chief General Manager, Government Business Unit, State Bank of India, New Delhi
2. Managing Director & CEO, NSDL e-Governance Infrastructure Ltd
3. Executive Director (Retail Banking), Axis Bank
4. Deputy Controller General of Accounts (Technical Advice), Department of Expenditure, Ministry of
Finance
5. Chief Executive Officer & Whole Time Director, UTI Retirement Solutions Ltd
6. Chief Executive Officer, HDFC Pension Management Company Ltd
7. Vice President and Head Custodial Services, Stock Holding Corporation of India Ltd.
8. Shri Dinesh Pant, Appointed Actuary Life Insurance Corporation of India
9. Chairman, NPS Trust
10. Director, National Institute of Bank Management, Pune
11. Dr. Renuka Sane, Associate Professor, National Institute of Public Finance and Policy (NIPFP)
12. Shri Kulin Patel, Senior Actuary and Director – Client Account Management, Towers Watson, Gurgaon
13. President, Institute of Actuaries of India
14. Chief Executive Officer Fixed Income Money Market and Derivatives Association of India¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
15. Deputy Secretary (Establishment II), Department of Personnel & Training
16. Director (A/Cs), Department of Posts, New Delhi
17. Shri Rajiv Kapoor, Executive Director – Group HRM Minda Industries Ltd. representing CII
18. Chief Executive-Indian Banks’ Association
19. Director, Budget, Department of Finance, Bhopal, Government of Madhya Pradesh
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./451/18]
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