Executive Summary:
This document contains the Pension Fund Regulatory and Development Authority (PFRDA) First Amendment Regulations of 2016. It amends the PFRDA Pension Fund Regulations of 2015, specifically regarding schedules and sub regulations. The regulations came into force on the date of their publication in the Official Gazette (September 8, 2016).
Key Points / Main Content:
Amendments to Pension Fund Regulations, 2015:
* In subregulation 1 of Regulation 4, the term "Schedule II" is replaced with "Schedule III."
* Subregulations 3, 4, and 5 of Regulation 20 are omitted.
Impact Analysis:
Pension Fund Regulatory and Development Authority (PFRDA):
* Impact: The PFRDA is responsible for implementing and enforcing the amended regulations.
* Action Required: Update internal documents and processes to reflect the changes, and ensure compliance with the amended regulations.
Pension Fund Stakeholders/Subscribers:
* Impact: The amendments may affect the way pension funds are managed and regulated, potentially impacting returns and investment options.
* Action Required: Review and understand the implications of the changes for their pension investments, and consult with financial advisors if needed.
Key Entities Referenced
Pension Fund Regulatory and Development Authority: An authority regulating and developing the pension fund in India.
Pension Fund First Amendment Regulations, 2016: Regulations amending the Pension Fund Regulations.
Pension Fund Regulatory and Development Authority Act, 2013: Act of the Parliament of India that established the Pension Fund Regulatory and Development Authority.
Pension Fund Regulations, 2015: Regulations pertaining to the pension fund, amended by the 2016 amendment regulations.
New Delhi: The location where the notification was issued. New Delhi, Delhi, India.
August 17, 2016: Date of the notification regarding the pension fund amendment regulations.
Hemant G. Contractor: Chairperson of the Pension Fund Regulatory and Development Authority.
May 19, 2015: Date when the Pension Fund Regulatory and Development Authority Pension Fund Regulations, 2015 was published.
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4352 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 17th August, 2016
Pension Fund Regulatory and Development Authority (Pension Fund) (First Amendment) Regulations, 2016
No.PFRDA/12/RGL/139/9.— In exercise of the powers conferred by sub-section(1) of Section 52 read with
sub-clause(e),(m),(n),(o),and (p) of sub-section 2 of Section 52 of the Pension Fund Regulatory and Development
Authority Act, 2013 (Act No. 23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the
following regulations to amend the Pension Fund Regulatory and Development Authority (Pension Fund) Regulations,
2015 namely,-
1. These regulations may be called the “Pension Fund Regulatory and Development Authority (Pension
Fund) (First Amendment) Regulations, 2016”.
2. These shall come into force on the date of their publication in the Official Gazette.
3. In the Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2015:-
(I) In sub-regulation (1) of Regulation 4, in place of the word “Schedule II”, “Schedule III” shall
be substituted.
(II) In regulation 20, sub-regulation (3)(4) and (5) shall stand omitted.
HEMANT G. CONTRACTOR, Chairperson
[ADVT-III/4/Exty./230]
Footnote:
1. The principal regulations, Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2015
was published in the Gazette of India, Part III, Section 4 on May 19, 2015 vide notification No. PFRDA/12/RGL/139/9.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.