Home India Pension Fund Regulatory and Development Authority In exercise of the powers conferred by subsection 1 of secti...
Date: 29-Jan-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by subsection 1 of section 52 read with clause t of subsection

Issued by Pension Fund Regulatory and Development Authority · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification pertains to the Pension Fund Regulatory and Development Authority (Subscriber Education and Protection Fund) (Amendment) Regulations, 2023. It amends the Pension Fund Regulatory and Development Authority (Subscriber Education and Protection Fund) Regulations, 2015.
  • The amendments aim to refine the regulations related to subscriber education, awareness, and protection within the pension fund framework.

Key Changes

  • Regulation 4(d) of the principal regulations is deleted.
  • Regulation 5(2)(d) of the principal regulations is deleted.
  • Regulation 6(2)(c) of the principal regulations is substituted to redefine the composition of the committee. The committee will now include: an expert in financial market operations; an expert in the field of law, economics, finance or pension; a representative of the Central Government; and a representative of the State Government; all having experience in grievance redressal or financial literacy and awareness.
  • Regulation 6(3)(a) of the principal regulations is substituted, modifying the term of office for the committee members specified in sub-regulation (2)(c). The term of office is three years, extendable by an additional two years.
  • Regulation 7(1) of the principal regulations is substituted, redefining the functions of the committee. The committee will recommend activities related to subscribers’ education, awareness, and protection, including creating and reviewing educational materials, organizing seminars and workshops, funding research, and developing awareness programs.

Impact Analysis

Pension Fund Regulatory and Development Authority (PFRDA)

  • PFRDA will need to ensure compliance with the new regulations by all relevant stakeholders.

Subscribers/Potential Subscribers

  • Grievance redressal mechanisms may become more efficient due to the expertise included in the committee.

Pension Funds and Intermediaries

  • Compliance with the new regulations is essential to avoid penalties or sanctions.

Central and State Governments

  • State governments may need to allocate resources for financial literacy and awareness programs.

Action Items

  • Awareness programs should be designed and implemented to educate subscribers about the changes.

Key Entities Referenced

Pension Fund Regulatory and Development Authority (PFRDA): The regulatory body responsible for promoting, developing, and regulating pension funds in India. Pension Fund Regulatory and Development Authority Act, 2013: The Act that provides the legal framework for the establishment and regulation of the PFRDA and pension funds. Pension Fund Regulatory and Development Authority (Subscriber Education and Protection Fund) Regulations, 2015: The principal regulations being amended by this notification, concerning subscriber education and protection.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-30012024-251634 xxxGIDHxxx CG-DL-E-30012024-251634 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 62] नई दिल्ली, सोमिार, िनिरी 29, 2024/माघ 9, 1945 No. 62] NEW DELHI, MONDAY, JANUARY 29, 2024/MAGHA 9, 1945 पिें न जनजध जिजनयामक और जिकास प्राजधकरण अजधसचू ना नई दिल्ली, 29 िनिरी, 2024 पिें न जनजध जिजनयामक और जिकास प्राजधकरण (अजभिाता जिक्षा और सरं क्षण जनजध) (सिं ोधन) जिजनयम, 2023 फा. स.ं PFRDA/04/01/4/0002/2017-Fin Lit.—पेंिन जनजध जिजनयामक और जिकास प्राजधकरण, पिें न जनजध जिजनयामक और जिकास प्राजधकरण अजधजनयम, 2013 (2013 का 23) की धारा 52 की उपधारा (1) के साथ पठित उपधारा (2) के खंड (न) और धारा 41 की उपधारा (1) और (3) द्वारा प्रित्त िजियों का प्रयोग करते हुए, पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (अजभिाता जिक्षा और संरक्षण जनजध) जिजनयम, 2015 में संिोधन करने के जलए जनम्नजलजखत जिजनयम बनाता ह,ै अथाात:् 1. इन जिजनयमों को पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (अजभिाता जिक्षा और संरक्षण जनजध) (संिोधन) जिजनयम, 2023 कहा िाएगा। 2. य ेिासकीय रािपत्र म ेंउनके प्रकािन की जतजथ स ेप्रभािी होंगे। 3. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (अजभिाता जिक्षा और संरक्षण जनजध) जिजनयम, 2015, समय-समय पर यथासंिोजधत (इसके बाि 'मुख्य जिजनयम' के रूप में संिर्भता ), में जनम्नजलजखत संिोधन दकए िा रह ेह ैं: I. मख्ु य जिजनयम के जिजनयम 4 के खडं (घ) को हटा दिया िाएगा; II. मख्ु य जिजनयम के जिजनयम 5 के उप-जिजनयम (2) के खडं (घ) को हटा दिया िाएगा; 582 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] III. मख्ु य जिजनयम के जिजनयम 6 के उप-जिजनयम (2) के खडं (ग) को जनम्नानसु ार प्रजतस्ट्थाजपत दकया िाएगा : “(ग) चार अन्य सिस्ट्य होंगे: i. जित्तीय बाजार संचालन के जििेषज्ञ; ii जिजध, अथिा ास्त्र, जित्त या पेंिन क्षेत्र के जििेषज्ञ; iii. केंद्र सरकार के प्रजतजनजध; और iv. राज्य सरकार के प्रजतजनजध; जिन्ह ेंजिकायत जनिारण या जित्तीय साक्षरता और िागरूकता से संबंजधत मामलों म ेंअनुभि प्राप्त हो।” IV. मख्ु य जिजनयम के जिजनयम 6 के उप-जिजनयम (3) के खडं (क) को जनम्नानसु ार प्रजतस्ट्थाजपत दकया िाएगा : “(क) इस जिजनयम के उप-जिजनयम (2) के खडं (ग) म ें जनर्िाष्ट सिस्ट्यों की पिािजध तीन िष ा होगी, िो िो िषा की अजतठरि अिजध के जलए बढाई िा सकती ह।ै ” V. मख्ु य जिजनयम के जिजनयम 7 के उप-जिजनयम (1) को जनम्नानसु ार प्रजतस्ट्थाजपत दकया िाएगा : “7. सजमजत के कृत्य (1). सजमजत, अजभिाताओं की जिक्षा, िागरूकता और संरक्षण से संबंजधत जनम्नजलजखत दियाकलापों की जसफाठरि करेगी : - क. जित्तीय साक्षरता और सेिाजनिृजत्त जिक्षा, िागरूकता तथा योिना पर प्प्रंट और जडजिटल प्रारूप म ें मौिूिा साजहत्य, िीजडयो, पुजस्ट्तकाओं एिं इस तरह की अन्य सामग्री आदि की समीक्षा और उनका जनमााण करना; ख. सेिाजनिृजत्त योिना के बारे में िागरूकता पैिा करने के जलए सेजमनार, कायािालाओं और प्रजिक्षण कायािमों का आयोिन करना; ग. सेिाजनिृजत्त जिक्षा, िागरूकता और योिना पर अनुसंधान गजतजिजधयों का जित्तपोषण करना; घ. मौिूिा और भािी अजभिाताओं के जलए प्प्रंट, मीजडया और इलेक्ट्रॉजनक साधनों द्वारा िागरूकता कायािम तैयार करना; और ङ. अजभिाताओं के जहत म ेंकोई अन्य जिषयिस्ट्तु I” डॉ. िीपक महान्ती, अध्यक्ष [जिज्ञापन-III/4/असा./717/2023-24] नोटः पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (अजभिाता जिक्षा और संरक्षण जनजध) जिजनयम, 2015 को अजधसूचना सं. पीएफआरडीए/12/आरिीएल/139/1, दिनांक 27 िनिरी, 2015 के माध्यम से भारत के रािपत्र, असाधारण, भाग-III, खण्ड 4, सं. 29 म ेंप्रकाजित दकया गया था। PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION New Delhi, the 29th January, 2024 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (SUBSCRIBER EDUCATION AND PROTECTION FUND) (AMENDMENT) REGULATIONS, 2023 F. No. PFRDA/04/01/4/0002/2017-Fin Lit.—In exercise of the powers conferred by sub-section (1) of section 52 read with clause (t) of sub-section (2) thereof and sub-section (1) and (3) of section 41 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to amend the Pension Fund Regulatory and Development Authority (Subscriber Education and Protection Fund) Regulations, 2015, namely: - 1. These regulations may be called the Pension Fund Regulatory and Development Authority (Subscriber Education and Protection Fund) (Amendment) Regulations, 2023. 2. These shall come into force on the date of their publication in the official gazette.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 3. In the Pension Fund Regulatory and Development Authority (Subscriber Education and Protection Fund) Regulations, 2015, as amended from time to time (hereinafter referred to as ‘the principal regulations’), the following amendments are made. I. Clause (d) of regulation 4 of the principal regulations shall be deleted; II. Clause (d) of sub-regulation (2) of regulation 5 of the principal regulations shall be deleted; III. Clause(c) of sub-regulation (2) of regulation 6 of the principal regulations shall be substituted as follows: “(c) four other members being: i. an expert in financial market operations; ii. an expert in the field of law, economics, finance or pension; iii. representative of the Central government; and iv. representative of the State government; having experience in the matters pertaining to grievance redressal or financial literacy and awareness.” IV. Clause (a) of sub-regulation (3) of regulation 6 of the principal regulations shall be substituted as follows: “(a) The term of office of the members referred to in clause (c) of sub-regulation (2) of this regulation shall be three years, which may be extended for a further period of two years;” V. Sub-regulation (1) of regulation 7 of the principal regulations shall be substituted as follows: “7. Functions of the committee.— (1) The committee shall recommend the following activities relating to the subscribers’ education, awareness and protection:- (a) creating and reviewing the existing literature, videos, booklets and such other material, both in print and digital format on financial literacy and retirement education, awareness and planning; (b) organizing seminars, workshops and training programmes for creating awareness on retirement planning; (c) funding research activities on retirement education, awareness and planning; (d) creating awareness programmes through print, media and electronic means for subscribers and prospective subscribers; and (e) any other subject matter in the interest of the subscribers.” Dr. DEEPAK MOHANTY, Chairperson [ADVT.-III/4/Exty./717/2023-24] Note: The Pension Fund Regulatory and Development Authority (Subscriber Education and Protection Fund) Regulations, 2015 were published vide Notification No. PFRDA/12/RGL/139/1, on the 27th January, 2015 in the Gazette of India, Extraordinary, Part III, Section 4, No. 29. 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.

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