## Report on the Pension Fund Regulatory and Development Authority Pension Fund Sixth Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Pension Fund Regulatory and Development Authority (PFRDA) Pension Fund Sixth Amendment Regulations, 2021, based solely on the official gazette notification dated July 15, 2021. The amendment pertains to the Pension Fund Regulations, 2015, and its primary change involves substituting "forty nine per cent" with "seventy four per cent" within a specific clause related to regulation 8. The key finding is that this amendment likely relates to increasing the permissible investment limit in a specific category for pension funds.
**2. Introduction:**
This report aims to provide a concise overview of the Pension Fund Regulatory and Development Authority (PFRDA) Pension Fund Sixth Amendment Regulations, 2021, as published in the Gazette of India on July 15, 2021. The analysis is based exclusively on the information contained within the provided policy text.
**3. Policy Overview:**
* **Original Policy:** The amendment modifies the Pension Fund Regulatory and Development Authority Pension Fund Regulations, 2015.
* **Core Objective(s):** While the text does not explicitly state the objectives of the 2015 regulations or this amendment, it can be inferred that the overall objective is to regulate pension funds within India, and this specific amendment seems related to revising investment limits.
**4. Background and Rationale:**
This is an amendment to existing regulations. The likely reason for this specific amendment is to adjust the permissible investment limits for pension funds. Substituting "forty nine per cent" with "seventy four per cent" suggests an intention to allow pension funds to allocate a larger proportion of their investments to a particular asset class or sector. The specific reasons driving this change (e.g., market conditions, performance considerations) are not provided in the document.
**5. Key Provisions / Changes:**
This amendment focuses on a very specific change within the original regulations.
* **Specific Part of Original Policy Changed:** Regulation 8, clause g of sub-regulation 1, line 3 of the Pension Fund Regulatory and Development Authority Pension Fund Regulations, 2015.
* **New Rule/Provision:** The phrase "forty nine per cent" is replaced with "seventy four per cent."
* **Difference/Effect of Change:** This change increases the allowable limit from 49% to 74% for whatever parameter Regulation 8 clause g sub-regulation 1 line 3 refers to. Without access to the original regulation it is not possible to determine what this parameter is referring to; however it is likely a particular investment category. The effect is to permit Pension funds to invest a higher proportion of funds into this investment category than previously.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders are:
* Pension Fund Regulatory and Development Authority (PFRDA)
* Pension Funds operating under the PFRDA's regulations.
* Subscribers to pension schemes regulated by PFRDA.
* Entities in which pension funds invest, as the change could potentially increase investment flows into certain sectors.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Pension Fund Regulatory and Development Authority (PFRDA) is responsible for implementing and overseeing this amendment.
* **Timelines or Procedures:** The amendment came into force on the date of its publication in the official gazette (July 15, 2021). No specific procedures are outlined within this document; however, the PFRDA will likely issue further guidelines and instructions to pension funds regarding the implementation of this change.
**8. Expected Outcomes / Impact of Changes:**
The intended outcome of this change is likely to:
* Provide Pension Funds with greater flexibility in their investment strategies.
* Potentially increase returns on pension investments, depending on the performance of the asset class now permitted to comprise a higher proportion of the investment portfolio.
* Potentially increase investment flows into the particular asset class now permitted to comprise a higher proportion of the investment portfolio.
**9. Conclusion:**
The Pension Fund Regulatory and Development Authority Pension Fund Sixth Amendment Regulations, 2021, represents a modification to the existing pension fund regulations by increasing the permissible limit from 49% to 74% in a currently unidentifiable investment category. It grants pension funds greater investment flexibility, which could potentially increase returns for investors, and the funds flowing into the investment category in question. The PFRDA is responsible for overseeing the implementation of this amendment, which came into effect on July 15, 2021. This change is significant as it impacts the investment strategies of pension funds and the potential returns for pension scheme subscribers.
Key Entities Referenced
Pension Fund Regulatory and Development Authority: A regulatory body responsible for promoting and regulating pension funds in India.
Pension Fund Regulatory and Development Authority Act, 2013: The governing legislation that establishes and empowers the Pension Fund Regulatory and Development Authority.
Pension Fund Regulatory and Development Authority Pension Fund Regulations, 2015: The principal regulations governing pension funds as established by the Pension Fund Regulatory and Development Authority.
Pension Fund Regulatory and Development Authority Pension Fund Sixth Amendment Regulations, 2021: Amendments made in 2021 to the Pension Fund Regulatory and Development Authority Pension Fund Regulations, 2015.
New Delhi: The city in India where the notification was issued.
SUPRATIM BANDYOPADHYAY: Chairperson of the Pension Fund Regulatory and Development Authority.
Pension Fund Regulatory and Development Authority Pension Fund First Amendment Regulations, 2016: First amendment made in 2016 to the Pension Fund Regulatory and Development Authority Pension Fund Regulations, 2015.
Pension Fund Regulatory and Development Authority Pension Fund Second Amendment Regulations, 2020: Second amendment made in 2020 to the Pension Fund Regulatory and Development Authority Pension Fund Regulations, 2015.
Pension Fund Regulatory and Development Authority Pension Fund Third Amendment Regulations, 2020: Third amendment made in 2020 to the Pension Fund Regulatory and Development Authority Pension Fund Regulations, 2015.
Pension Fund Regulatory and Development Authority Pension Fund Fourth Amendment Regulations, 2021: Fourth amendment made in 2021 to the Pension Fund Regulatory and Development Authority Pension Fund Regulations, 2015.
Pension Fund Regulatory and Development Authority Pension Fund Fifth Amendment Regulations, 2021: Fifth amendment made in 2021 to the Pension Fund Regulatory and Development Authority Pension Fund Regulations, 2015.
Delhi: The place in India where the Controller of Publications is situated.
Mayapuri, New Delhi: The place in India where Government of India Press is situated.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-15072021-228305
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 286] नई दिल्ली, बहृ स्ट्प जतिार, िुलाई 15, 2021/आषाढ़ 24, 1943
No. 286] NEW DELHI, THURSDAY, JULY 15, 2021/ASHADHA 24, 1943
पिें न जनजध जिजनयामक और जिकास प्राजधकरण
अजधसचू ना
नई दिल्ली, 15 िलु ाई, 2021
पिें न जनजध जिजनयामक और जिकास प्राजधकरण (पिें न जनजध) (छठा ंसिं ोधन) जिजनयम, 2021
स.ं पीएफआरडीए/१२/आरिीएल/१३९/९.—पेंिन जनजध जिजनयामक और जिकास प्राजधकरण अजधजनयम २०१३
(२०१३ का २३) की धारा ५२ की उपधारा २ के उप-खंडों (ङ), (ड), (ढ), (ण) और (त) के साथ पठनीय धारा ५२ की
उपधारा (१) द्वारा प्रित्त िजियों का प्रयोग करते हुए, पेंिन जनजध जिजनयामक और जिकास प्राजधकरण एतद्द्वारा
जनम्नजलजखत जिजनयम बनाता ह,ै नामतः-
1. इन जिजनयमों का नाम 'पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (पिें न जनजध) (छठा ं संिोधन) जिजनयम,
२०२१' ह ै।
2. ये िासकीय रािपत्र म ेंइनके प्रकाजित होने की तारीख से प्रभािी होंगे I
3. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (पेंिन जनजध) जिजनयम, २०१५ म:ें-
3889 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(I) जिजनयम ८ में उप-जिजनयम १ के खंड (छ) की पंजि संख्या ३ में िब्िों “उन्नचास प्रजतित” को “चौहत्तर प्रजतित” से
प्रजतस्ट्थाजपत दकया िाएगा |
सुप्रजतम बंिोपाध्याय, अध्यक्ष
[जिज्ञापन-III/4/असा./150/2021-22]
पाि-टिप्पणी
1. मूल जिजनयम, पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (पेंिन जनजध) जिजनयम, २०१५ को अजधसूचना
संख्या पीएफआरडीए/१२/आरिीएल/१३९/९ के माध्यम से भारत सरकार के रािपत्र म ें भाग-III, खंड-४ में
१९ मई, २०१५ को प्रकाजित दकया गया ।
2. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (पेंिन जनजध) (प्रथम संिोधन) जिजनयम, २०१६ को अजधसूचना
सं. पीएफआरडीए/१२/आरिीएल/१३९/९ के माध्यम से भारत सरकार के रािपत्र म ें भाग-III, खंड-४ म ें
८ जसतम्बर २०१६ को प्रकाजित दकया गया।
3. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (पेंिन जनजध) (िसू रा संिोधन) जिजनयम, २०२० को अजधसूचना
संख्या पीएफआरडीए/१२/आरिीएल/१३९/९ के माध्यम से भारत सरकार के रािपत्र में भाग-III, खडं -४ म,ें
५ फरिरी २०२० को प्रकाजित दकया गया।
4. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (पेंिन जनजध) (तीसरा संिोधन) जिजनयम, २०२० को
अजधसूचना संख्या पीएफआरडीए/१२/आरिीएल/१३९/९ के माध्यम से भारत सरकार के रािपत्र में भाग-III,
खंड-४ में, १४ मई २०२० को प्रकाजित दकया गया ।
5. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (पेंिन जनजध) (चौथा संिोधन) जिजनयम, २०२१ को अजधसूचना
संख्या पीएफआरडीए/१२/आरिीएल/१३९/९ के माध्यम से भारत सरकार के रािपत्र में भाग-III, खडं -४ म,ें
१ अप्रैल २०२१ को प्रकाजित दकया गया ।
6. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (पिें न जनजध) (पांचिां संिोधन) जिजनयम, २०२१ को
अजधसूचना संख्या पीएफआरडीए/१२/आरिीएल/१३९/९ के माध्यम से भारत सरकार के रािपत्र में भाग-III,
खंड-४ में, २५ मई २०२१ को प्रकाजित दकया गया ।
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 15th July, 2021
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (PENSION FUND) (SIXTH
AMENDMENT) REGULATIONS, 2021
No. PFRDA/12/RGL/139/9.—In exercise of the powers conferred by sub-section (1) of section 52 read with
clauses (e), (m), (n), (o) and (p) of sub-section (2) thereof 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 (Pension Fund) Regulations, 2015
namely, —
1. These regulations may be called the Pension Fund Regulatory and Development Authority
(Pension Fund) (Sixth Amendment) Regulations, 2021.
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: —[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
(I). In regulation 8, in clause (g) of sub-regulation (1), in line 3, the words “forty nine per cent.” shall be substituted
with “seventy four per cent.”.
SUPRATIM BANDYOPADHYAY, Chairperson
[ADVT-III/4/Exty./150/2021-22]
Footnote:
1. The Principal Regulations, The Pension Fund Regulatory and Development Authority (Pension Fund)
Regulations, 2015 were published in the Gazette of India on 19th May, 2015 vide notification
No. PFRDA/12/RGL/139/9.
2. The Pension Fund Regulatory and Development Authority (Pension Fund) (First Amendment) Regulations,
2016 were published in the Gazette of India on 8th September, 2016 vide notification
No. PFRDA/12/RGL/139/9.
3. The Pension Fund Regulatory and Development Authority (Pension Fund) (Second Amendment)
Regulations, 2020 were published in the Gazette of India on 5th February, 2020 vide notification No.
PFRDA/12/RGL/139/9.
4. The Pension Fund Regulatory and Development Authority (Pension Fund) (Third Amendment) Regulations,
2020 were published in the Gazette of India on 14th May, 2020 vide notification No. PFRDA/12/RGL/139/9.
5. The Pension Fund Regulatory and Development Authority (Pension Fund) (Fourth Amendment) Regulations,
2021 were published in the Gazette of India on 1st April, 2021 vide notification No. PFRDA/12/RGL/139/9.
6. The Pension Fund Regulatory and Development Authority (Pension Fund) (Fifth Amendment) Regulations,
2021 were published in the Gazette of India on 25th May, 2021 vide notification No. PFRDA/12/RGL/139/9.
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