**Executive Summary**
This document from the Ministry of Finance, Department of Financial Services, published in the Gazette of India on March 22, 2023, amends the Pension Fund Regulatory and Development Authority (Salary and Allowances Payable to, and Other Terms and Conditions of Service of, Chairperson and Whole-time Members) Rules, 2014. These amendments are referred to as the 2023 Amendment Rules. The key update concerns the appointment process for the Chairperson and whole-time members of the Pension Fund Regulatory and Development Authority (PFRDA).
**Key Points / Main Content**
* **Title:** Pension Fund Regulatory and Development Authority (Salary and Allowances Payable to, and Other Terms and Conditions of Service of, Chairperson and Whole-time Members) Amendment Rules, 2023.
* **Effective Date:** The rules take effect from the date of their publication in the Official Gazette (March 22, 2023).
* **Amendment to Appointment Process:**
* Rule 3(1) of the 2014 Rules is amended to state that the Chairperson and every whole-time member of the PFRDA will be appointed by the Central Government based on the recommendation of the Financial Sector Regulatory Appointment Search Committee.
* Rule 3(2) of the 2014 Rules is amended, replacing the term "Selection Committee" with "Financial Sector Regulatory Appointment Search Committee."
**Impact Analysis**
* **Pension Fund Regulatory and Development Authority (PFRDA)**
**Impact:** The PFRDA's appointment process for the Chairperson and whole-time members is modified to include recommendation by the Financial Sector Regulatory Appointment Search Committee.
**Action Required:** The PFRDA needs to follow the revised appointment process as specified in the amended rules when appointing the Chairperson and whole-time members.
* **Central Government**
**Impact:** The Central Government must now appoint the Chairperson and whole-time members of the PFRDA based on the recommendation of the Financial Sector Regulatory Appointment Search Committee.
**Action Required:** Implement the new appointment process using recommendations from the Financial Sector Regulatory Appointment Search Committee.
* **Financial Sector Regulatory Appointment Search Committee**
**Impact:** This committee will now play a key role in recommending candidates for the Chairperson and whole-time member positions within the PFRDA.
**Action Required:** The committee must vet and recommend candidates for these positions.
Key Entities Referenced
Pension Fund Regulatory and Development Authority Act, 2013: The primary legislation authorizing the regulations regarding the Pension Fund Regulatory and Development Authority.
Pension Fund Regulatory and Development Authority (Salary and Allowances Payable to, and Other Terms and Conditions of Service of, Chairperson and Whole-time Members) Amendment Rules, 2014: The main regulation being amended, concerning the terms of service for the Chairperson and members of the PFRDA.
Financial Sector Regulatory Appointment Search Committee: The committee responsible for recommending appointments to the PFRDA, replacing the previous 'Selection Committee'.
Ministry of Finance: The ministry under which the Department of Financial Services operates, which is issuing the notification.
New Delhi: Location where the notification was issued.
File No. F.No.11/5/2014PR (Computer No. 300569084)
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 167] नई दिल्ली, बुधिार, माच च22, 2023/चत्रै 1, 1945
No. 167] NEW DELHI, WEDNESDAY, MARCH 22, 2023/CHAITRA 1, 1945
जित्त मत्रं ालय
(जित्तीय सिे ाएं जिभाग)
अजधसचू ना
नई दिल्ली, 22 माच,च 2023
सा. का. जन. 209(अ).—केंद्रीय सरकार, पेंिन जनजध जिजनयामक और जिकास प्राजधकरण अजधजनयम, 2013
(2013 का 23) की धारा 5 की उप-धारा (3) के साथ पठित धारा 51 की उप-धारा (2) के खंड (क) द्वारा प्रित्त िजियों
का प्रयोग करत े हुए, एतद्द्वारा, पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (अध् यक्ष और पणू चकाजलक सिस्ट् यों को िेय
िेतन तथा भत्ते और सेिा की अन् य ित ें एि ं जनबंधन) जनयमािली, 2014 म ें संिोधन करन े के जलए जनम्न जलजखत जनयम
बनाती ह,ै नामत: -
1. (1) इन जनयमों को पिें न जनजध जिजनयामक और जिकास प्राजधकरण (अध् यक्ष और पणू चकाजलक सिस्ट् यों को िये
िेतन तथा भत् ते और सेिा की अन् य ितें एि ंजनबंधन) जनयमािली, 2023 कहा िाएगा।
(2) य ेजनयम रािपत्र म ेंप्रकािन की तारीख से प्रिृत्त होंगे।
2. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (अध् यक्ष और पूणचकाजलक सिस्ट् यों को िेय िेतन तथा भत् ते और
सेिा की अन् य ितें एि ंजनबंधन) जनयमािली, 2014 के जनयम 3 के,
(i) उप-जनयम (1) के स्ट्थान पर जनम्नजलजखत उप-जनयम को प्रजतस्ट्थाजपत दकया िाएगा, नामत: -
“(1) पेंिन जनजध जिजनयामक और जिकास प्राजधकरण के अध्यक्ष और इसके प्रत्येक पूणचकाजलक सिस्ट्यों की
जनयुजि जित्तीय क्षेत्र जिजनयामकीय जनयुजि सचच सजमजत की अनिु ंसा पर केन्द्र सरकार द्वारा की
िाएगी।”
1895 GI/2023 (1)
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2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(ii) उप-जनयम (2) म ें “चयन सजमजत” िब्िों को “जित्तीय क्षत्रे जिजनयामकीय जनयुजि सचच सजमजत” िब्िों स े
प्रजतस्ट्थाजपत दकया िाएगा।
[फा. स.ं 11/5/2014-पीआर]
पंकि िमाच, संयुि सजचि
ठिप्प णी: मलू जनयम को भारत के रािपत्र, असाधारण, म ें 20 अगस्ट्त , 2014 की अजधसूचना संख् या सा.का.जन.597(अ) के
द्वारा प्रकाजित दकया गया था और तत्पश्चात 2 अगस्ट् त, 2017 की अजधसूचना संख् या सा.का.जन.987(अ),
2 िनिरी, 2018 की अजधसचू ना संख्या सा.का.जन.07(अ) और 11 अिूबर, 2021 की अजधसूचना संख्या
द्वारा
सा.का.जन.731(अ) के संिोजधत दकया गया था।
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 22nd March, 2023
G.S.R. 209(E).—In exercise of the powers conferred by clause (a) of sub-section (2) of section 51, read with
sub-section (3) of section 5 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the
Central Government hereby makes the following rules further to amend the Pension Fund Regulatory and
Development Authority (Salary and Allowances Payable to, and Other Terms and Conditions of Service of,
Chairperson and Whole-time Members) Amendment Rules, 2014, namely:-
1. (1) These rules may be called the Pension Fund Regulatory and Development Authority (Salary and Allowances
Payable to, and Other Terms and Conditions of Service of, Chairperson and Whole-time Members) Amendment
Rules, 2023.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Pension Fund Regulatory and Development Authority (Salary and Allowances Payable to, and Other Terms
and Conditions of Service of, Chairperson and Whole-time Members) Rules, 2014, in rule 3,
(i) for sub rule (1), the following sub rule shall be substituted namely: -
“(1) The chairperson of the Pension Fund Regulatory and Development Authority and every whole-time member
thereof shall be appointed by the Central Government on the recommendation of the Financial Sector Regulatory
Appointment Search Committee.”,
(ii) in sub rule (2), for the words “Selection Committee”, the words “Financial Sector Regulatory Appointment
Search Committee” shall be substituted.
[F. No. 11/5/2014-PR]
PANKAJ SHARMA, Jt. Secy.
Note: The principal rules were published in the Gazette of India, Extraordinary, vide notification number G.S.R. 597
(E) dated 20th August, 2014, subsequently amended vide notification numbers G.S.R. 987 (E) dated 2nd August,
2017, G.S.R. 07 (E) dated 2nd January, 2018 and G.S.R. 731 (E) dated 11th October, 2021.
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.
2
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