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Date: 22-Mar-2023 Category: Extra Ordinary State: Union Government Country: India

PFRDA Salary and Allowances payable to, and other Terms and Conditions of Services of Chairperson and Whole Time Members Amendment Rules, 2023

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

What it means

  • The notification 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.
  • The amendment changes the selection process for the Chairperson and Whole-time Members of the Pension Fund Regulatory and Development Authority (PFRDA).

Key Changes

  • The Chairperson and Whole-time Members of PFRDA will now be appointed by the Central Government on the recommendation of the Financial Sector Regulatory Appointment Search Committee.
  • The words "Selection Committee" in sub-rule (2) of Rule 3 of the 2014 Rules have been replaced with the words "Financial Sector Regulatory Appointment Search Committee."
  • The notification is effective from the date of its publication in the Official Gazette, which is March 22, 2023.

Impact Analysis

Impact on PFRDA

  • PFRDA needs to update its internal processes to reflect the new appointment procedure.

Impact on Candidates for Chairperson and Whole-time Member positions

  • The selection criteria and evaluation process may be different under the new committee.

Suggested Action Items

  • Monitor the implementation of the new rules and address any challenges that may arise.

Key Entities Referenced

Pension Fund Regulatory and Development Authority (PFRDA): The regulatory body for pension funds in India. Pension Fund Regulatory and Development Authority Act, 2013: The Act that established the PFRDA and defines its powers and functions. 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: The rules governing the salary, allowances, and service conditions of the Chairperson and Whole-time Members of PFRDA. These rules are amended by this notification. Financial Sector Regulatory Appointment Search Committee: The committee responsible for recommending candidates for the positions of Chairperson and Whole-time Members of PFRDA to the Central Government. Ministry of Finance (Department of Financial Services): The government ministry responsible for financial services in India.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-22032023-244560 xxxGIDHxxx CG-DL-E-22032023-244560 xxxGIDExxx 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)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.

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