DRAFT – Pension Fund
Regulatory and Development Authority (Pension Fund) Regulations, 2014
1. The PFRDA Act was
passed by Parliament on Sep/19/2013 and notified on Feb/01/2014. In accordance
with section 52 of the Act, the Authority may, by notification make regulation
consistent with the Act and rules made thereunder for carrying out the
provisions of the Act.
2. “Pension fund” is
defined under Section (2) (l) of the Act as “intermediary which has been
granted a certificate of registration under sub-section (3) of section 27 by
the Authority as a pension fund for receiving contributions, accumulating them
and making payments to the subscriber in the manner as may be specified by
regulations”.
3. The objective of
these Regulations is to standardize and to provide regulatory framework for
Pension Fund (PFs) that would provide interalia criteria for registration,
capital adequacy, code of conduct, obligation and responsibilities etc.
Further, the regulation would ensure an effective procedure for inspection and
audit to protect the interests of subscribers.
4. Therefore, in
order to safeguard the interest of the subscribers, PFs as an intermediary,
through this regulation, are required to adopt high level of standard practices
that requires compliance with standards for internal control and operational
conduct, with the aim of protecting the NPS assets, proper management of risk
and generation of optimum returns.
4. Public Comments
Public comments are invited on the
draft regulations on Pension Fund Regulatory and Development Authority (Pension
Fund) Regulations, 2014 . All comments from the public will be considered
before the regulations are finalized. Comments may be forwarded by email tosumeet.kapoor@pfrda.org.in or may be sent at the under-mentioned address latest by 18th Aug 2014 as per format given below.
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Name of the Person: Organisation: Designation:
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Sr. No.
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Pertains to which regulation
/Sub-regulation (Regulation No. & Clause No.)
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Proposed/suggested changes*
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Rationale
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1.
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2.
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3.
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Instruction to fill
up the format:
1. All letters or
emails to clearly specify the name and number of the regulation, sub-regulation
and clause.
2. Separate
letters/emails to be used for different regulations.
3. Each proposed
amendment to be given separately.
4. Each proposed
amendment (preferably) not to exceed 200 words*
Your letter(s) can be
addressed to:
Ms. Sumeet Kaur
Kapoor
General Manager
Pension Fund
Regulatory & Development Authority (PFRDA)
1st Floor, ICADR
Bldg, Plot No.6
Vasant Kunj
Institutional Area, Phase II
New Delhi -110070
