Approval to Pension Fund Regulatory and Development Authority (PFRDA) to act as single regulator for all Pension product
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
UNSTARRED QUESTION NO: 83
ANSWERED ON: 03.02.2020
Regulator for Pension Products
Y. S. Avinash Reddy
Komati Reddy Venkat Reddy
Will the Minister of FINANCE be pleased to state:-
(a) whether the Government is planning to bring all Pension Products under one regulator and give in principle approval to Provident Fund Regulatory and Development Authority to act as single regulator;
(b) if so, the details thereof; and
(c) whether all other private regulators like Mutual Funds and various bank pension schemes are also being included under this proposal and if so, the details thereof ?
The Minister of State (Finance)
(a) to (c) Yes. A proposal has been submitted by Pension Fund Regulatory and Development Authority (PFRDA) to the Government of India after taking approval from its Board, recommending various amendments in the PFRDA Act, 2013, which inter-alia, include regulation of pension schemes for transparent, orderly and viable growth of pension sector. . The same is being processed for appropriate decision.
Source: Lok Sabha