Pension sector regulations
The first draft regulations on pension will be ready by first week of September, the Pension Fund Regulatory and Development Authority chairman D Swarup said on Tuesday.
By TNN |
NEW DELHI: The first draft regulations on pension will be ready by first week of September, the Pension Fund Regulatory and Development Authority chairman D Swarup said on Tuesday.
He said the Parliamentary Standing Committee on Finance, which went into the PFRDA bill has suggested that guidelines on pension should be debated in public to ensure transparency in decision making. "We will come out with the draft regulations within a fortnight. We will invite opinion from the public on the draft norms," Swarup said.
The first set of draft norms will pertain to pension fund managers (PFMs), central record keeping agencies (CRAs) and point of presence (PoPs), hesaid.
The PFRDA chairman also said there will be no fixed number of PFMs. More than one PSUs may also be allowed in the pension sector, according to Swarup.
In case of CRAs too, he said the PFRDA bill provides for allowing more than one CRA. Swarup said the regulator would allow only computerised branches of banks and post offices with inter-connectivity to handle pension accounts.
He said the Parliamentary Standing Committee on Finance, which went into the PFRDA bill has suggested that guidelines on pension should be debated in public to ensure transparency in decision making. "We will come out with the draft regulations within a fortnight. We will invite opinion from the public on the draft norms," Swarup said.
The first set of draft norms will pertain to pension fund managers (PFMs), central record keeping agencies (CRAs) and point of presence (PoPs), hesaid.
The PFRDA chairman also said there will be no fixed number of PFMs. More than one PSUs may also be allowed in the pension sector, according to Swarup.
In case of CRAs too, he said the PFRDA bill provides for allowing more than one CRA. Swarup said the regulator would allow only computerised branches of banks and post offices with inter-connectivity to handle pension accounts.
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