India. PFRDA asks govt to resolve uncertainty over regulation of pension products
In an attempt to bring all pension products under the purview of a single regulator, Pension Fund Regulatory and Development Authority (PFRDA) has sought a final word on the matter with the government.
In an exclusive interaction with Moneycontrol, Hemant Contractor, Chairman of PFRDA said that they are hopeful of the government deciding on a single-source regulator.
Currently, the National Pension System alone is regulated by the PFRDA. However, pension products sold by insurance companies are overseen by the Insurance Regulatory and Development Authority (IRDA) while those sold by MFs come under SEBI’s watch.
PFRDA, which was established with the intent of selling pure-play pension products, has for long lobbied for the exclusive right to be the watchdog.
PFRDA’s dealings with the government come in the wake of the slow progress shown by the express committee set up in August last year by the Union finance Ministry in resolving the issue.
Full Content: Money Control
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