India. PFRDA, government in talks to tweak law to cover retirement funds
The government and the Pension Fund Regulatory & Development Authority (PFRDA) are discussing amendments to the law to ensure the regulation of a large number of superannuation funds that currently escape the required scrutiny
Although there are no official estimates, around 400-500 are seen to be “unregulated” superannuation funds, with 50-60 being large players. There are at least three regulators for the pension business, with PFRDA handling the National Pension System (NPS), while the insurance regulator deals with annuities sold by life insurers. Mutual funds also sell pension schemes and are regulated by Sebi.
“For regulating the superannuation funds that are not under the regulatory control of any financial regulator, we have proposed changes in the PFRDA Act, which is under consultations phase. We are of the opinion that regulatory control is necessary to ensure that the purpose for which the trust was created is being fulfilled by the Trustees and funds are being managed in the best interest of its beneficiaries or employees,” PFRDA chairman Supratim Bandyopadhyay told TOI.
Read more @The Times Of India
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