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THE Government on 30th December has promulgated an Ordinance to pave the way for establishing the Pension Fund Regulatory and Development Authority (PFRDA), a statutory regulatory body to undertake promotional, developmental and regulatory functions in respect of the pension sector. It will come into being from January 1. With its headquarters in New Delhi, PFRDA will have a chairperson and five members, of which three would be whole-time members.

The Ordinance has empowered the PFRDA to regulate the New Pension System (NPS), as amended by the Central Government from time to time. The PFRDA would also prescribe guidelines on the number of players, prudential norms, investment criteria and capital requirement of pension fund managers.

Besides framing regulations/guidelines and prescribing disclosure standards, the PFRDA has also been empowered to curb fraudulent and unfair practices in pension funds and protect the interests of the subscribers to the schemes of pension funds. All appeals against the orders and decisions of PFRDA would lie with the Securities and Appellate Tribunal.

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