New Delhi, December 30
The government today issued an ordinance for setting up a full-fledged Pension Fund Regulatory and
Development Authority (PFRDA) on the pattern of insurance and stock market regulators.
The PFRDA, which is now an interim body under the Finance Ministry, will become a statutory body once the ordinance comes into effect.
The ordinance would subsequently be replaced by a legislation, hopefully in the budget session.
The Cabinet on November 11 had cleared a proposal to bring in a legislation for setting up a separate pension regulator.
The new legislation would empower the PFRDA to regulate pension fund managers. —
TNS
