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The pension regulator PFRDA has given its nod for putting in place several regulations that could help in institution building, developing market infrastructure besides customer protection in the pension sector.
The PFRDA board approved the drafts of as many as five regulations, which are being framed for the first time since the pension regulator got statutory backing last year.
The draft regulations relate to points of presence (POP), aggregators, grievance redress, subscribers’ education and protection fund, and pension fund advisory committee. “The draft of these regulations will now be put out for public/industry comments”, RV Verma, officiating Chairman of PFRDA, told Business Line .
Already, there are guidelines governing areas such as POP, but now regulations are framed so that the PFRDA can take punitive actions in case of any market misconduct by intermediaries.
Under the proposed framework, each of the intermediaries will need to be registered with the PFRDA, said Verma.
As for the proposed regulation on pension fund managers, Verma said this was not considered in the recent board meeting.
“But we will look to clear this regulation in the next two board meetings and this will happen soon,” Verma added.
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