The country’s pension fund regulator, Pension Fund Regulatory & Development Authority, is collecting information on superannuation funds that are not regulated.

According to B.S. Bhandari, Member, PFRDA, the funds — information on which is being sought — are at present not regulated by any regulator. The idea behind collecting information is obviously to bring them under the regulatory ambit while ensuring protection for subscribers.

PFRDA came into existence post the Pension Fund Regulatory & Development Act being notified in February 2014. The PFRDA currently regulates the National Pension System and the newly launched Atal Pension Yojana.

"The pension landscape in the country is varied….There are some superannuation funds that are at present not regulated by any regulator. These seek tax exemption from EPFO or tax concession from CBDT. Now we are trying to see whether there is adequate regulatory framework for protection of subscribers' interest. We have written to some of the entities and companies and are collecting information on this matter, before deciding how to proceed," he said.

Bhandari was speaking to mediapersons on the sidelines of a seminar ‘Unlocking the Potential in Insurance & Pension Sector’ organised by the Institute of Chartered Accountants of India (ICAI).

To a specific question on whether PFRDA could ultimately be the single pension regulator in the country on the lines of the insurance regulatory body, IRDAI, he said: "We don't want to get into any issue in areas that are already regulated," he said.

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