PFRDA finalising regulations for intermediary institutions

Jun 15 2014, 13:24 IST
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The intermediary agencies for whom the regulations are being framed include points of presence (POPs) and aggregators. Reuters The intermediary agencies for whom the regulations are being framed include points of presence (POPs) and aggregators. Reuters
SummaryPension fund regulator PFRDA has finalised on a number of regulations, which are meant for regulating all intermediary institutions.

Pension fund regulator PFRDA has finalised on a number of regulations, which are meant for regulating all intermediary institutions.

"We are currently focusing on finalising regulations for all the intermediary institutions and some other regulations, which will be put on our website on Monday," PFRDA officiating Chairman R V Verma told PTI.

The intermediary agencies for whom the regulations are being framed include points of presence (POPs) and aggregators.

Some of the regulations, which have already been approved by the board of PFRDA and which will be put on its site include regulation for custodians, regulation for trustee bank and enquiry investigation appeal and adjudication regulation and regulation for centralised record keeping agencies.

The draft regulations, which have already been put on PFRDA's site for public consultation include POP regulation, aggregators' regulation and subscriber grievance redressal regulation.

"These have been put on our official site, seeking public consultation on them by 27th of this month," Verma said.

Nearly 26 crore of the 32 crore of the country's working population is in the unorganised/informal sector. These are the most vulnerable lot and also excluded from the formal pension industry, he said.

"We are targeting to increase the current number of subscribers under New Pension Scheme from 68.48 lakh to cross 1.50 crore by the end of this fiscal," Verma said.

Also, we will target increasing the size of the corpus, which is currently at about Rs 56,000 crore, to cross the mark of Rs 1,50,000 crore by the fiscal end, he added.

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