The Pension Fund Regulatory and Development Authority (PFRDA) was established by the Government of India in 2014 to regulate and develop pension funds and protect the interests of subscribers. PFRDA regulates the National Pension System and is headed by a chairman and includes whole-time and part-time members. As the regulator for NPS, PFRDA oversees intermediaries like the Central Record Keeping Agency and pension funds, monitors their performance, and safeguards subscribers' interests.

1. Pension Fund Regulatory and Development
Authority

2.  Pension Fund Regulatory Development Authority
(PFRDA) was established by the Government of
India to promote old age income security by
establishing, developing and regulating pension
funds, to protect the interest of subscribers to
schemes of pension funds.

3.  PFRDA was established in pursuance of Section 3 of the
Pension Fund regulatory and Development Authority
Act, 2013 as a body corporate passed on 19th September
2013 and notified on 1st February, 2014.
 PFRDA is regulating NPS, subscribed by employees of
Government of India, State Governments and by
employees of private institutions/organization &
unorganized sectors.

4.  PFRDA established to acquire, hold and dispose of
property, both moveable and immovable, and to
contract and shall, by the said name, sue to be sued.
 Head office of the Authority shall be in the National
Capital Region and is at : B-14/A, Chhatrapati Shivaji
Bhawan, Qutub Institutional Area, Katwaria Sarai
New Delhi-110016.

5.  The Authority shall consist of the following:
(a) a Chairperson;
(b) three whole-time members; and
(c) three part-time members

6.  Shall be appointed by the Central Government from
the amongst persons of ability, integrity and
standing and having knowledge and experience in
economics or finance or law with least one person
from each discipline.

7.  Present Board of the Authority comprises:
(1) Sh. Hemant G Contractor, Chairman
(2) Sh. Dr. B.S. Bhandari,Whole-Time Member (Economics)
(3) Sh. Supratim Bandopadhyay, Whole-Time Member (Finance)
(4) Ms Annie George Mathew, Joint Secretary (Pers), DoE, Ministry
of Finance, Part-Time Member
(5) Sh. Madnesh Kumar Mishra, Joint Secretary (Pers), DoFS,
Ministry of Finance, Part-Time Member
(6) Sh. Sanjev Narain Mathur, Joint Secretary (Pers), Deptt. of
Pension and Pensioner Welfare, Ministry of Personnel, Public
Grievances and Pensions, Part-Time Member

8.  Chairperson and whole time Member
(a) Shall hold office for term of five years from the
date on which he enters upon his office and
shall be eligible for reappointment.
(b) Chairperson shall not hold the office after
attaining the age of 60 years and whole-time
member after attaining the age of 62 years.

9.  Part-time Member
A part-time member shall hold office as such for a
term not exceeding five years from the date on
which he enters upon his office.
However, a member may relinquish his office by
giving notice in writing of not less than 30 days to
the Central Government.

10.  As per Section 6 of PFRDA Act, 2013, Central
Government may remove from office the
Chairperson or any other member who:
(a) is, or at any time has been adjudged as
insolvent; or
(b) has become physically or mentally incapable
of acting as member;

11. (c) has been convicted of an offense which, in the
opinion of the Central Government, involves
moral turpitude; or
(d) has acquired such financial or other interest as
is likely to affect prejudicially his functions as a
member; or

12. (e) has, in the opinion of the Central Government, so
abused his position as to render his continuance
in office detrimental to the public interest.
However, no such chairperson or other member
shall be removed under clause (d) or (e) above
unless he has been given a reasonable opportunity
of being heard in the matter. -- Section 6(2)

13.  The Chairperson and the whole-time members shall not,
for a period of two years from the date on which they
ceases to hold office as such, except with the previous
approval of the Central Government, accept-
(a) any employment either under Central Government
or under any State Government; or
(b) any appointment in any regulated entity in the
pension sector -- Section 7(1)

14.  PFRDA, the regulator for the NPS, is responsible for registration of
various intermediaries in the system such as “Central Record
Keeping Agency (CRA), Pension Funds, Custodians, NPS trustee Bank
etc.
 PFRDA shall also monitor the performance of the various
intermediaries and has a significant role to play in safeguarding the
interest of subscribers.
 It will regulate the manner in which subscriber contribution are
invested by the PF(s) and will make all efforts to ensure fair play for
subscribers.

15. By Rohit Thakur,
16th Batch of HPF&AS Training