(MC)
The Pension Fund Regulatory and Development Authority (PFRDA) has written to the government of India, seeking changes in the PFRDA Act to make it the sole regulator for all pension products sold in the country.In an interaction with Moneycontrol, Supratim Bandyopadhyay, Member (Finance), Pension Fund Regulatory and Development Authority (PFRDA), said that they had proposed some changes in the PFRDA Act and discussed it with the government.
“We have told them (government of India) very clearly that let there be a single regulator for the pension sector. We are seeking an amendment to the PFRDA Act making the body the single regulator for all pension products,” he added.PFRDA, established in 2003 with the intent of selling pure-play pension products, has for long lobbied for the exclusive right to be the watchdog. While an expert committee was set up the finance ministry on this matter, no decision was taken.
