Pension Fund Regulatory and Development Authority (Employees’ Service) (Amendment) Regulations, 2021

Last updated: 25 March 2021

Save Share

Quick Summary

The Pension Fund Regulatory and Development Authority (PFRDA) has issued amendments to its Employees' Service Regulations of 2015. These new regulations, effective from their publication date, update the qualifications and experience required for the position of Executive Director. The revised criteria now specify a broader range of postgraduate qualifications and a minimum of 20 years of relevant post-qualification experience.

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

NOTIFICATION

New Delhi, the 24th March, 2021

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (EMPLOYEES’ SERVICE)
(AMENDMENT) REGULATIONS, 2021

No. PFRDA/12/RGL/139/11 - In exercise of the powers conferred by sub – section (2) of section 11 read with sub – clause (b) of sub – section (2) of section 52 of the Pension Fund Regulatory and Development Authority Act, 2013 (Act no. 23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to amend the Pension Fund Regulatory and Development Authority (Employees’ Service) Regulations, 2015, namely,: -

1. These regulations may be called the Pension Fund Regulatory and Development Authority (Employees’ Service) (Amendment) Regulations, 2021.

2. These shall come into force on the date of their publication in the Official Gazette.

3. In the Pension Fund Regulatory and Development Authority (Employees’ Service) Regulations, 2015:-

I. In the schedule under clause (b) of sub-regulation 4 of Regulation 6, in column 3 of row 2 [under heading-Age, Qualification & Experience for Direct recruits], for qualification for Executive Director, the existing educational qualification and experience shall be substituted as follows:

Qualification:

"MBA/MMS with specialisation in Finance / CA / CS / CFA / CWA / LLB / Post Graduation in Economics, Finance or any other discipline which in the opinion of the Authority is useful, from a recognised University / Institution with a minimum of 20 years of post-qualification experience in dealing with issues relating to Pension / Insurance / Financial Sector or special knowledge / experience of law, investigation, Finance, Economics, Accountancy, Administration or any other discipline considered useful to the Authority".

SUPRATIM BANDYOPADHYAY, Chairperson

[ADVT- III /4 / Exty./552/2020-21]

Footnote:

1. The Principal Regulations, The Pension Fund Regulatory and Development Authority (Employees’ Service) Regulations, 2015 were published in the Gazette of India on 14th May, 2015 vide Notification No. PFRDA/12/RGL/139/11.

2. The Pension Fund Regulatory and Development Authority (Employees’ Service) (First Amendment) Regulations, 2018 were published in the Gazette of India on 31st October, 2018 vide Notification No. PFRDA/12/RGL/139/11.

3. The Pension Fund Regulatory and Development Authority (Employees’ Service) (Amendment) Regulations, 2020 were published in the Gazette of India on 28th April, 2020 vide Notification No. PFRDA/12/RGL/139/11.

FAQ :

These are amendments made by the Pension Fund Regulatory and Development Authority to its existing Employees' Service Regulations from 2015.

The regulations come into force on the date of their publication in the Official Gazette.

The amendment specifically revises the educational qualification and experience requirements for the Executive Director role, as detailed in the schedule under clause (b) of sub-regulation 4 of Regulation 6.

The updated qualifications include an MBA/MMS with a Finance specialisation, CA, CS, CFA, CWA, LLB, or a Post Graduation in Economics, Finance, or a similar discipline recognised by the Authority.

A minimum of 20 years of post-qualification experience is required, specifically in areas related to Pension, Insurance, or the Financial Sector, or specialised knowledge in law, investigation, finance, economics, accountancy, or administration.