The Pension Fund Regulatory and Development Authority (PFRDA) has recently issued a significant notification on the 29th of January, 2024. Titled “PFRDA (Subscriber Education and Protection Fund) (Amendment) Regulations, 2023,” this notification introduces amendments to the existing regulations.
The PFRDA’s amendments to the Subscriber Education and Protection Fund Regulations aim to enhance the framework for financial literacy, retirement education, awareness, and planning. The changes reflect a proactive approach to addressing the evolving needs of subscribers. It will be interesting to observe the practical implications and outcomes of these regulatory adjustments in the coming years.
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 29th January, 2024
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (SUBSCRIBER EDUCATION
AND PROTECTION FUND) (AMENDMENT) REGULATIONS, 2023
F. No. PFRDA/04/01/4/0002/2017-Fin Lit.—In exercise of the powers conferred by sub-section (1) of section 52 read with clause (t) of sub-section (2) thereof and sub-section (1) and (3) of section 41 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to amend the Pension Fund Regulatory and Development Authority (Subscriber Education and Protection Fund) Regulations, 2015, namely: –
1. These regulations may be called the Pension Fund Regulatory and Development Authority (Subscriber Education and Protection Fund) (Amendment) Regulations, 2023.
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 (Subscriber Education and Protection Fund) Regulations, 2015, as amended from time to time (hereinafter referred to as ‘the principal regulations’), the following amendments are made.
I. Clause (d) of regulation 4 of the principal regulations shall be deleted;
II. Clause (d) of sub-regulation (2) of regulation 5 of the principal regulations shall be deleted;
III. Clause(c) of sub-regulation (2) of regulation 6 of the principal regulations shall be substituted as follows:
“(c) four other members being:
i. an expert in financial market operations;
ii. an expert in the field of law, economics, finance or pension;
iii. representative of the Central government; and
iv. representative of the State government;
having experience in the matters pertaining to grievance redressal or financial literacy and awareness.”
IV. Clause (a) of sub-regulation (3) of regulation 6 of the principal regulations shall be substituted as
follows:
“(a) The term of office of the members referred to in clause (c) of sub-regulation (2) of this regulation shall be three years, which may be extended for a further period of two years;”
V. Sub-regulation (1) of regulation 7 of the principal regulations shall be substituted as follows:
“7. Functions of the committee.— (1) The committee shall recommend the following activities relating to the subscribers’ education, awareness and protection:-
(a) creating and reviewing the existing literature, videos, booklets and such other material, both in print and digital format on financial literacy and retirement education, awareness and planning;
(b) organizing seminars, workshops and training programmes for creating awareness on retirement planning;
(c) funding research activities on retirement education, awareness and planning;
(d) creating awareness programmes through print, media and electronic means for subscribers and prospective subscribers; and
(e) any other subject matter in the interest of the subscribers.”
Dr. DEEPAK MOHANTY, Chairperson
[ADVT.-III/4/Exty./717/2023 -24]
Note: The Pension Fund Regulatory and Development Authority (Subscriber Education and Protection Fund) Regulations, 2015 were published vide Notification No. PFRDA/12/RGL/139/1, on the 27th January, 2015 in the Gazette of India, Extraordinary, Part III, Section 4, No. 29.
