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PFRDA finalizing regulations for intermediary institutions

LiveMint logoLiveMint 15-06-2014 PTI

Mumbai: Pension Fund Regulatory and Development Authority (PFRDA) has finalized on a number of regulations, which are meant for regulating all intermediary institutions.

“We are currently focusing on finalizing 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 centralized 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 unorganized/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 `56,000 crore, to cross the mark of `1,50,000 crore by the fiscal end, he added.

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