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PFRDA unveils draft new regulations for pension sector

PFRDA has invited comments from public and industry experts on these draft regulations

May 30, 2014 8:59 IST | India Infoline News Service
The Pension Fund Regulatory and Development Authority (PFRDA) has introduced a set of regulations that could help in institution building, developing market infrastructure and enhance customer protection in the pension sector.

The PFRDA board approved the drafts of five regulations, including those governing points of presence (POP), aggregators, grievance redress, subscribers' education and protection fund, and pension fund advisory committee.

These regulations will be finalised after a detailed discussion with stakeholders.

PFRDA has invited comments from public and industry experts on these draft regulations.

PoP is an intermediary registered formed for the purpose of receiving contributions and instructions, transmitting them to the Trustee Bank or the central recordkeeping agency, as the case may be, and paying out benefits to
subscribers in accordance with the regulations made by PFRDA from time to time in this regard.

Aggregators is an intermediary registered with the PFRDA to perform subscriber interface functions under NPS-Swavalamban.

The Aggregators shall have functional relationship with a known customer base for delivery of some socio-economic goods / services.

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