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telegraphindia.com 13 Sep, 2021 00:00 am

Cabinet likely to consider amendments to PFRDA Act soon

Cabinet likely to consider amendments to PFRDA Act soon
A Bill may be introduced in the upcoming Winter session of Parliament

Cabinet likely to consider amendments to PFRDA Act soon A Bill may be introduced in the upcoming Winter session of Parliament With the amendment, sources said the powers, functions and duties of the NPS Trust, which are currently laid down under PFRDA (National Pension System Trust) Regulations 2015, may come under a charitable Trust or the Companies Act.The amendment Bill may contain provisions on the separation of NPS Trust from the PFRDA, a hike in the foreign direct investment (FDI) limit for the pension sector to 74 per cent from the existing 49 per cent, among others, sources said.With the amendment, sources said the powers, functions and duties of the NPS Trust, which are currently laid down under PFRDA (National Pension System Trust) Regulations 2015, may come under a charitable Trust or the Companies Act.The intent behind this is to keep NPS Trust separate from the pension regulator and managed by a competent board of 15 members.

Finance minister Nirmala Sitharaman had announced to separate NPS Trust from the PFRDA with appropriate organisational structure, keeping in view the wider interest of the subscribers and to maintain an arm’s length relationship of NPS Trust with the regulator.21, 12:28 AM The Union cabinet is likely to consider amendments to Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013 soon and a Bill may be introduced in the upcoming session of Parliament, sources said.

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