The Pension Fund Regulatory and Development Authority (PFRDA) on 23rd February 2024 issued a preliminary draft of the proposed “Mechanism for Making and Review of Regulations” for the year 2024 for seeking comments and feedback from stakeholders and the public on the draft. The draft regulations outline the process for making and reviewing regulations, emphasizing the protection of subscribers’ interests and reflecting changes in the socio-economic environment and industry global best practices. The regulations also include provisions for public consultation, economic analysis, and the constitution of a Regulations Advisory Committee.
The proposed regulations focus on the process of making and reviewing regulations by the PFRDA, ensuring they align with the provisions of the Pension Fund Regulatory and Development Authority Act, 2013. The regulations emphasize the importance of protecting subscribers’ interests and periodically reviewing regulations to rationalize compliance costs, ease of doing business, and amend or repeal regulations as necessary. Additionally, the document highlights the requirement for economic analysis of proposed regulations, including their expected costs and benefits to subscribers, stakeholders, the economy, and society. Moreover, the establishment of a Regulations Advisory Committee is outlined, detailing its constitution, composition, scope of review, and meetings, aiming to provide recommendations on proposed regulations and amendments.
Furthermore, the draft addresses urgent regulations, allowing the Authority to make, amend, or repeal regulations without fully adhering to all specified requirements in the interest of the subscribers. The consultation process emphasizes transparency and governance, encouraging stakeholders and the public to provide feedback on the proposed regulations, with a specific focus on the rationale for their suggestions. Overall, the draft regulations aim to ensure the efficient and effective process of making and reviewing regulations, while prioritizing the protection of subscribers’ interests and incorporating global best practices
Stakeholders and the public are invited to provide comments and feedback via email on reg@pfrda.org.in with subject line as ‘Feedback on PFRDA (Mechanism for Making and Review of Regulations) Regulations, 2024’. The consultation period is open until 15th March, 2024.
