PFRDA wants to regulate pension schemes offered by MFs and insurers

PFRDA has sought clarification from the government on whether they can regulate pension schemes offered by AMCs and insurance companies. Hemant G Contractor, Chairman PFRDA has confirmed this development on the sidelines of 17^th CII Insurance Summit recently held in Mumbai.

Contractor said, “Since PFRDA act empowers the pension fund regulator to regulate all kinds of pension business in India, we have sought clarification from the government if we can regulate the pension schemes offered by AMCs and life insurance companies.”

Currently, SEBI regulates pension schemes offered by AMCs. However, they are required to take CBDT’s approval to offer tax benefits to investors before launching such products. Similarly, IRDAI regulates pension schemes offered by insurance companies.