The government on Friday constituted a five-member interim Pension Fund Regulatory and Development Authority, which will come up with guidelines for a new pension system from January 2004.
A resolution has been issued today to operationalise the decision of the government to introduce the new defined contributory pension system, an official release said.
The PFRDA, which will be headed by a chairman and having not more than four members, will be headquartered in Delhi.
The chairman of PFRDA, who would be appointed soon, will be of the status not less than that of a secretary in the government and having experience in economics, finance, legal and administrative matters.
There will be at least two whole-time members who would also be appointed by the government.
The regulator is expected to operationalise the new pension system from January one, 2004.
The PFRDA will deal with matters relating to promotion and orderly growth of pension market, the release said.
The regulator would also propose comprehensive legislation for the purpose, it added.
"The PFRDA shall be free to determine its own procedures and will have powers to call for records, returns, notes, memoranda, data or any other material relevant to its working from official and non-official bodies and also hold discussions with them," it said.
The interim body would periodically report to government on various aspects of the pension sector and other specific matters as may be called for by the government from time to time.
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