navigation search pension fund regulatory and development authority type public industry pension founded august 23 2003 headquarters new delhi india 1 key people hemant contractor chairman website www.pfrda.org.in the pension fund regulatory and development authority pfrda is a pension regulatory authority which was established by government of india on august 23 2003 . pfrda is authorized by ministry of finance department of financial services . pfrda promotes old age income security by establishing developing and regulating pension funds and protects the interests of subscribers to schemes of pension funds and related matters . pfrda is responsible for appointment of various intermediate agencies such as central record keeping agency cra pension fund managers custodian nps trustee bank etc. contents 1 structure 2 history 3 national pension system 4 references 5 external links structure edit the authority shall consist of a chairperson and not more than five members of whom at least three shall be whole time members to be appointed by the central government . present board of the authority hemant contractor chairman shri r. v. verma whole time member finance dr. b.s.bhandari whole time member economics dr. shashank saksensa part time member ms. annie george mathew part time member ms. vandana sharma part time member history edit pfrda has set up a trust under the indian trusts act 1882 to oversee the functions of the pension fund managers pfms . the nps trust is composed of members representing diverse fields and brings wide range of talent to the regulatory framework . the union parliament passed the iprda interim pension fund regulatory & development authority bill in february 2003 as a budget announcement approved by the then president of india dr. apj abdul kalam . it was meant to be in place till the final and fullproof system was prepared re approved and implemented in a way acceptable to all political parties in india including the opposition . tamil nadu became the first state to implement nps for its newly appointed employees from the financial year 2003 04 under the chief ministership of jayalalitha . on 18 september 2013 the president pranab mukherjee gave his assent to pension fund regulatory and development authority bill of 2013 which was passed in the monsoon session of parliament as on 4th in ls and 6th in rs of september 2013 to make it a permanent act of the indian constitution . this improved foolproof and re approved bill with the acceptance of all political parties in india has replaced the old and imperfect iprda bill of 2003 . this has been now published in the gazette of india extraordinary part ii section 1 dated 19 september thursday 2013 as act no. 23 of 2013 . 2 the president of india is the guardian of pfrda of india subject to his financial emergency powers as per the articles of indian constitution . pfrda now has full autonomy & functioning independently from the f.y. 2014 15 national pension system edit main article national pension scheme national pension system is a defined contributory pensions system introduced by government of india . it is mandatory for all central government employees with effect from jan 1 2004 . it extends to all citizens of india including workers of the unorganized sector on a voluntary basis with effect from may 1 2009 . 3 on oct 29 2015 rbi allowed nris to subscribe to nps . references edit http pfrda.org.in indexmain.asp linkid 56 government of india 19 september 2013 . serial no.s 82 and 10 for ministry of law and justice as the pension fund regulatory and development authority act 2013 . act no. 23 . the gazette of india . retrieved june 22 2014 . http pfrda.org.in writereaddata linkimages offer % 20document % 20all % 20citizen1783097450.pdf external links edit wikimedia commons has media related to pension fund regulatory and development authority . official site national pension scheme faqs retrieved from https en.wikipedia.org w index.php title pension fund regulatory and development authority & oldid 741543718 categories financial institutions of indiaregulatory agencies of indiapublic pension fundspensions in indiahidden categories commons category without a link on wikidata navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages edit links this page was last modified on 28 september 2016 at 04 37 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view