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The Union Cabinet on 17th March 2011, gave approval to the long-awaited Pension Fund Regulatory and Development Authority Bill (PFRDA Bill) that is intended to grant statutory status to PFRDA, the regulator of New Pension Scheme applicable to Central Government employees.
It was informed by the Cabinet that PFRDA Bill was approved and the same is to be introduced in the current session of the Parliament. The Bill also seeks to allow foreign direct investment in pension funds, in line with the insurance sector.
An interim PFRDA has been functioning since 2003 through an executive order.
The PFRDA Bill was first introduced in Parliament in 2005 and referred to the parliamentary standing committee which submitted its report and recommended that FDI in pension should not be at variance with the insurance sector. An amendment to the Insurance Bill, which seeks to raise foreign investment cap in domestic private insurance companies to 49 per cent, is also pending.
Source- Business Standard