Deputy CAG Sivasubramanian Ramann appointed Chairman of PFRDA

The government of India has appointed Deputy Comptroller and Auditor General (CAG) India, Sivasubramanian Ramann, as the Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA). Sivasubramanian Ramann will replace the current chairperson, Deepak Mohanty, whose term comes to an end in May 2025.

The name of Sivasubramanian Ramann was approved by the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC).

Appointment of the Chairperson of the PFRDA 

According to the Pension Fund Regulatory and Development Authority (Salary and Allowances Payable to, and Other Terms and Conditions of Service of, Chairperson and Whole-time Members) Amendment Rules, 2014, the Chairperson of the PFRDA  shall be appointed by the Central Government on the recommendation of the Financial Sector Regulatory Appointment Search Committee (FSRASC).

The FSRAC consists of seven members, and it is headed by the Cabinet Secretary.

All the heads of the financial regulators in India, like the RBI, SEBI, and IRDA, are appointed on the recommendation of the FSRAC.

TV Somanathan is currently the Cabinet Secretary.

Tenure of the Chairperson of PFRDA

According to the PFRDA Act 2013, the tenure of the chairperson of the PFRDA shall be five years, and is eligible for reappointment.

However, the retirement age of the PFRDA chairperson is 65 years.

Sivasubramanian Ramann has been appointed for a tenure of five years or till he attains the age of 65 years.

About Sivasubramanian Ramann

Sivasubramanian Ramann is a 1991 batch of the Indian Audit & Accounts Service (IA&AS).

He was Chairman and Managing Director (CMD) of Small Industrial Development Bank of India (SIDBI) from 2021-2024.

He has also been the MD & CEO of National E-Governance Services Limited (NeSL).

About Pension Fund Regulatory and Development Authority (PFRDA)

In 2003, the government of India set up an interim Pension Fund Regulatory and Development Authority (PFRDA) as an administrative body under the Union Ministry of Finance.

It was made a statutory body on 1st February, 2014, under the provisions of the Pension Fund Regulatory & Development Authority Act 2013.

Functions

It is the regulator of the pension system in India.

It is mandated to develop an organized pension system to serve the old age income needs of people on a sustainable basis.

It is the regulator of the newly notified Unified Pension System, which came into effect on 1 April 2025.

Headquarters of PFRDA: New Delhi 

Also Read 

Unified Pension Scheme to replace the National Pension System in India

Nirmala Sitharaman launches NPS Vatsalya for Minors