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Pension regulator ordinance promulgated

By Our Special Correspondent

NEW DELHI, DEC. 30. The Government has promulgated an ordinance for setting up a Pension Fund Regulatory and Development Authority (PFRDA) on the lines of the Insurance Regulatory and Development Authority (IRDA). The President, A.P.J. Abdul Kalam, signed the ordinance on Wednesday.

The PFRDA, now an interim body under the Finance Ministry, will become a statutory body after the ordinance comes into effect. The ordinance will subsequently be replaced by legislation during Parliament's budget session.

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