Question

76. The Finance Ministry has set up a committee to consolidate the regulation of pension products.
Consider the following statement in this regard
1. In India the pension products has been sold only by Insurance Company.
2. All the pension products comes under the purview of the Pension Fund Regulatory and Development Authority (PFRDA)
3. Security and Exchange Board of India (SEBI) do not have any regulatory authority over Pension Products.
Which of the above statement(s) is/are correct?

• A. Only 1
• B. Only 2 and 3
• C. All of the above
• D. None of the above

Answer 1

The correct option is D None of the above

While the Pension Fund Regulatory and Development Authority (PFRDA) was set up with the intent of regulating all pension products. Insurers and mutual funds continue to sell pension products outside its watch, creating confusion among consumers looking to build a retirement nest egg. Currently, pension products floated by insurance companies come under the purview of the Insurance Regulatory and Development Authority (IRDA) while those sold by mutual funds are overseen by the SEBI. The Government is intended to bringing all those companies which are offering pension plans under the purview of PFRDA.