PFRDA to engage consultant for restructuring, NPS Trust separation

New Delhi, Oct 4 (SocialNews.XYZ) The Pension Fund Regulatory and Development Authority (PFRDA) plans to engage a strategic management consultant to study and make recommendations for the proposed organisational restructuring and segregation of the NPS Trust.

The regulator has sought Expressions of Interest (EoI) from interested consultancy firms for the study.

In the Union Budget for 2020-21, the government proposed to separate the NPS Trust from the pension regulator.

In its notification seeking EoIs, the PFRDA said that it had undertaken the exercise of organisational restructuring in 2017, however, with the changing regulatory requirements and the proposed changes in the legal framework governing the authority's functions, it is important to reassess the organisational structure in terms of its suitability, effectiveness and its role in meeting the mandate given by the PFRDA Act, 2013.

"It is important to strengthen the PFRDA's capabilities to meet the challenges in the regulatory domain, trends and preparedness to face the future challenges," it said.

It said that the consultant will have to understand the existing mandate, objectives, roles and functions of the PFRDA through various sources such as legislation related to the PFRDA, discussion with the head of departments in the PFRDA and NPS Trust and other stakeholders, among others.

This also involves identifying specific areas for studying the inter-linkages between the PFRDA and the NPS Trust with regard to their roles and responsibilities.

The consultant will have to identify and demarcate roles and responsibility of the NPS Trust and recommend suitable amendments in regulations, guidelines and trust deed to implement the demarcated role.

The notification said that the applicant should be a strategic management consultancy firm of international repute with its office or branch office in India with a minimum of 10 years of relevant experience.

Source: IANS