PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
VASANT KUNJ, NEW DELHI
SUBJECT: CONSTITUTION OF EXPERT COMMITTEE TO REVIEW INVESTMENT GUIDELINES FOR NPS SCHEMES IN PRIVATE SECTOR
1. With the approval of the competent authority, an Expert Committee of the following members is constituted for review of investment guidelines for NPS schemes in private sector:
I. Mr. G N Bajpai, former Chairman LIC and SEBI- Chairman
II. Mr. Deepak M. Satwalekar, former CEO and MD at HDFC Standard Life Insurance Company Limited.
III. Mr. S B Mathur, former Chairman LIC, former Administrator of SUUTI, former Secretary General of Life Insurance Council
IV. Mr. C R Murlidharan, former CGM (RBI) and former Member (IRDA)
V. Ms. Madhavi Das, ED, PFRDA
VI. Ms. Sumeet Kaur Kapoor, GM, PFRDA- Convenor
2. The Terms of Reference of the expert committee are as follows:
I. To review current investment guidelines for NPS schemes for private sector and recommend changes/new schemes.
II. To consider and analyse different types of instruments/assets under Scheme ‘E’, ‘C’, `G’ based on domestic and international study/ experience.
III. Based on the analysis, to recommend instruments under each asset class with suitable exposure limits as appropriate
IV. Reviewing the default scheme viz Life Cycle Fund
V. Recommend suitable measures for Risk management
VI. Recommend measures for Asset liability Management
VII. Moving to dynamic market based allocation of funds/ choice of fund managers
VIII. Recommend suitable benchmarks for schemes for enabling meaningful evaluation of
scheme performance managed by Pension Funds vis a vis the benchmarks and accordingly deciding on a default PF.
IX. To make specific recommendations on the nature and details of the Minimum Assured Scheme as per the PFRDA Act 2013
X. To recommend the valuation principle for valuing investment portfolio.
XI. Monitoring and supervision mechanism over PFM investment portfolio.
XII. To examine and recommend measures for bringing other pension/ superannuation
funds under the regulatory purview of PFRDA in accordance with Sec 12 (1) (b) of PFRDA Act.
XIII. Make recommendations on any other related issue which has a bearing on the
investment pattern of New Pension System and will affect interest of subscribers to the NPS such as active and passive management.
3. The travel and accommodation expenses and sitting fees for meetings of the Expert Group will be met by PFRDA.
4. The Expert Group would be advised to submit their recommendations within six weeks.