Assets Under Management AUM

Center appoints DFS Deputy Secretary Pankaj Sharma as part-time PFRDA member

The Center has appointed Pankaj Sharma, Joint Secretary of the Department of Financial Services (DFS) as a part-time member of the Pension Funds Regulation and Development Authority (PFRDA).

On the PFRDA board, Sharma replaced former DFS additional secretary Vandita Kaul, who was repatriated to her parents in March this year, sources said.

The pension regulator PFRDA has a chairman in addition to three full-time and three part-time members (only two are filled positions). Anne George Matthew, Additional Secretary in the Department of Finance, is the other part-time member of the PFRDA board.

Of the three full-time members, the positions of two members – law and economics – become vacant on May 31. The Ministry of Finance has already launched a call for candidates for these two positions.

India’s pension assets under management (AUM) are growing at a steady pace of around 27-30% Compound Annual Growth Rate (CAGR) and are expected to touch ₹30 lakh crore by 2030.

In 2021-22, Repo AUM increased by 27.43% to ₹7.37 lakh crore from ₹5.78 lakh crore in 2020-21.

Meanwhile, the Center has appointed Suchindra Mishra, Additional Secretary of the Department of Financial Services, as a member of the Board of Directors of the International Financial Services Authority (IFSCA). He also appointed Shashank Saxena, senior economic adviser in the Department of Economic Affairs, as a member of IFSCA, which is currently the regulator of Gift City.

Published on

May 28, 2022