Ministry of Finance Department of Financial Services

Publication of Notification

Issue Date: 26 August 2025 Published: 26 August 2025

Gazette ID: CG-DL-E-26082025-265715 Download PDF

Back to Feed

Core Purpose

The Government has decided to set up the Forum for Regulatory Coordination and Development of Pension Products to harmonize regulatory practices, investment standards across pension products, strengthen consumer protection, grievance redressal, and ensure robust systemic risk management of assets under management.

Detailed Summary

The Ministry of Finance, Department of Financial Services, issued Notification F. No. FX-11/8/2025-PR on August 25, 2025, establishing the Forum for Regulatory Coordination and Development of Pension Products. This Forum aims to harmonize regulatory practices, standardize investments, enhance consumer protection, improve grievance redressal, and ensure robust systemic risk management for assets under management across pension products. Its composition includes the Secretary, Ministry of Finance, Department of Financial Services (DFS) as Chairperson, and members such as the Secretaries of the Department of Economic Affairs, Ministry of Corporate Affairs, Ministry of Labour & Employment, Ministry of Coal, and Department of Revenue, along with a nominated Deputy Governor from the Reserve Bank of India (RBI), and Chairpersons of the Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), Insurance Regulatory and Development Authority of India (IRDAI), and International Financial Services Centres Authority (IFSCA), and the Central Provident Fund Commissioner, Employees' Provident Fund Organisation (EPFO). The Joint Secretary, Ministry of Finance, Department of Financial Services, in-charge of Pension Reforms Section, will serve as the Forum's Secretary. The Forum's responsibilities encompass ensuring regulatory consistency, empowering subscribers through portability and robust grievance systems, developing the pension market, creating subscriber awareness, and promoting international best practices in pension regulations and supervision. A sub-committee, also headed by the Joint Secretary, Ministry of Finance, Department of Financial Services, will focus on sectoral issues, regulatory harmonization, and policy initiatives relating to pensions.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-26082025-265715 EXTRAORDINARY PART I—Section 1 PUBLISHED BY AUTHORITY No. 230] NEW DELHI, TUESDAY, AUGUST 26, 2025/BHADRA 4, 1947 MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 25th August, 2025 F. No. FX-11/8/2025-PR.— To provide a platform for harmonizing regulatory practices, investment standards across pension products, strengthening consumer protection, grievance redressal and ensure robust systemic risk management of assets under management, the Government in consultation with the financial sector regulators and key stakeholder Departments, has decided to set up the Forum for Regulatory Coordination and Development of Pension Products. 2. Composition: The Forum shall have the following composition: a. Secretary, Ministry of Finance, Department of Financial Services (DFS) shall be the Chairperson. b. Its members shall be: i. Secretary, Ministry of Finance, Department of Economic Affairs (DEA) ii. Secretary, Ministry of Corporate Affairs (MCA) iii. Secretary, Ministry of Labour & Employment (MoLE), iv. Secretary, Ministry of Coal (MoC), v. Secretary, Ministry of Finance, Department of Revenue (DoR), vi. Deputy Governor, Reserve Bank of India (RBI)- to be nominated by RBI, vii. Chairperson, Securities and Exchange Board of India (SEBI), viii. Chairperson, Pension Fund Regulatory and Development Authority (PFRDA), ix. Chairperson, Insurance Regulatory and Development Authority of India (IRDAI), x. Chairperson, International Financial Services Centres Authority (IFSCA), xi. Central Provident Fund Commissioner, Employees' Provident Fund Organisation (EPFO). c. Joint Secretary, Ministry of Finance, Department of Financial Services, in- charge of Pension Reforms Section, will be the Secretary of the Forum. d. The Chairperson of the Forum may invite any person whose presence is deemed necessary for any of its meeting (s). 3. Responsibility of the Forum: The Forum shall deal with issues relating to: a) Regulatory consistency for greater transparency and predictability. b) Empowering the subscribers through facilitation of portability, strengthening consumer protection and robust grievance redressal system. c) Development of pension market through product development and advocacy. d) Creation of awareness among subscribers towards pension as a financial product. e) Any other matter relating to the Regulatory Coordination and Development of Pension Products referred to by a member/ Chairperson and considered prudent by the Forum/ Chairperson. 4. The Forum shall also focus on promoting the adoption of international best practices in pension regulations and supervision. 5. The Forum would meet as and when deemed necessary by the Chairperson of the Forum. 6. The Forum shall have a sub-committee headed by the Joint Secretary, Ministry of Finance, Department of Financial Services to ensure focused deliberations and follow-up on sectoral issues, regulatory harmonization, and policy initiatives relating to pensions. PARSHANT KUMAR GOYAL, Jt. Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. SARVESH KUMAR SAHKUMAR SRIVA SRIVASTAVA 20250

Never miss important gazettes

Create a free account to save gazettes, add notes, and get email alerts for keywords you care about.

Sign Up Free