Question
Which of the following authorities regulates NPS?
The correct answer is
PFRDA
NPS Regulation Authority
The authority that regulates the National Pension System (NPS) is the Pension Fund Regulatory and Development Authority (PFRDA). PFRDA was established to promote old age income security by developing regulations and supervisory framework for the pension sector in India.
Distinguishing Regulatory Roles
- PFRDA: Specifically established to regulate and develop the pension sector, including the NPS.
- IRDA: The Insurance Regulatory and Development Authority (now IRDAI) regulates the insurance sector.
- CAG: The Comptroller and Auditor General of India is an auditing body and does not regulate financial markets or pension schemes directly.
- SEBI: The Securities and Exchange Board of India regulates the securities market, including stock exchanges and mutual funds.
Therefore, PFRDA is the correct authority overseeing NPS.
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