The Chairman of Pension Fund Regulatory and Development Authority (PFRDA), Yogesh Agarwal resigned from the post of Chairman on 13 November 2013. He resigned because of the Government’s decision to not allow him to be a part of the selection panel for members of the regulator.
In the meanwhile, Joint Secretary Anup Wadhawan was appointed as the new Chairman of PFRDA by the Finance Ministry. It is important to note that Yogesh Agarwal had one and half years more as his tenure of the Chairman.
Inclusion of Chairman in the Selection Panel as Per the PFRDA Act 2013
The selection panel members include Economic Affairs Secretary Arvind Mayaram, Financial Services Secretary Rajiv Takru, Department of Personnel and Training Secretary Syamal Kumar Sarkar, Chairman of the Insurance Regulatory and Development Authority (IRDA), TS Vijayan, former LIC Chairman S B Mathur. According to the PFRDA Act 2013, the body should include the Chairperson and not more than six members (out of which three should be the full-time members), to be appointed by the Union Government of India.
Term of the Chairman of PFRDA
The Chairman as well as every full-time member of PFRDA holds the office for the term of five years. Also, the Chairman and members are eligible for reappointment. The age limit for a Chairman of PFRDA is 65 years and that of the full-time members is 62 years. Part-time members, in the meanwhile, can hold the office for the term not exceeding five years from the date of joining the office.