Key Highlights
- S. Ramann assumed charge as PFRDA Chairperson on June 20, following his April 8 appointment for five-year term.
- Former Deputy CAG and ex-SIDBI, SEBI, NeSL leader brings extensive audit, regulatory, and tech experience.
According to a Finance Ministry statement, Sivasubramanian Ramann began serving as Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA) on Friday. According to the statement, he was appointed for a five-year term that would start on the day he assumed responsibility for the position and end when he turned 65 or received additional directives, whichever comes first.
In 1991, Ramann started working for the Indian Audit and Accounts Service (IA&AS). He served in India's Office of the Comptroller and Auditor General as Chief Technology Officer and Deputy Comptroller and Auditor General before joining PFRDA.
The ministry claims that he has held positions as Principal Accountant General of Jharkhand, Managing Director and Chief Executive Officer of National E-Governance Services Ltd. (NeSL), and Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI).
He served as the Securities and Exchange Board of India's (SEBI) Chief General Manager (CGM) and Executive Director from 2006 to 2013. Ramann graduated from the University of Delhi with an MBA and a bachelor's degree in economics. In addition, he has a number of academic and professional credentials.
"With his vast experience in public finance, technology, and financial regulation, Ramann will guide PFRDA in its objective to strengthen India's pension system and promote retirement security for all citizens," according to the ministry.
At a gathering in April, PFRDA chairman Deepak Mohanty said that the National Pension System (NPS), which has 8.4 crore subscribers under the Atal Pension Yojana (APY) and an accumulated corpus of Rs 14.4 lakh crore, has emerged as a pillar of the Indian pension sector.
Also Read: FM Sitharaman Acts on Unclaimed Bank Deposits, Dividends, Shares, Pensions
India's demographics are rapidly changing, and with 19% of the population expected to be elderly by the middle of the century, achieving financial independence through inclusive pension plans is not only a goal but also a critical necessity for the country, according to Minister of State for Finance Pankaj Chaudhary.
