The Pension Fund Regulatory and Development Authority (PFRDA) has notified the Retirement Adviser (RA) (Amendment) Regulations, 2023 on 20.02.2024.

The amendments to Retirement Adviser Regulations simplify the provisions related to eligibility criteria, timelines to expedite the process of registration and removal of the requirement of submission of security deposits with an objective of Ease of Doing Business.

The notable amendments inter alia include:

1. Non-Individual applicants regulated by other financial regulators are made eligible;
2. Security deposit is not required;
3. Applications to be disposed of within 30 days.

For detailed information on the amended regulations, please visit the PFRDA website:

Retirement Adviser: https://www.pfrda.org.in/myauth/admin/showimg.cshtml?ID=2916

The above simplifications are in line with Union Budget 2023-24 announcement to review regulations to reduce the cost of compliance and enhance the Ease of Doing Business.

Regulatory eligibility expansion for retirement advisers streamlines registration, removes security deposit, and mandates expedited disposal. The Retirement Adviser amendments expand eligibility to non individual applicants regulated by other financial regulators, eliminate the requirement for a security deposit, and mandate expedited processing of registration applications within a specified short period to simplify compliance and reduce costs.