New Delhi, June 20 (IANS) Sivasubramanian Ramann on Friday assumed charge as the Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA), according to a Finance Ministry statement.

He has been appointed for a tenure of five years, with effect from the date of assumption of charge of the post or till he attains the age of 65 years, or until further orders, whichever is the earliest, the statement read.

Ramann served as an officer of the Indian Audit and Accounts Service (IA&AS) from the 1991 batch.

Prior to joining PFRDA, he served as the Deputy Comptroller and Auditor General and Chief Technology Officer in the Office of the Comptroller and Auditor General of India.

According to the ministry, he has previously held several leadership positions, including Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI), Managing Director and Chief Executive Officer of National E-Governance Services Ltd. (NeSL), and Principal Accountant General of the State of Jharkhand.

For period 2006 to 2013, he also served as Chief General Manager (CGM) and then as Executive Director at the Securities and Exchange Board of India (SEBI).

Ramann holds a Bachelor’s degree in Economics and an MBA from the University of Delhi. He also has multiple professional and academic qualifications.

“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,” said the ministry.

Meanwhile, the National Pension System (NPS) has emerged as a cornerstone of India’s pension sector with an accumulated corpus of Rs 14.4 lakh crore and 8.4 crore subscribers under NPS and the Atal Pension Yojana (APY), said PFRDA chairman Deepak Mohanty during an event in April.

Minister of State for Finance, Pankaj Chaudhary, said India’s demographic landscape is rapidly changing and with 19 per cent of the population projected to be elderly by the mid-century, securing financial independence through inclusive pension schemes is not merely a goal, but a vital need for the country.

–IANS

na/