PFRDA chief Yogesh Agarwal steps down after FinMin orders

New Delhi: Pension Fund Regulatory and Development Authority (PFRDA) Chairman Yogesh Agarwal resigned on Wednesday following the government's decision to keep him out of the selection panel for members of the regulator.

Following his resignation, the Finance Ministry has appointed Joint Secretary Anup Wadhawan as Chairman of the PFRDA.

"Yes, I have put in papers. I will not comment on reasons," Agarwal said outside the Finance Ministry here. However, a report in Times of India quoted him as saying, "Yes, I was asked to put in my papers."

 PFRDA chief Yogesh Agarwal steps down after FinMin orders

Yogesh Agarwal.

Agarwal, who had one and half years more to go as the PFRDA chairman, resigned within days of his name not being included in the selection panel for shortlisting of whole-time members of the pension fund regulator by the Finance Ministry.

"...Yogesh Agarwal, Chairman, PFRDA had demitted office of the interim Pension Fund Regulatory and Development Authority on the forenoon of November 13, 2013," the PFRDA said.

When asked why he was not included in the selection panel, Agarwal had said yesterday: "I don't know why I am not there in the panel. You should ask the finance ministry."

According to Economic Times, Agarwal quit after Finance Ministry started investigating appointments made by him. A report in Business Standard said, citing a person close to the development, Agarwal was asked to quit by the Finance Ministry.

The 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.

It is a usual practice to include chairman of respective regulatory body in selection panel with other top government officials to select the immediate deputies of that regulatory institution.

As per the PFRDA Act 2013, the Authority should consist of a chairperson and not more than six members, of whom at least three shall be whole-time members, to be appointed by the government.

The chairperson and every whole-time member would hold office for a term of five years and would be eligible for reappointment. The age limit for chairperson is 65 years, while for whole-time members 62 years.

A part-time member should hold office as such for a term not exceeding five years from the date on which he enters upon his office, the Act said.

With inputs from PTI

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Updated Date: Dec 21, 2014 00:01:24 IST