The Appointments Committee of the Cabinet (ACC) has appointed Sivasubramanian Ramann as the new Chairman of the Pension Fund Regulatory and Development Authority (PFRDA) for a period of five years or until he attains the age of 65 years, whichever is earlier. Ramann, who is now the Deputy Comptroller & Auditor General, and Chief Technology Officer in the Comptroller & Auditor General of India, will replace Deepak Mohanty, whose term expires in May 2025.
Ramann, a member of the 1991 batch of the Indian Audit & Accounts Service (IA&AS), has vast experience in financial regulation and governance. His career includes notable roles such as Chairman & Managing Director of Small Industries Development Bank of India (SIDBI) from 2021 to 2024, MD & CEO of National E-Governance Services Limited (NeSL), and Principal Accountant General (Audit) in Jharkhand. He also worked with the Securities and Exchange Board of India (SEBI) as Chief General Manager and later as Executive Director between 2007 and 2013.
The hiring of Ramann is timely when PFRDA is setting out to operationalize the Unified Pension Scheme (UPS), a milestone in unifying pension systems in India. PFRDA, as mandated under the PFRDA Act, 2013, is tasked with the regulation and growth of India’s pension industry, mostly regulating the National Pension System (NPS) and encouraging retirement savings under plans such as the Atal Pension Yojana (APY).
As PFRDA Chairman, Ramann will work towards improving transparency, efficiency, and financial security for pension subscribers. His leadership will be critical in implementing policy reforms to increase pension coverage and enhance the overall pension environment in India.
