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    Question

    The PFRDA Act is a _________

    A Statutory Body Correct Answer Incorrect Answer
    B Constitutional Body Correct Answer Incorrect Answer
    C Advisory body Correct Answer Incorrect Answer
    D Private company Correct Answer Incorrect Answer
    E NGO Correct Answer Incorrect Answer

    Solution

    The PFRDA is a statutory body created under the Pension Fund Regulatory and Development Authority Act, 2013. Unlike a constitutional body, which is created through constitutional provisions, or an advisory body without legal powers, a statutory body derives authority from  legislation passed by Parliament. This legal status empowers PFRDA to regulate pension funds, enforce compliance, and protect subscribers. Its statutory nature provides credibility, autonomy, and accountability, enabling it to promote long-term financial security through organized pension reforms.

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