The PFRDA Act is a _________

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.