The Chairman of the Pension Fund Regulatory and Development Authority, Yogesh Agarwal, has resigned.
“Yogesh Agarwal, Chairman of PFRDA has demitted office of the interim Pension Fund Regulatory and Development Authority on the forenoon of November 13,” information posted on the Web site of the authority said adding that the Joint Secretary with the Department of Financial Services, Anup Wadhawan, has been given concurrent charge.
New chief
Wadhawan assumed charge as Chairman on Wednesday.
While the official communication was silent on the reasons for Agarwal’s resignation, it appears that constitution of the panel to select whole-time members of the Authority was one of the key reasons for his departure. Agarwal was not included in the panel.
On Tuesday, Agarwal confirmed that he is not part of the panel but refused to give the reasons behind it. This was against the usual practice of including the Chairman of the respective regulatory body in the selection panel with other nominees to select the immediate deputies of that regulatory institution.
Panel members
The panel includes Economic Affairs Secretary Arvind Mayaram; Financial Services Secretary Rajiv Takru, Department of Personnel and Training Secretary Syamal Kumar Sarkar; Chairman of Insurance Regulatory and Development Authority T.S. Vijayan, and former LIC Chairman S.B. Mathur.