Arbitration and Conciliation Act - Amended Section 26 of Act is prospective in nature - SC (See 'Legal Desk') Inflame Appliances becomes 231th Company to get listed on BSE SME Platform RBI releases BOP data for October - December, 2017 Karnataka Money Lenders Act - Amendments made to Karnataka Money Lenders Act and Karnataka Pawn Brokers Act in year 1998 providing that security deposit furnished by money lenders & pawn shall not carry interest is not unconstitutional & invalid - SC (See 'Legal Desk') Over 1700 card & net bank frauds reported in 2017 (See 'TOG News' in Railways to provide more amenities in coaches (See 'TOG News' in Vice President emphasies on ethical corporate behavior (See 'Corpbrief') ADB lends USD 120 mn for improving rail infrastructure (See 'TOG News') Thermax Group bags orders of Rs. 503 crore Airtel offers Samsung Galaxy S9 range starting at Rs. 9900 SEBI inserts new regulation for shareholding norms in Mutual Funds Regulations (See 'DashBoard') SEBI amends Stock Brokers Regulations to have retrospective effect from June 13, 2017 (See 'DashBoard') Modi urges scientists to help inculcate scientific inclination in youth (See 'TOG News') Magenta & Pink lines halt dip in metro footfall (See 'TOG News' in Railways launch portal to showcase & promote good work (See 'TOG News' in SEBI Act - Every listed company must assign high priority to investor grievances which Noticee fails to do, hence liable for monetary Penalty - SEBI (See 'Legal Desk') Companies Act- Provision u/s 164(2) and 167 of Act are not illegal, unconstitutional or ultra vires just because provisions may operate harshly against Directors of defaulting company - HC (See 'Legal Desk') Finance Bill 2018 As Passed By Lok Sabha (See '') Revision of limits of underlying exposure for currency derivatives contracts (See 'Dashboard') Agency commission payable to banks for operating Special Deposit Scheme (SDS) (See 'Dashboard') Submission of returns by the Government-owned Non-Banking Financial Companies (See 'Dashboard') Capital First is amalgamating with IDFC Bank Karur Vysya Bank declares that no credit exposure to Gitanjali Gems 'Banking Regulatory Powers Should Be Ownership Neutral' says Urjit R. Patel in inaugural lecture at Gujarat National Law University Ramco to launch Workforce Innovation Center in Australia Zensar and Microsoft extend Strategic Partnership in South Africa JSW Steel announces new TV campaign to support its flight against counterfeit steel Railways to install Escalators at all A1, A & C category stations (See 'TOG News' in Indian Tea Exports cross 240 mn kg mark (See 'TOG News' in Clarification to Circular pertaining to Investor Protection Fund (IPF) and Investor Service Fund (ISF) (See 'Dashboard') Clarification to Circular pertaining to Investor Grievance Redressal System and Arbitration Mechanism (See 'Dashboard') Cabinet apprised of India-Lanka MoU on IT and Electronics (See 'Corpbrief') IGST 'Little Boat' may not sail in Nilekani's proposed GSTR model (See 'THE COB(WEB)' in TIOL) Cabinet approves India-Iran MoU on agriculture and allied sectors (See 'TOG News' in Arbitration and Conciliation Act - If clause in an agreement is capable of two interpretations and view taken by arbitrator is possible one, then High Court cannot interfere with Award and substitute its view - HC (See 'Legal Desk') Trade Marks Act Even if defendant is prior user of mark VOBIT, it is not acceptable to add prefix TRI to make same as TRI-VOBIT, which is phonetically and structurally similar to plaintiff's mark TRIVOLIB - HC (See 'Legal Desk') Vanishing Companies case - MCA sets up Monitoring Panel (See 'Corpbrief') NTPC raises USD 400 mn from international markets (See 'Corpbrief') Wipro joins hands with Trintech to provide solutions to Enterprise Finance Functions RBI directives to apply to Sanmitra Sahakari Bank from March 15, 2018 to July 14, 2018 Companies Act - It is fit case for granting interim relief if RoC has not taken any steps to redress petitioner's complaints against his disqualification as Director and deactivation of his DIN & DSC - HC (See 'Legal Desk') Govt pushes through Budget despite rebellious Opposition (See 'TOG News' in BHEL commissions 600 MW Thermal power plant in Andhra Pradesh Increased online activities raise risk of cyber crime, says Rajnath Singh (See 'TOG News' in Lok Sabha hurriedly passes Finance Bill 2018; House adjourned till tomorrow Payment of differential Customs duty ITC of IGST component? (See 'TOG Insight' in L&T Hydrocarbon Engineering wins orders of Rs 1600 Cr NCLT puts Bhushan Power & Steel's Insolvency Resolution on hold 1630 M&A cases pending before NCLT (See 'Corpbrief') Shareholders nod not required for Resolution professional now (See 'Corpbrief') Companies Act - Section 529A when OL has no objection in delivering possession of secured assets to first charge-holder then objections raised by petitioner, being ex-management of company, is not justified - HC (See 'Legal Desk') Companies Act - Winding up petition on account of Commercial insolvency is still maintainable if petitioner has already received money in lieu of its claim against Company from insurance company - HC (See 'LegaL Desk') Arbitration and Conciliation Act, 1996 - When creditor establishes prima facie case that there is likelihood of its success in claim and other party is likely to defeat claim by transferring assets, such claim is entitled to protection under provisions of CPC: HC (See 'Legal Desk') Clarifications in respect of investment by certain Category II FPIs (See 'Dashboard')

NPS subscribers touches 13.16 lakh

Published: Mar 09, 2018


MUMBAI, MAR 9, 2018: IN a corporate meet held yesterday, the Pension Fund Regulatory Development Authority (PFRDA) shared information that as on March 6, 2018, more than 13.16 lakh subscribers from the private sector (all citizen and corporate) came under the umbrella of the National Pension System (NPS). PFRDA's endeavour is to significantly scale-up these segments during the ongoing months. The conference was conducted at Mumbai in association with FICCI, Maharashtra State Council.

Addressing the gathering, Mr. Jaspal Bindra, Chairman, FICCI Maharashtra State Council and Executive Chairman, Centrum Group lauded the efforts of PFRDA for organizing such meetings across the country and creating awareness about NPS which can be effective platform for corporates to provide pension to their employees for their old age income security. The Executive Director, PFRDA, Mr A. G. Das, addressed the participants and briefed the contours of NPS for old age income security.

Mr. Mono MG Phukon, General Manager, gave a detailed presentation on NPS and informed the participants about the features, benefits and the process of joining NPS to the employees as well as to the employer. He requested the participants to utilize this meet for better understanding of NPS and implementing the same in their respective organizations. Ms. Kamalam Venkatesan, AVP, CRA-NSDL gave a presentation on process flow of registration of corporates and their employees under NPS. More than 220 participants from around 140 corporates attended the workshop. Mumbai based POPs, Pension Funds and Central Recordkeeping Agency were also present for the conference. PFRDA officials clarified the queries regarding joining of NPS, tax benefits, POPs details, timelines, transfer of superannuation fund to NPS, annuity to the participants. 

Mr. Das informed that in the changing demographic status of the country, pension is one of the most important factor to be considered by everyone. NPS provides a platform to every segment of the society for savings for retirement. He requested the participants to think NPS not only for tax benefits, but also as a product which can yield market related returns and secure their regular income in the old age. Dr. Susan Thomas, Professor, Indira Gandhi Institute of Developmental Research emphasized on the need of old age income security and the risks of increasing longevity of individuals due to medical advancements and should be prepared for living a life of dignity after retirement.

There are more than 6.83 lakh employees of more than 4,365 registered corporates who have joined NPS under NPS Corporate Model and more than 6.3 lakh subscribers have joined NPS under NPS-All Citizen Model. The overall number of NPS and APY subscribers have crossed 2.05 crore with overall Asset under Management (AUM) of more than 2.25 lakh crore.