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Sivasubramanian Ramann takes charge as PFRDA chairperson for five years

Sivasubramanian Ramann on Friday assumed charge as the chairperson of the Pension Fund Regulatory and Development Authority (PFRDA). 'He has been appointed by the Government of India vide notification dated April 8, 2025, for a tenure of five years with effect from the date of assumption of charge of the post, or till he attains the age of 65 years, or until further orders, whichever is the earliest,' said the PFRDA statement. He replaced Deepak Mohanty, who was appointed in March 2023. Ramann is an officer of the Indian Audit and Accounts Service (IA&AS) from the 1991 batch. Prior to joining PFRDA, he served as deputy comptroller and auditor general and chief technology officer in the Office of the Comptroller and Auditor General of India. He has previously held several leadership positions, including chairman and managing director of the Small Industries Development Bank of India (SIDBI), managing director and chief executive officer of National E-Governance Services Ltd (NeSL), and principal accountant general of the state of Jharkhand. From 2006 to 2013, he also served as chief general manager and later as executive director at the Securities and Exchange Board of India (SEBI). Ramann holds a bachelor's degree in economics and an MBA from the University of Delhi. The new chairman will receive a consolidated monthly pay and allowances of ₹5,62,500 without the facility of house or car. The PFRDA had invited applications for the post in late November, along with those for two whole-time members. He also possesses multiple professional and academic qualifications, including an MSc in Financial Regulation from the London School of Economics and Political Science, an LLB, a Chief Digital Officer certification from the Indian School of Business, the Certified Internal Auditor credential from the Institute of Internal Auditors (IIA), Florida, and a postgraduate diploma in securities law. PFRDA was created in 2003 with the goal of promoting, regulating and developing the pension industry in the country. Initially designed exclusively for government employees, its services were subsequently expanded to include all Indian nationals and NRIs, including the self-employed. India's demographic trends, characterised by a rapidly ageing population and increasing life expectancy, underscore the critical need for financial security post-retirement. However, only 5.7 per cent of Indian household assets are allocated to provident and pension funds, reflecting a significant gap in retirement preparedness.