The next head of the pension regulator Raman – Raman the Next Head of Pension Regulator

The Appointments Committee of the Union Cabinet (ACC) appointed Shivsubramanian Raman as the new chairman of the Pension Regulatory and Development Authority (PFRDA). The committee headed by the Prime Minister approved Raman’s appointment on Wednesday.

Currently Raman is the Deputy Controller and Auditor General (CAG) of India and is also the Chief Technical Officer of the CAG. Raman has been appointed as the head of the pension regulator for five years. He will replace Deepak Mohanty. Mohanty’s term ends in May.

Raman’s appointment in pension regulator is being done in such an important time when the work of implementing the Integrated Pension Scheme (UPS) has started from Tuesday. The central government approved UPS in August last year. On completion of minimum 25 years of service of a person retired under UPS, pension has been guaranteed to half the amount of average basic salary of the last 12 months before retirement.

PFRDA is working on implementing UPS for newly appointed employees and retired employees among members of the National Pension System (NPS). People whose life partner has died is also eligible for this scheme. The new chairman will get Rs 5,62,500 in the form of monthly salary and allowance which will not include housing and car facilities. In November, the insurance regulator invited applications for two other full -time members besides the post in November.

Raman is a 1991 batch Indian Audit and Accounts Services (IA & AS) officer. He also worked as Chairman and Managing Director of Small Industries Development Bank of India (SIDBI) for three years between 2021 and 2024.

He was the Managing Director and Chief Officer (CEO) of the National E-Governance Services Limited (NESL) from December 2016 before joining SIDBI. Earlier, Raman was the Principal Auditor of Jharkhand during 2015-2016 in Ranchi. He also worked as Chief General Manager of SEBI and then Executive Director from 2007 to 2013. Raman is a graduate in Economics from St. Stephen’s College, Delhi University and has an MBA by FMS. He earned an MSc degree at Regulations from London School of Economics. He is a certified internal auditor from IIA Florida.

First Published – April 2, 2025 | 10:09 pm IST