A Parliamentary panel has said that it has suggested retirement fund body EPFO to act as the sole regulator for all categories of provident funds particularly private PF trusts.
Commenting on the issue, an official told the media, "The committee has strongly recommended that the government, if required, may amend various Acts and authorise Employees' Provident Fund Organisation (EPFO) to act as sole regulator for all categories of provident funds."
“Ministries of finance and labour informed that a consensus has been developed in the government departments that the EPFO should act as sole regulator for all such provident funds trusts including those managed by the exempted, excluded and other categories of organisation or establishments,” he added.
“The Committee is convinced that a strong regulatory system should be in place for all PF trusts,” he said.
At present the panel noted that the EPFO is not the sole PF organisation or regulator in the country.