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Board of NPS Trust

The Trust is managed by a Board of Trustees appointed by PFRDA (settler of NPS Trust) from time to time. One of the Trustees from the Board is designated by PFRDA as Chairperson of the Board. PFRDA appoints a suitable person as Chief Executive Officer of the Trust (CEO) who shall be responsible for day to day administration and Management of the Trust subject to the superintendence, control and direction of the Board of NPS Trust. PFRDA has appointed Shri Munish Malik as Chief Executive Officer of NPS Trust with effect from 18th June 2018. The Board shall meet once in every three calendar months.
 

The current Board of Trustees of NPS Trust consists of the following Members:

 

Sh Ashvin Parekh - Chairman & Trustee

Ashvin Parekh

Sh. Ashvin Parekh has been appointed as Trustee of the NPS Trust from 30th March 2015 for a period of three years. He has been designated as the Chairman of the Board of NPS Trust with effect from 12th November 2017. He has retired as a Senior Partner from Ernst & Young in June 2013. He is now associated with Ernst & Young as a Senior Expert – Advisor. He also served Deloitte Touche Tohmatsu India Pvt. Ltd. as Executive Director. He also held senior positions in Arthur Anderson, Price Waterhouse Coopers, KPMG India, KPMG UK, KPMG Dubai and Hindustan Lever Ltd. He has worked in the United Kingdom, Dubai, Australia, Germany and the US on Partner secondment programs for about 11 years outside of India. He has done more than 700 projects in the course of 33 years with the large firms. In banking he has assisted many large banks in India in the areas of Business Strategy, Operational Strategy, Capital Management, Risk Management (Basel 3 and ICCAP) and Performance review areas. He is registered with the World Bank and the Asian Development Bank as an expert in the financial services sector. In 1992 he was involved with a formation of 4 new banks. In 2012, when fresh guidelines on universal banking were issued, he was associated with 8 applications out of 25. He has been working closely with the government. In the last 5 years he has been on 9 committees set up by the Finance Minister / Ministry of Finance. He has been assisting all the regulators in the finance sector namely the banking, insurance, pension and capital markets with new reforms. In 1999 – 2000 during the reforms in the insurance sector he was closely involved with the government and the regulator in the formation of the regulatory authority and also assisted the regulators office in preparing the regulations for the sector.

Sh. Atanu Sen - Trustee

Shri Atanu Sen has been appointed as Trustee to the Board of NPS Trust with effect from 12th June 2017 for a period of three years. Sh. Atanu Sen did his MA in Economics from Calcutta University and is a qualified Chartered Associate of Indian Institute of Banker (CAIIB). Shri Atanu Sen carries wide experience in financial arena, by virtue of his 35 years long stint with State Bank of India. From September 1977 to August 2012, he held various management roles with State Bank of India. He was the Chief General Manager of Mumbai Circle, which comprised of 1200 branches and was the largest region of the Bank businesswise. He was also General Manager of North East Circle, where he provided innovative solutions for financial inclusion for the under privileged and under banked. It ushered in a new paradigm in financial inclusion by using biometric near field communication technology, which is a key intervention towards financial inclusion in the current scenario, in villages in Mizoram, Meghalaya and Assam. He was also in-charge of the Trade Finance and Credit vertical of the Banks Fankfurt office, which had the largest trade folio of the Bank across all geographies during the period. He has expertise in varied fields of Banking including High Value Credit, Infrastructure Financing, International Banking, Risk Management, Banking Operations and Administration.

 

During the period 2012-2014, he was the Managing Director & Chief Executive Officer of SBI Life Insurance Company Limited. During his tenure with SBI Life Life Insurance Company Ltd., the company was adjudged as ‘the best company in the financial services sector in India’ by The Jamnalal Bajaj Quality Assurance, ‘the best company in Asia and Pacific’ by the Asia Pacific Quality Assurance and ‘the best Insurance Company to promote financial inclusion’ by SKOCH India. Economic Times considered SBI Life as ‘one of the top 50 great places to work with in India’, when Sh. Atanu Sen was at its helm. After super-annuation from State Bank of India, he was an advisor to SBI in the areas of credit, risk management and cross selling till 31st July 2015. Currently, he is working as a consultant and serving as Independent/ Nominee Director in Bank/ diverse companies.

Sh. Dinesh Kumar Mehrotra - Trustee

Sh. Dinesh Kumar Mehrotra has been appointed as Trustee of the NPS Trust from 12th November 2017 for a period of three years. He served as Chairman of India's largest insurance company, Life Insurance Corporation of India from 31st May 2012 to 31st May 2013. During his career in LIC, spanning 36 years he worked across various operating, service and strategic departments in India and abroad. He held important positions such as In-charge of divisions, Head of Zonal Office and also headed the international operations of the corporation.

He was also the convenor for the Expert Group Committee constituted by the Ministry of Finance, Govt. of India under the Chairmanship of Shri Vepa Kamesan in September 2010. The Committee was assigned the role to suggest improvements in the functioning of LIC, including processes relating to the management of the Investment Portfolio and Treasury Management of the Corporation. He chaired various internal and external boards of the corporation and its associates such as the Housing Finance Limited, LIC Nomura Mutual Fund Limited, LIC Credit Cards and LIC Pension Fund Limited. Mr. Mehrotra has also represented Indian insurance in international forums.

During his stewardship of LIC, the corporation regained its market share from peers and established itself as a market maker. Mr. Mehrotra was instrumental in the formation of the LIC Pension Fund Limited, a fully owned Company of LIC of India to manage the Funds under the National Pension System. Presently he is on the Board of various Public and Private companies.

He was ranked 26 in DNA’s Top 50 Influentials list published in 2012 and given title of ‘Nation’s Keeper’. He was awarded with CNBC-TV18 award for Outstanding Finance Professional in 2012. He has also received Distinguished Alumni award from Benares Hindu University, Benares and St. Michaels Academy, Patna.

Sh. Radhakrishnan Nair - Trustee

Sh. Radhakrishnan Nair has been appointed as Trustee of the NPS Trust from 12th November 2017 for a period of three years. From March 2010 to March 2015, he was the Member (Finance & Investments) of Insurance Regulatory and Development Authority (IRDA). During his tenure, he administered Policy formulation and regulation of Finance, Investments and Anti-Money Laundering Department. He ushered new investment and accounting regulations for insurance industry. He advised parliamentary select committee on the Insurance Laws (Amendment) Bill, 2015. He also represented India on various International Association of Insurance Supervisors (IAIS), Basel in various sub-committees namely Group Supervision, Accounting and Auditing Standards, Corporate Governance, Implementation of Core Insurance Principles.

From July 2005 to March 2010, he was the Executive Director of Securities and Exchange Board of India (SEBI). During his tenure with SEBI, he administered Investment Management Department (Mutual Funds, Portfolio Managers, Venture Capital Funds and Foreign Venture Capital Investors), Corporate Debt Department, Economic and Policy Analysis Department and was Officer of Investor Assistance and Education and Surveillance. He facilitated public investments in corporate bond market in 2008 by framing the regulations for public issue of debt instruments and securitised debt instruments. He brought about transparency in the mutual fund industry both before and after the financial crisis 2008-09 by bringing proactive regulations for money market instruments and bank fixed deposits. From May 1998 to July 2005, he held various management roles with Corporation Bank.

He was the Member of Technical Committee on Money, Foreign Exchange & Government Securities Market, RBI, Corporate Bonds & Securitization Advisory Committee (CoBoSAC), SEBI, Financial Stability and Development Council, Government of India, Investment Management Committee, International Organization of Securities Commissions (IOSCO), Madrid and National Advisory Committee on Accounting Standards (NACAS). Currently, he is Independent Director/ Independent Board Member of several companies and Adviser of Bajaj Finserv Ltd, Pune & MSCI Inc, India.

Sh. Sanjeev Chanana - Trustee

Sh. Sanjeev Chanana has been appointed as Trustee of the NPS Trust from 12th November 2017 for a period of three years. He is a seasoned Investment professional with excellent academic and professional credentials, having 35+ years’ experience across leading companies in the Insurance Sector including Life Insurance Corporation of India (LIC), The Oriental Insurance Company Ltd. (OICL) & Agriculture Insurance Company of India Ltd. (AICIL). He was the Executive Director & Board Member of OICL (2003-2013) and the Officiating Chairman of OICL in July 2012. He was the Chairman of OICL PF Trust from 2003 to 2013. From 2001 to 2013, he was also Chief Investment Officer and Chief IT Officer of OICL. He is Proficient with IT and led the IT function of OICL for 10+ years and was responsible for roll out of the transformative “Core” solution in all 1450+ offices pan-India.

During his tenure, he was recognized with the CIO “Extended Manager” Award by CIOL in 2007 and OICL was recognized as “Best User of Customer Centric Insurance Applications”, awarded by Amity University, 2008. He is well versed with Corporate Governance matters, having served as a Board Member for 6 companies, and also as Company Secretary of OICL. He served as Nominee Director on the Board of Agriculture Insurance Company of India Ltd., India Infrastructure Finance Company Ltd., Punjab Tractors Ltd., Modi Rubber Ltd., Auto Ancillaries Venture Fund and “Small is Beautiful” Venture Fund.

Sh. Suraj Bhan - Trustee

Shri Suraj Bhan has been appointed as Trustee to the Board of NPS Trust with effect from 12 December 2018 for a period of three years. Shri Bhan did his M.A. and M. Phil in Economics from Jawaharlal Nehru University (JNU), New Delhi and M.Sc. (Economics) Social Development Planning and Management from the University of Wales, University College of Swansea, UK. He is also a Postgraduate diploma holder in Public Policy and Management from MDI, Gurgaon.
Shri Bhan joined the Indian Economic Service in 1983 and retired as Director General, Labour Bureau, Chandigarh in January 2018. He has varied experience across several sectors with the government and Public Sector Undertakings in the areas of economic policy, business, industry and finance. He held senior positions in Ministry of Agriculture, Planning Commission, Ministry of Industry, Ministry of Finance, Department of Economic Affairs, Department of Telecom, Ministry of Labour and Employment and Ministry of Steel.

Sh. Sanjiv Mittal - Trustee

Shri Sanjiv Mittal, IAS has been appointed as Trustee to the Board of NPS Trust with effect from 11 January 2019 for a period of three years. He is presently holding the post of Additional Chief Secretary, Finance Department, Government of Uttar Pradesh.

Sh. Sudhir Kumar Sharma - Trustee

Shri Sudhir Kumar Sharma, IAS has been appointed as Trustee to the Board of NPS Trust with effect from 17 September 2019 for a period of three years. He is presently holding the post of Special Secretary, Finance (Expenditure), Government of Rajasthan.