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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. The Board shall meet once in every three calendar months.
 

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

 

Sh. Dinesh Kumar Mehrotra - Chairman and Trustee

Sh. Dinesh Kumar Mehrotra has been appointed as Trustee on the Board of NPS Trust with effect from 12th November 2017. He has been designated as Chairman of the Board of NPS Trust with effect from 12th June 2022. 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 on the Board of NPS Trust from 12th November 2017. 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 on the Board of NPS Trust from 12th November 2017. 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 on the Board of NPS Trust with effect from 12 December 2018. 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. Y Venkata Rao - Trustee

PFRDA has appointed Sh. Y. Venkata Rao as Trustee on the Board of NPS Trust w.e.f. 15th December 2020.
Sh. Venkata Rao has been a seasoned professional with four decades of service in Life Insurance, Banking and Mutual Fund industries, last 12 years in CXO positions. His experience in Public and Private sector entities spans across verticals, viz., Investments, Operations, Sales / Distribution, IT and HR / Training & Development.  He held top managerial positions in Investments and Operations, his last assignment being Chief Investment Officer. He is known for designing and implementing systems and processes, encompassing Compliance and Risk Management. At the core, he is a people man.
He is a graduate in Science from Andhra University and a post graduate in Management from Institute of Public Enterprise, Hyderabad.
He was associated with various Organisational restructuring and Industry level initiatives and co-ordinated a strategic alliance with a leading Management Institute for designing, developing and imparting training module for Investment officials. During his tenure, he conducted more than 200 seminars / workshops on varied subjects – Functional, Behavioural and Regulatory aspects. He is a guest speaker and panel member at various Management and Training institutes.
He was Non executive Chairman of a Technical Consultancy Organisation, APITCO, Hyderabad, earlier and is currently on the Board of Reliance Nippon Life Insurance Company Limited.
He stays in Hyderabad with his family.

Ms. Chitra Jayasimha - Trustee

PFRDA appointed Smt. Chitra Jayasimha as Trustee on the Board of NPS Trust w.e.f. 15th December 2020.
She has 33 years’ of experience in Life Insurance & Reinsurance business, Costing, pricing, basis for terms of trade and experience analysis, Valuation of Liabilities under both India and UK regulations, Embedded Value calculations, analysis of surplus, Economic Capital, Life underwriting, Employee Benefit Actuarial Valuations under Indian GAAP, IFRS ,US GAAP & other country Specific local GAAPs for India, Sri Lanka, Pakistan, Bangladesh, Nepal, Thailand, Indonesia, Middle East, Philippines, Australia and Turkey, Retirement & Investment Consulting and Employee Benefits Consulting.
She is fellow member of Institute of Actuaries of India, Institute and Faculty of Actuaries, UK and Insurance Institute of India.  She is also member of the Advisory Group on Pension, Employee Benefits and Social Security Schemes of the Institute of Actuaries of India for the last 9 plus years.
She is Founder, Director and Consulting Actuary of Universal Actuaries and Benefit Consultants and Appointed Actuary at Sanima Life, Nepal and GIC Bhutan Reinsurance Company Limited since February 2018. From April 14 to Jan 2018, she was Senior Actuary and India Practice Leader, Actuarial, Benefits, Retirement and Investment Consulting at Aon Consulting India. From April 12 to April 14, she was Senior Actuary at Mercer Consulting India. From Jan 11 to April 2012, she was Life pricing and Product actuary at Swiss Re. From June 08 to April 12, she was Head of Valuation and Reporting at Paternoster. From May 07 to May 08, she was Financial Reporting Actuary at ING Vysya Life (Now Exide Life), Bangalore. From September 1989 to May 2007, she held various roles and functions in Life Insurance Corporation of India.
She conducted an exclusive NPS Webinar in PFRDA Premises in 2017 along with then PFRDA Chairman answering questions on NPS. This Webinar saw more than 1000 participants logging in. While at Aon Hewitt, she conducted a NPS Benefit Survey in 2015, which was an initiative to better understand the current market sentiment about NPS and look at the different implementation approaches and challenges. She brought out a detailed report on NPS Superannuation research report in August 2017. She has written multiple while papers on NPS and other retirement benefits, few of the quotes published as well in leading newspapers.

Sh. J. K. Sharma - Trustee

Shri Jugal Kishor Sharma has been appointed as trustee on the Board of NPS Trust with effect from 10th February, 2022. Shri Sharma did his Msc (Physics) from SoS Jiwaji University Gwalior (M.P.) He is currently posted as Director in Directorate of Pension, Provident and Insurance, Madhya Pradesh.
Shri Sharma joined the State finance service in 1988. He has varied experience across with government and Public sector undertakings in the area of Treasury Computerization, Implementation and Monitoring of women and child schemes, Financial Management of Public Works Department and NPS of Government employees. He held senior position in State Government as District Treasury Officer, Financial Advisor in (Public Works Department, Women and Child Development Department and School Education) and Director in Directorate of Treasury and Accounts. He worked as project leader of CSFMS and IFMIS for digitization of Government Financial Systems.
He has been team leader of the project awarded with Certificate of merit “Skoch Digital Inclusion award 2012” for E-Payment system and “Skoch Smart Governance 2015” under the merit of Global budget System, Cyber Treasury and Works department Drawl facility under Centralized Financial Management system Awarded for Excellence in e-Governance in Madhya Pradesh 2013-14 and joint winner for State Financial Management System (SFMS) under category of Sustainability of IT initiative in Government Sector.

Dr. P. C. Jaffer - Trustee

Dr. P. C. Jaffer has been appointed as Trustee on the Board of NPS Trust with effect from 17th February, 2022. He is an IAS officer of 2003 batch from Karnataka Cadre. He is Doctorate in Education and holds masters in English, Education and Psychology. He is currently posted as Secretary to Government (Expenditure), Finance Department, Government of Karnataka and Managing Director of Karnataka State Beverages Corporation Limited.
He has worked as District Magistrate in the districts of Mandya, Bidar and Hassan and has held the post of Chief Executive Officer of Zilla Panchayat, Gulbarga and Director of Mahatma Gandhi NREGA. He has also worked in Education depot for four years as State Project Director, Sarva Shiksha Abhiyan and RMSA, as Commissioner for Public Instructions and as Director, Pre-University Education. 

Sh. Ruchir Mittal - Trustee

Shri Ruchir Mittal has been appointed as Trustee on the Board of NPS Trust with effect from 23rdMarch, 2022. Shri Mittal is an IDAS officer of 2006 batch. He is Graduate in Science from Dr. B. R. A. University, Agra, UP and has done short term Management program from University of California, Berkeley and IIM Bangalore.
He is currently posted as Director in Department of Pension & Pensioners’ Welfare, Ministry of Personnel, Public Grievance & Pensions, Government of India since May, 2019. He has been instrumental in notification of CCS Pension Rules, 2021, CCS (Implementation of NPS) Rules, 2021 and CCS (Payment of Gratuity under National Pension System) Rules, 2021.
He was Financial Advisor in Ordnance Factories, Army & Air Force units in Kolkata, Jabalpur and Kanpur.He also served as the payment and audit authority for Ministry of Defence foreign contracts.

Sh. Masil Jeya Mohan–Trustee

Shri Masil Jeya Mohan has been appointed as Trustee on the Board of NPS Trust with effect from 27th July, 2022. He is a Science graduate with MBA degree.
He has a wide range of experience of 35 years in different assignments in LIC as Assistant Branch Manager, Manager (IT), Manager (LIC Housing Finance), Manager (New Business), Regional Manager (HR), Regional Manager (Estates). He has held senior positions in the Investment department of LIC of India. He was a Fund Manager of LIC’s Pension & Group Schemes Fund, Chief (ULIP Funds) and Executive Director (Investment). He has served as the Chief Investment Officer of LIC. He has also served as Executive Director in charge of IPO until his retirement in March 2021 when he oversaw the structural changes required to list LIC.  After retirement, he was engaged as Operational Advisor to LIC to facilitate LIC’s IPO. Currently, he serves as a shareholder director in CDSL.
During his service in LIC, he rewrote the Establishment Manual of LIC and the SOP of LIC’s treasury operations. He was also in the committee set up in 2012 for a major initiative of the Corporation Vision 2020. As Executive Director (Investment), he was instrumental in formulating and adopting many policies in the matter of NPA recovery, Business continuity Plan, IBC policy and One Time Settlement policy for LIC. He has set up the Alternate Work Area in Bengaluru as a business continuity plan for LIC’s.