The Finance Ministry may finally decide on the much-debated issue of a single regulator for all pension products and could form a committee to deliberate the matter.

Almost three years ago, Pension Fund Regulatory and Development Authority (PFRDA) had sought a final word on the matter with the government as the agency lobbied to be the exclusive pension regulator, reported Moneycontrol. Furthermore, PFRDA wanted the word “pension” to be attached only to products approved and regulated by them.

Currently, the National Pension System alone is regulated by PFRDA. However, pension products sold by insurance companies are overseen by the IRDAI while those sold by mutual funds fall under the purview of the Securities and Exchange Board of India (SEBI).

This is not the first time that there is a tussle over supervision of a financial product. In 2010, SEBI and IRDAI jostled for the authority to regulate unit-linked insurance plans (ULIPs). The government eventually decided that IRDAI would oversee ULIPs.