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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. Suraj Bhan - Chairman and Trustee

Shri Suraj Bhan has been appointed as Trustee on the Board of NPS Trust with effect from 12th December, 2018. He has been designated as Chairman of the Board of NPS Trust with effect from 12th November, 2022. 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 has 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.
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.

Dr. Prasenjit Mukherjee - Trustee

Dr. Prasenjit Mukherjee has been appointed as Trustee on the Board of NPS Trust with effect from 22 November 2022.
Dr. Mukherjee belonged to the Indian Audit & Accounts Service (1980 batch) and retired as the Deputy Comptroller & Auditor General of India, which is the senior-most position in the Indian Audit & Accounts Service on 30 June 2017, where he was responsible for the administration of all the offices in the Indian Audit & Accounts Department, numbering over 133 in India and 4 overseas, with a total staff strength of over 47,000.
Before that, for 2 years, he had served as the Deputy Comptroller & Auditor General (Commercial) and Chairman, Audit Board, where he was responsible for overseeing the audit of all the Central Public Sector Undertakings in the country, numbering over 500. 
Dr. Mukherjee had also served as the Deputy Comptroller & Auditor General in charge of Central Receipt Audit in SAI India, where he was responsible for overseeing the audit of all Direct and Indirect Taxes, and non-tax revenues of the Government of India.  For part of this period, he held the additional charge of Deputy Comptroller & Auditor General (Government Accounts), where he was responsible for overseeing the work being carried out in all the Accounts & Entitlement offices in the country (30 offices), apart from being the Chairman of the Government Accounting Standards Advisory Board (GASAB).
On secondment to Government of India, Dr. Mukherjee had served as Director (Finance & West Europe) in the Ministry of Commerce, as Joint Secretary (Finance) in the Department of Space, Bangalore, and as Joint Secretary (R&D) in the Department of Atomic Energy in Mumbai.
Subsequent to his superannuation and consequent on the creation of the National Financial Reporting Authority (NFRA) in India, Dr. Mukherjee was appointed as a full-time Member in NFRA on 3 October 2018.  He completed his tenure as Member, NFRA on 1 October 2021.
Dr. Mukherjee is an alumnus of the National Law School University of India (NLSIU) at Bangalore from where he did his Ph.D in 2008.  He also did his M.Sc on ‘Management and Implementation of Development Projects’ (MIDP) from the University of Manchester Institute of Science and Technology (UMIST) in UK. 
Dr. Mukherjee had been an outstanding student and had secured the First Position in First Class, both in his Graduation as well as in Post-Graduation, for which he was awarded the University Gold Medal by the then Prime Minister of India, Shri Morarji Desai.

Dr. Santosh Kumar Mohanty- Trustee

Dr. Santosh Kumar Mohanty has been appointed as Trustee on the Board of NPS Trust with effect from 23rd November, 2022.
Dr. Mohanty is passionate about mentoring people and shaping organizational culture. During his career spanning the last four decades, he enjoyed his teaching and research responsibility both in India and in the USA and then the leadership roles at TCS covering global business growth of service practices, technology excellence, innovation at scale, product engineering leadership and intellectual property ecosystem leadership.
Dr. Mohanty has ten granted patents as inventor and many of his articles on technology, industry, and business management are published in international journals. He regularly speaks and moderates in global and national conferences. The Open Group certified him with the title of Distinguished IT Architect (Profession Leader) in 2011 and he was in the IAM (Intellectual Asset Management) Strategy 300 List as world’s leading IP strategist from 2015 to 2021. He received the LESI President’s 2018 Service Recognition Award and GIPC 2019 Award of Excellence in the field of innovation and IP. He served as Industry Strategy Officer at World Economic Forum (WEF) from 2015 to 2020. He was a member of the LESI IT & SW advisory board, IEEE CS Industry advisory board, Open CA Certification board, CII-National committee on IP, and CSI academic committee.
Currently, Dr. Mohanty mentors the startup ecosystem and is associated with societal activities related to education and healthcare. He is fond of light workout, brisk walking, running and cycling. He holds a PhD degree in Mathematical Sciences and MS in Computational Mathematics from Northern Illinois University, IL, USA.

Sh. Debasish Mallick- Trustee

Shri Debasish Mallick has been appointed as Trustee on the Board of NPS Trust with effect from 23rd November, 2022.
He has a distinguished career in the fields of Development Banking, Investment Banking, Commercial Banking and Equity & Debt Capital markets. He has wide ranging experience in Project Appraisal/ Risk Evaluation, Financial Structuring and Financing of Infrastructure projects, including PPP projects. He has handled public issue and private placement of bonds for resource raising in domestic and international markets.
He is currently Member of the Rating Review Committee (RRC) of ICRA Ratings. He is also working as an Arbitrator with National Stock Exchange, Bombay Stock Exchange, Metropolitan Stock Exchange, Multi Commodity Exchange and other Commodity Exchanges. He is Independent Director on the Board of Aditya Birla Sunlife Trustees Pvt. Ltd., Ghatge Patil Industries Ltd., CapSavvy Consultants Pvt. Ltd. and MyLead FinTech Pvt. Ltd.  
He has served as Deputy Managing Director of Export-Import Bank of India for the period July, 2014 to July, 2019 and MD & CEO of IDBI Asset Management Limited for the period April, 2011 to July, 2014. He has also served as Chief General Manager of IDBI Bank Limited where he has headed project and corporate credit functions, including infrastructure and renewables, resource raising in the international and domestic markets, launching bond issuance and floating IPOs. He was also in charge of rating department of IDBI, which handled the corporate rating of IDBI, where he has worked intensively with domestic and international rating agencies, viz. CRISIL, ICRA, CARE, S&P, Moody’s and FITCH Rating.