PF regulator gives nod to 6 fund managers for NPS

The Pension Fund Regulatory and Development Authority Board gave its approval today to the six fund managers...

Written by ENS Economic Bureau | New Delhi | Published:February 20, 2009 12:50 am

The Pension Fund Regulatory and Development Authority (PFRDA) Board gave its approval today to the six fund managers — UTI Retirement Solutions,SBI,ICICI Prudential Life Insurance,Reliance Capital,IDFC AMC and Kotak Mahindra AMC — that will manage pension money of private and unorganised sector for the New Pension System (NPS). “The board has approved all the six fund managers,” PFRDA chairman D Swarup told The Indian Express.

The Board also gave its approval to the investment norms proposed by a committee headed by Deepak Parekh. “There are some minor changes that are proposed like whether there should be more than one index fund for investment in equities,etc. We will put the investment guidelines on our website by tomorrow noon for public comments. Thereafter,based on the response,we will formulate the final investment guidelines by some time next month,” added Swarup. These guidelines will be on http://www.pfrda.org.in for 10 days.

PFRDA had appointed a committee chaired by HDFC chairman Deepak Parekh to suggest investment norms for the new pension system to be launched for all private citizens on April 1. The committee had recommended three categories: E – equities,C – bonds issued by state governments,municipal bodies,and infrastructure fund bonds and G – central government securities,liquid schemes of mutual funds and fixed deposits of specified banks. Fund managers will,however,be allowed to invest only in Nifty 50 stocks for now.

The regulator had launched NPS for government service employees last year. The scheme manages close to Rs 2,000 crore.

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