FDI in pension likely to be 26%

The foreign direct investment level in the pension sector may be capped at 26 per cent at the initial stage. ‘‘The FDI limit may b...

The foreign direct investment level in the pension sector may be capped at 26 per cent at the initial stage. ‘‘The FDI limit may be initially pegged at 26 per cent for pension sector as in the case of the insurance industry.

‘‘However, the government has to first notify it,’’ PFRDA Chairman D. Swarup told reporters on the sidelines of a seminar organised by Assocham.Notably, there is no mention of the FDI ceiling in the pension Bill. The government would have to take a decision on its limit.

Finance Minister P. Chidambaram had in the Budget announced the government’s decision to permit FDI in the pension sector. But due to the Left’s opposition, he has been unable to implement it.

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After the Left’s protests, the PFRDA Bill, introduced in Parliament earlier, has also been referred to the standing committee on finance. But the committee has not yet met though it was slated to submit its recommendations by this month.

Swarup said once the Bill was passed, PFRDA would become a statutory body, which would then decide on the number of pension fund managers (PFMs) and the appointment of the central record keeping agency. The Centre had proposed to appoint six PFMs including one PSU. But Swarup indicated that there could be more than six PFMs. ‘‘It will be our duty to regulate the sector. We will be the referee of game, which will be a win-win situation for all,’’ he added.

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