Financial Daily from THE HINDU group of publications
Tuesday, Nov 09, 2004
Financial Daily from THE HINDU group of publications Tuesday, Nov 09, 2004 |
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Foreign Direct Investment Industry & Economy - Pension Plans Govt favours 100 pc FDI in pension sector Our Bureau
New Delhi , Nov. 8 THE Government favours allowing 100 per cent foreign direct investment in the pension sector. ``We will pitch for 100 per cent FDI,'' the Joint Secretary (Capital Markets and Pension), Mr U.K. Sinha, said on the sidelines of a seminar on pensions, organised by India Invest Economic Foundation. Mr Sinha said the new pension structure would have only a "limited" number of fund managers. He added the Government would be putting in place a `central record-keeping agency' (CRA), which would be the hub of the new pension regime. The CRA is expected to set up in the next 4-5 months. The Government would soon be pushing ahead with formal moves to set up a regulatory authority for pension. Currently, an interim Pension Fund Regulatory and Development Authority (PFRDA) is working to the groundwork to usher in the new regime.
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