Date:09/11/2004 URL: http://www.thehindubusinessline.com/2004/11/09/stories/2004110903040600.htm

Back 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.