At least five players -- National Securities & Depository Ltd, Central Depository Services India Ltd, UTI Investor Service, Stock Holding Corporation and CAMS -- are in the fray for becoming the central record-keeping agency, even as the Centre has decided to allow more than nine fund managers to enter the coveted pension sector by June.

Also Read Govt announces new rules for staff pension

Principal Financial of the United States is also believed to be interested in the mandate for CRA, which would be maintaining and managing voluminous transactions in pension sector, official sources said in New Delhi on Monday.

The government has also decided to appoint more than nine fund managers, at least one of which would be a PSU.

Although the new defined contribution pension system for new government recruits has become effective from January 1, a calendar is being drawn up for putting in place the CRA and fund managers by June 2004.

Confirming the developments, joint secretary (capital markets), U K Sinha, said the Controller General of Accounts has been asked to carry out the function of the proposed CRA till the government appoints a full-fledged agency.

Sinha, who is a member of the interim Pension Fund Regulatory and Development Authority, said, "We hope to put in place CRA and fund managers by June 30."

Earlier speaking at the Public Accounts officers conference, he said there was a need for CRA to enable employees to shift from one pension fund or scheme to another without incurring high transaction costs and undue time lag, as it was seen in mutual funds.