Interim pension regulator Pension Fund Regulatory and Development Authority has appointed National Securities Depositories Ltd as an agency to track the pension records of those under the new pension scheme.
"We have moved ahead with the appointment of central record-keeping agency and have selected NSDL for the job," Pension Fund Regulatory and Development Authority Chairman D Swarup said on Tuesday.
The regulator selected NSDL as the CRA from out of six bidders, including Unit Trust of India and Life Insurance Corporation of India. Swarup, who was addressing a conference on pension reforms, organised jointly by the Federation of Indian Chambers of Commerce and Industry and PFRDA, expressed the hope that the CRA will be in place 'very soon' after the NSDL gets necessary regulatory approvals from
"We expect NSDL to start working as the CRA by May last or early June," Swarup said. The authority would also appoint the managers responsible for allocating pension fund within the next six to eight weeks.
"We would appoint two-three fund managers from the public sector by early June," he said, adding that PFRDA may also appoint managers from the private sector later. He also said that PFRDA may appoint another CRA when the need arises.
"We do not have a close mind on another CRA and may consider about this when the fund size grows," Swarup said. Expressing concern over the 'roadblock" being created by civil servants in the process of the NPS, Swarup said public servants, who constitute just three per cent of the workforce, should not be allowed to hold back reforms that would benefit about 88-90 per cent.
