Foreign direct investment in the pension sector is likely to be pegged at 26 per cent initially and six players with at least one public sector undertaking would be allowed to operate as pension fund managers.
The government has asked the Pension Fund Regulatory & Development Authority to open the retirement scheme--which has so far been confined to central government employees--to the self-employed and those in the unorganised sector.
Finance ministry may see a major bureaucratic reshuffle with revenue secretary Vineeta Rai tipped to head the interim Pension Fund Regulatory & Development Authority.
The pension regulator on Friday set the stage for opening the business for non-government employees from April by seeking proposals for setting up six pension funds.Among the host of conditions specified in the Primary Information Memorandum and Expression of Interest package, the Pension Fund Regulatory & Development Authority intends to allow up to 26 per cent foreign investment but with the rider that the direct or indirect holding should not exceed 26 per cent.
The NSE Nifty ended at 5,132, up eight points. The market breadth was positive. Out of 2,840 stocks traded 1,653 advanced while 1,114 declined.
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The term of the last chairman of the pension regulator, Yogesh Agarwal, was cut short by the finance ministry in November.
The Financial Sector Legislative Reforms Commission had in a report last year proposed a unified regulator for the entire financial sector -- markets, insurance, commodities and pension. It had, however, proposed to keep banking out of its purview for now.
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