The Pension Fund Regulatory and Development Authority will finalise the draft regulation for pension funds in another 10 days.
The draft report will be posted on the PFRDA Web site for public comments and opinion.
The pension fund regulation bill is likely to be tabled in Parliament in November, during the winter session.
If passed by Parliament, the Act would come into force by September 2006, the chairman of PFRDA, D Swarup, disclosed in Kolkata.
In Kolkata to speak at a seminar on retirement benefit issues organized by the Bengal Chamber of Commerce and Industry, he said the draft report will cover issues like number of pension fund managers, central record keeping agencies, base minimum capital requirements of the pension funds and possible charges that could be levied by fund managers.
The PFRDA chairman said the base minimum capital requirements for pension funds should be less than that of insurance companies.
The base minimum capital for insurance companies is Rs 100 crore (Rs 1 billion).
"We are in the favour of base minimum capital of less than Rs 100 crore for pension funds," he said.
Swarup pointed out that PFRDA was not in the favour of putting a cap on the number of pension fund managers.
He said he felt more than one public sector player could be in the fray in the pension funds segment.
"There could be several public sector fund managers. I personally feel, LIC, PNB and SBI have the expertise to operate in this field," he said.
The Parliamentary standing committee had spoken in favour of restricting the number of fund managers to six. Commenting on FDI in pension, Swarup indicated that it could be kept at the level of 26 per cent as fixed for the insurance sector.
The PFRDA chairman said the authority hoped the new pension schemes would cover 40 million people in 10 years time.