The draft regulations for the new pension scheme likely to be out by September first week is expected to recommend fixing minimum base capital for pension fund management companies less than that stipulated for insurance companies.
"The minimum base capital for the fund managers would be much less than Rs 100 crore as required by the insurance companies, " interim Pension Fund Regulatory and Development Authority chairman D Swarup said on Saturday on the sidelines of a Bengal Chamber of Commerce and Industry sponsored event on pension.
He, however, declined to spell out specific recommendations on the proposed base capital. "We will post the draft regulation on the website for public opinion within next 10 days so I will not comment on it now," Swarup said.
The draft norms will pertain to fund managers, central record keeping agencies and point of presence and among others. PFRDA does not want to restrict number of fund managers to introduce number of pension scheme.
The current bill allows to have four fund managers, out of which one should be PSU. Swarup had said, "Why one PSU. I think Life Insurance Corporation, State Bank of India and Punjab National Bank are also keen beside host of private fund managers."
Swarup hopes that the pension bill is likely to placed before Parliament in the winter session.
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