Pensions regulator PFRDA on Thursday said the government should allow private sector fund managers to manage government portfolios as well. “We have only public sector fund managers managing the government portfolio so their (G N Bajpai Committee) recommendation was that even private sector fund managers should be allowed (to manage government funds).
“We also feel that there is a case for that so we have recommended that to the government,” Pension Fund Regulatory and Development Authority (PFRDA) chairman Hemant Contractor said at an event organised by industry body CII. Contractor further said that the matter is also lying with the government and the regulator (PFRDA) would like <g data-gr-id="39">decision</g> to come fast.
PFRDA has been putting money in equities and it wants to increase its investments in the same, he added. “We have been putting money in equities. The issue was increasing the proportion of money going into equities. The proposal of allowing PFRDA to invest more money in equity is lying with the government,” Contractor said, stressing <g data-gr-id="27">on </g>the need of expanding the coverage of pension in the country. “The overall coverage of pension in the country is just around 12-13 <g data-gr-id="29">per cent</g>. There is a need to strengthen the social security system of the country,” Contractor said. G N Bajpai panel, which was formed to suggest investment into venture capital, had submitted its report to PFRDA in April this year.
Meanwhile, to allow new subscribers avail NPS scheme online, the pension fund regulator PFRDA is working on an alternative to know KYC details of customers after the Supreme Court imposed restrictions on use of Aadhar card for the verification purpose. “It (allowing new subscribers to open NPS scheme online) was dependent on Aadhar verification and if we can’t do that, the whole things fall flat...we are exploring other things, <g data-gr-id="34">non</g>-Aadhar related ways... We are going ahead with plans. It will take little more time,” PFRDA Chairman Hemant Contractor told reporters here on the sidelines of a CII event.
PFRDA is all set to launch an online facility for opening of accounts under the National Pension System (NPS) to <g data-gr-id="24">net</g> in prospective customers.