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India: First pension fund to be set up in
Business Standard, May 20, 2003
India - The first
of the six pension funds to be set up in the country is to be launched on
October 2nd, well in time to operationalise the new pension scheme for
government employees joining after October.
The modalities for
the pension funds will be decided by the Interim Pension Regulatory
note is ready for setting up the Interim Pension Regulatory Authority and
it will go before the Cabinet soon," official sources said in New
There is a strong
possibility that finance secretary S Narayan, who is retiring in June end,
is likely to head it, the sources said. His place is likely to be taken
over by expenditure secretary D C Gupta.
decided to set up six pension funds of which one would be in the
government sector and rest in the private sector for which insurance
companies, mutual funds including UTI and financial institutions with
experience in fund management would be eligible.
Just as in the case
of Sebi and IRDA, an interim regulator would be set up and subsequently a
permanent pension authority would be established after the passage of
Pension Regulatory Authority Bill in Parliament, which is likely in the
monsoon or winter session.