The government is reportedly working on some crucial reforms in the pension market, with the finance ministry planning around 30 changes to the PFRDA Act.
The government may soon allow foreign pension funds to establish independent pension funds in India, according to a Business Standard report.
The government is working on some crucial reforms in the pension market, with the finance ministry planning around 30 changes to the PFRDA Act, the report said.
The changes could modify some of the retirement products offered by insurers and mutual funds (MFs), the report said.
Moneycontrol could not independently verify the story.
One of the amendments includes changing the name of the PFRDA, Business Standard reported.
The word “fund” will be dropped, and the PFRDA will be called “Pension Fund Regulatory Development Authority”, the report said.
“The regulator is in charge of the entire pension sector and not just of the funds. The new name will reflect this position better,” a government official told the paper.
The amendments may make the space more attractive for foreign investors, who can currently invest as much as 49 percent in the sector.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
