A year on, still no decision on pension fund managers

On 17 September 2016, the Pension Fund Regulatory and Development Authority (PFRDA) invited fresh bids for managing funds for the private sector National Pension System (NPS). But a year later, the authority is yet to finalise the bids and issue fresh licences to the pension fund managers (PFMs) of NPS. In the interim, the managers continue to operate through an extension. “The request for proposal for the PFMs was valid till July. However, the regulator sought an extension of 3 months. In the interim, the existing PFMs can continue to function under the existing dispensation,” said Kumar Sharadindu, chief executive officer and managing director, SBI Pension Funds Pvt. Ltd. “After that, it is not clear whether pension funds serving the private sector (of NPS) will be legally valid,” he added.

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