The Pension Fund Regulatory and Development Authority (PFRDA) on 17 September invited fresh bids for managing the funds of the private sector National Pension System (NPS) and decided to select 10 pension fund managers through the auction. However, it seems that only nine companies have lined up to bid for the 10 pension fund manager slots that the PFRDA has put on the bidding block. The bids will be placed on the basis of fund management fee.
Mint Money spoke to several senior officials of the existing pension fund management companies, who confirmed that only nine companies had applied for the bids so far. The final number of bidders will, however, be known only on 30 November, when the financial bids, in which the companies bid on the basis of fund management cost, of the companies will be opened. The bids were earlier scheduled to have been opened on 7 November.