Financial Daily from THE HINDU group of publications
Wednesday, Nov 10, 2004
Financial Daily from THE HINDU group of publications Wednesday, Nov 10, 2004 |
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Pension Plans Money & Banking - Regulatory Bodies & Rulings Pension funds' floor capital may be set at Rs 50 crore Sarbajeet K. Sen
New Delhi , Nov. 9 AMIDST divergent figures on capital requirements proposed by different reports on pension reforms, the interim Pension Fund Regulatory and Development Authority (PFDRA), in its internal discussions, is considering setting Rs 50 crore as the floor limit for pension fund managers, according to senior Finance Ministry officials. The figure is being proposed somewhat as a middle-path between the minimum capital requirement applicable to asset management companies and the insurance companies. "The interim PFRDA in its discussion paper has proposed Rs 50 crore as the minimum paid-up capital requirement for PFMs. This would be in between the Rs 10-crore minimum capital proposed for mutual funds and Rs 100 crore for insurance companies," officials said.
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