FOREIGN FIRMS CAN NOW BUY 26% STAKE IN PENSION FUND COMPANIES

The foreign funds would be allowed to own up to 26 per cent stake in entities that would be set up by state-owned banks, mutual funds and financial institutions to manage the pension funds. The Pension Regulatory and Development Authority , which has already appointed National Securities Depository Limited as the central record-keeping agency, has invited preliminary bids for appointing pension fund managers. Only financial institutions and banks in which the Government has at least 51 per cent share and manage assets worth Rs. 10,000 crore can apply.