What more does the PFDRA's circular have for pension fund managers? Find out in this edition of Big Story.
Pension Funds Regulatory and Development Authority's (PFRDA) circular on foreign direct investment (FDI) in pension funds may soon pave the way for a new round of licencing for pension fund managers.
So far there has been a lack of clarity on FDI, which delayed the issue of a fresh request for proposals and kept the industry stuck in the old licence regime with fees capped at low levels.
The circular also includes direct and indirect ownership within the limit for calculations but carves out an exception for banks and public financial institutions such as Life Insurance Corporation (LIC) and Unit Trust of India (UTI).