INDIA - The Pension Fund Regulatory and Development Authority (PFRDA) has sought applications from fund managers for its New Pension System (NPS).
A recent statement released on the PFRDA website outlined the criteria for prospective fund managers.
The statement said public sector companies must have at least five years experience in fund management and have assets under management of no less than R10,000 (US$248).
The selected company will have to incorporate the pension fund as a separate public sector company and will be allowed to invest no more than 26% of assets in foreign investments.
Neither a foreign nor a private firm will be eligible to apply for the pension fund business, according to the PFRDA statement.
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