PFRDA for allowing pvt fund managers to manage govt portfolios

Pensions regulator PFRDA today said the government should allow private sector fund managers to manage government portfolios as well.
"We have only public sector fund managers managing the government portfolio so their (G N Bajpai Committee) recommendation was that even private sector fund managers should be allowed (to manage government funds).
"We also feel that there is a case for that so we have recommended that to the government," Pension Fund Regulatory and Development Authority (PFRDA) chairman Hemant Contractor said at an event organised by industry body CII.
Contractor further said that the matter is also lying with the government and the regulator (PFRDA) would like decision to come fast.

PFRDA has been putting money in equities and it wants to increase its investments in the same, he added.
"We have been putting money in equities. The issue was increasing the proportion of money going into equities. The proposal of allowing PFRDA to invest more money in equity is lying with the government," Contractor said, stressing on the need of expanding the coverage of pension in the country.
"The overall coverage of pension in the country is just around 12-13 per cent. There is a need to strengthen the social security system of the country," Contractor said.
G N Bajpai panel, which was formed to suggest investment into venture capital, had submitted its report to PFRDA in April this year.