PFRDA sees stock boost; govt employees may get to invest 50% savings

The equity culture in the country may also get a boost from a stewardship code to be rolled out for the country's fund managers to push for corporate-governance best practices

India’s $2.3 trillion equity market has surged in recent years, and is about to get a new endorsement — from the nation’s pension regulator.

“We are pressing the government to increase the equity proportion for government employees, and expect a favourable response very soon,” Hemant Contractor, chairman of the Pension Fund Regulatory and Development Authority (PFRDA), said in an interview. The PFRDA has called for a bump to 50 per cent, from 15 per cent — to match the maximum for private-sector pensions overseen by its National Pension System arm.

The equity culture in the country may also get a