SBI, LIC, UTI AMC to be pension fund managers

State Bank of India (SBI), Life Insurance Corporation of India (LIC) and UTI Asset Management Company will be the pension fund managers under the new system.

A panel set up by the interim Pension Fund Regulatory and Development Authority (PFRDA) has recommended the three public sector entities after examining the bids of four financial institutions including IDBI Capital Market Services.

"The final contract with the selected companies will be signed after the PFRDA board gives its nod," a senior PFRDA official said.

The selected companies would have to get all regulatory approvals before PFRDA finally appoints them as fund managers.

National Securities Depository (NSDL), which was earlier selected by the PFRDA panel as the central record keeping agency (CRA), has run into rough weather with Securities and Exchange Board of India (Sebi) opposing the plan.

Meanwhile, the final contract between PFRDA and NSDL is under finalisation, and the work relating to CRA will commence as soon as NSDL obtains Sebi approval.