Govt recommends three PF sponsors
The government has recommemnded three sponsors for pension funds in India.
By INDIATIMES NEWS NETWORK |
NEW DELHI: The government has recommemnded three sponsors for pension funds in India. Pension Fund Regulatory and Development Authority (PFRDA) had invited Expressions of Interest (EOI) from public sector entities for sponsoring Pension Funds for Government employees on 11th May 2007. To be eligible, the sponsors were required to have at least 5 years experience of fund management and average assets under management of not less than Rs. 10,000 crore.
The last date for submission of EoI was 25th May 2007. In response, EoIs were received from seven public sector entities namely, Canara Bank, IDBI Capital Market Services Limited, Life Insurance Corporation of India, State Bank of India , UTI Asset Management Company Private Limited, Securities Trading Corporation of India Limited and Punjab National Bank.
Of these seven entities, four were found to be eligible. They were invited for issuance of Request for Proposal (RFP) for sponsoring Pension Funds under the NPS. The four entities to which the Request for Proposal (RFP) was issued on 11th June 2007 are IDBI Capital Market Services Limited, Life Insurance Corporation of India, State Bank of India and UTI Asset Management Company Private Limited.
Proposals from all the four entities, including technical and commercial bids, were received in PFRDA by the deadline of 4th July 2007. A Committee was constituted by PFRDA and entrusted with the responsibility of evaluation of the proposals received from the eligible entities, and to short-list the three best value bidders in terms of requirements (technical & commercial) of RFP.
Based on the overall evaluation, including technical and commercial parameters, the Committee found (i) State Bank of India, (ii) UTI Asset Management Company Private Limited and (iii) Life Insurance Corporation of India as the three best value bidders and recommended their appointment as sponsors of Pension Funds under the New Pension System.
Report of the Committee is under consideration of the PFRDA. Meanwhile, the contract between PFRDA & NSDL is under finalisation and the work relating to CRA activities will commence as soon as NSDL obtains the approval of SEBI to undertake this work.
The last date for submission of EoI was 25th May 2007. In response, EoIs were received from seven public sector entities namely, Canara Bank, IDBI Capital Market Services Limited, Life Insurance Corporation of India, State Bank of India , UTI Asset Management Company Private Limited, Securities Trading Corporation of India Limited and Punjab National Bank.
Of these seven entities, four were found to be eligible. They were invited for issuance of Request for Proposal (RFP) for sponsoring Pension Funds under the NPS. The four entities to which the Request for Proposal (RFP) was issued on 11th June 2007 are IDBI Capital Market Services Limited, Life Insurance Corporation of India, State Bank of India and UTI Asset Management Company Private Limited.
Proposals from all the four entities, including technical and commercial bids, were received in PFRDA by the deadline of 4th July 2007. A Committee was constituted by PFRDA and entrusted with the responsibility of evaluation of the proposals received from the eligible entities, and to short-list the three best value bidders in terms of requirements (technical & commercial) of RFP.
Based on the overall evaluation, including technical and commercial parameters, the Committee found (i) State Bank of India, (ii) UTI Asset Management Company Private Limited and (iii) Life Insurance Corporation of India as the three best value bidders and recommended their appointment as sponsors of Pension Funds under the New Pension System.
Report of the Committee is under consideration of the PFRDA. Meanwhile, the contract between PFRDA & NSDL is under finalisation and the work relating to CRA activities will commence as soon as NSDL obtains the approval of SEBI to undertake this work.
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