Page 12 - Banking Finance AUGUST 2015
P. 12
ROUNDUP
INDUSTRY
PFRDA ponders one watchdog for various pension Centre clips the funding of
30 out of 72 schemes
funds
The number of centrally sponsored
Pension Fund Regulatory and Devel- interest of the subscribers. However, schemes (CSS) may be cut back to 30
opment Authority (PFRDA) is working there are some funds that are from the current 72 after a panel of
chief ministers which is part of the
on a uniform scanned by regulators such as Sebi NTTI Aayog's sub-group on the issue
regulatory body and IRDA depending on the institu- came to a consensus.
for different tion offering them and they do not
pension funds in wish to tread in someone else's terri- "There is a broad
consensus on re-
the market ac- tory. Further, there are some funds ducing number of
cording to which do not fall under the purview CSS and having two
PFRDA member of any of the regulator and PFRDA is types of schemes,"
panel's convenor
B. S. Bhandari. seeking information on these funds. Madhya Pradesh
In this development, PFRDA is cur- The disparity in the regulation of pen- chief minister Shivraj Singh Chouhan
rently seeking information from com- sion funds could be harmful for the said, after the meeting of the sub-
panies offering pension funds under subscribers, said Bhandari on the side- group in New Delhi at NITI Aayog.
different categories. lines of an event conducted by ICAI
He added that, absence of a regula- and committee on Banking, Insur-
tor for some funds can be against the ance & Pension.
SEBI publicize e-IPO norms The issue of reducing the number of
centrally sponsored schemes has as-
The Securities and Exchange Board of India (SEBI) approved norms for compa- sumed significance against the back-
nies to launch their initial public offerings drop of the award of the 14th Finance
(IPOs) in an electronic form a move that will Commission which has raised the trans-
reduce the time taken between the share sale fer of taxes to states from 32% to 42%.
and the listing enhance the reach of retail in-
vestors in the share sale and reduce costs. The amount of funds in each CSS which
states can spend on their discretion
Under the e-IPO norms, Sebi said, ASBA (Ap- within the overall parameters of the
plications Supported by Blocked Amount), will main scheme known as 'flexi-funds', has
be made mandatory for all categories of investors while applying for an IPO, also been proposed to be raised to 25%
which will help companies list in only six days. from 10%.
12 | 2015 | AUGUST | BANKING FINANCE
