With a view to give a push to the National Pension System, NPS, the Pension Fund Regulatory and Development Authority – PFRDA yesterday relaxed norms for registration of pension fund managers. This will ensure greater competition by removing cap on the number of Pension Fund Managers- PFMs.

It has issued a revised set of guidelines for registration of PFMs to manage the Pension System for the non-government and private sector.

According to the Finance Ministry, the revised guidelines have done away with the earlier bidding process, wherein a pre-determined number of slots were bid for by the PFMs.

The earlier process has now been replaced by a system which lays down the eligibility criteria for registration as PFMs.