India moves bill to regulate pension funds

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New Delhi, March 24 : As part of the ongoing reforms in the financial sector, the Indian government Thursday tabled a bill in parliament to promote and regulate pension funds in the country, while remaining silent on the issue of foreign investment.

With unexpected support of the opposition Bharatiya Janata Party (BJP), Parliamentary Affairs Minister Pawan Kumar Bansal introduced the bill in the Lok Sabha, the lower house, after Speaker Meira Kumar allowed a division of votes pushed by Left parties.

Officially called the Pension Fund Regulatory and Development Authority Bill, 2011, it also proposes an empowered watchdog to regulate old age security. The present watchdog has been functioning without any parliamentary sanction.

According to Congress party leaders, Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee could not be present in the house during its introduction as the speaker had cleared the lobbies, following which no member is allowed to enter the house.

Among the 159 members present in the 543-member house, 115 backed the bill, 43 opposed it while one abstained.