SEBI Urges MFs To Launch Pension Products (23-Jun-2012)
The Securities and Exchange Board of India (SEBI) has urged mutual fund houses to bring in pension-oriented funds as they have a large pool of money and a longer investment horizon. In this regard SEBI is in contact with tax authorities, to avail similar tax deduction benefits for mutual fund pension schemes as that of other pension funds.
Mutual fund pension schemes will allow legal mobilization of money on voluntary basis for long-term purposes .The pension products will lock money for a long term basis and will also entertain households' participation in capital markets.
Since now there are only two pension schemes available in the market , UTI Retirement Benefit Pension Plan, launched in December 1994 worth of Rs 800 crore and Templeton India Pension Scheme launched in March 1997 worth Rs 217 crore, pointing to a wide unleashed market opportunity for the AMCs.
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