Fund managers list didn’t have finmin nod

Vikas Dhoot
Posted: Wednesday, Aug 20, 2008 at 2259 hrs IST
Updated: Wednesday, Aug 20, 2008 at 2259 hrs IST

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New Delhi, Aug19: a later stage. ‘The quantum of funds allocated did not matter but there is a likelihood that due to this pattern of allocation, there may be a higher cost on EPS,’ the ministry official said, adding that the basis of allocation should have been made clear at the outset else it could become ‘a case for legal action.’

A Gujarat government official had also stressed that the rate of fee charged by L-2 and L-3 AMC should be same as that of L-1 ‘otherwise it will become an audit objection.’

It may be recalled that when the PFRDA appointed 3 fund managers – UTI, LIC and SBI – for the New Pension scheme, it apportioned funds on the basis of their original cost bids. But LIC , whose fee bid was 12 times that of SBI’s 0.05%, was asked to match SBI’s costs. UTI had bid 0.03% of funds as its cost. ...

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