India's $2.3 trillion equity market has surged in recent years, and is about to get a new endorsement - from the nation's pension regulator. "We are pressing the government to increase the equity proportion for government employees, and expect a favorable response very soon," from the Finance Ministry, Hemant Contractor, chairman of the Pension Fund Regulatory and Development Authority, said in an interview. The PFRDA has called for a bump to 50 per cent, from 15 per cent - to match the maximum for private-sector pensions overseen by its National Pension System arm.
India's equity culture may also get a boost from a stewardship code to be rolled out for the country's fund managers to push for corporate-governance best practices. The PFRDA, along with India's insurance and securities regulators, is pursuing the new code, Mr Contractor said in New Delhi Friday.
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