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Evaluate HDFC Life’s NPS bid: HC to PFRDA

The Delhi High Court on Thursday set aside the Pension Fund Regulatory and Development Authority (PFRDA)’s decision to reject HDFC Life’s bid for the selection of pension fund managers. The court has asked the regulator to evaluate the bid in accordance with the steps mentioned in the Request For Proposal.

In April, HDFC Life had filed a petition against PFRDA’s decision to disqualify it in the re-bid process for the private National Pension System (NPS), following which the Delhi High Court had asked both parties to maintain status quo on the licences. Now, PFRDA will have to evaluate HDFC Life’s bid along with other pension funds for the re-application process for NPS licences.

HDFC Life, SBI Pension Fund, LIC Pension Fund, UTI Retirement Solutions, ICICI Prudential Pension Funds, Kotak Mahindra Pension Fund, Reliance Capital Pension Fund and DSP BlackRock Pension Fund Managers have applied for the re-bid process to become  managers.

There are also two new entities — Tata Mutual Fund and Birla Sun Life.

The final date of issuance of letters has already been postponed twice and it may now happen later this month.

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