PFRDA keeping 'open mind' on investment norms
New Delhi: The new chairman of interim Pension Fund Regulatory and Development Authority D Swarup has made it clear that he has an "open mind" on investment norms especially equity exposure of pension funds.

"All pros and cons will be considered. We have an open mind," PFRDA chairman D Swarup said when asked whether the regulator would revise investment norms to reduce equity exposure of pension funds from a maximum sixty per cent stipulated by government last year. However, Swarup said equity may provide high return over a longer period than any other instruments.

The pension bill, now before Parliament, provides for statutory status to PFRDA along the lines of SEBI and IRDA, and switching over to a new defined contributory pension scheme (NPS).

The bill is before the Parliamentary Standing Committee on Finance.
Back to News Review index page  

Export groups to get comprehensive online links
Hyderabad: An electronic data interchange (EDI) platform linking all major community partners such as the Director-General of Foreign Trade (DGFT), customs, banks and export promotion councils would be put in place by six months.

The platform would facilitate Web-based filing, retrieval and verification, cutting down on procedural delays and saving time and effort for exporters.

K.T. Chacko, DGFT, said this was one of the recommendations made by the committee that looked into procedural simplification and reduction of transaction costs. The committee, headed by the DGFT, had submitted its report recently. It suggested setting up of a fast track mechanism for clearances, examination, testing quarantine, and packaging by all agencies to facilitate import and export of perishable cargo. Chacko said some thirteen certifying agencies needed to come on to a single platform to ensure comprehensive online facilitation.
Back to News Review index page  

India and UK sign biotech transfer pacts
Bangalore: The signing of agreements by two UK companies with Indian partners on the opening day of Bangalore Bio 2005 has underlined the significance of the annual event, which recognises India's capacity in biotechnology.

Briefing media-persons after presiding over the meeting in which the companies signed the agreements, the British High Commissioner to India, Sir Michael Arthur, said, under a technology transfer agreement, the Hyderabad-based Shantha Biotechnics would become the licensed manufacturer of hepatitis C drug for PolyTherics Ltd.

The UK company will provide its pegylation technology to make affordable PEG-Interferon product for the treatment of hepatitis C. The two companies will collaborate in an accelerated drug development programme to commercialise an affordable treatment for many patients.

Zenosis Ltd of the UK has entered into a tie-up with Edu Tech India Pvt Ltd, an information and learning services provider, to help Indian bio-pharmaceutical companies market their products in the international market.

"Indian pharmaceutical companies were faced with the challenges of keeping up with increasing astringency in regulatory compliance requirements at homes as well as in highly regulated exports markets of the US, the UK and Japan. The challenges were compounded by the specificity of regulations across different products, services and countries," said Sir Arthur.

The tie-up between the two technology companies would help Indian life sciences companies take their products to the international market faster and stabilise their presence.
Back to News Review index page