5-man interim pension regulator constituted

 The interim body will have four members other than the chairman, of whom not more than two will be full term members.

 The Authority would oversee the development of the pension market and propose a comprehensive legislation to ensure promotion and orderly growth of the pension market, an official release said.

 The Authority would have the freedom to determine its own procedures and would have powers to call for records and other material relevant for its working from official and non-official bodies and also hold discussions with them.

 The Authority would be headquartered in Delhi. The PFRDA would issue licences to not less than six pension funds to operate in the country.

 While five would be selected on a global basis, one licence would be set aside for a public sector fund, to be called Pension Fund Corporation of India, which is likely to be floated through equity contributions by banks and financial institutions.

 Three basic pension schemes will be offered by the players. Income schemes would entail the corpus being invested in debt instruments, growth schemes where a sizeable proportion of investments would go into equity instruments and balanced schemes where investments will entail a mix of both equity and debt.