India's $35 billion government pension fund plans equities boost

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

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 favourable 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 percent, from 15 percent -- 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