SEBI has directed the National Securities Depository Ltd to initiate a central record-keeping agency (CRA) under the novel pension plan for employees working in governmental institutions.

The recent plan will permit pension regulator, the Pension fund Regulating and Development Authority, to commence funds management by public sector fund managers under the new pension scheme.

The new contribution systems are applicable to government employees joining after January 2004. Contribution accumulated from the administration and employees under these is about Rs 2,000 crore.

The PFRDA has chosen four public sector financial organizations including the Life Insurance Corporation of India, State Bank of India, UTI AMC and IDBI Capital as pension fund managers (PFMs).

In its board conference on Wednesday, the SEBI panel stated that the NSDL necessitated establishing a strategic business unit (SBU) to begin the central record-keeping agency that has to be diverted in next three years without any monetary and lawful inference on the exiting beneficial owner of NSDL.

The market supervisory body also said that NSDL should make sure establishing CRA that should not give rise to erosion of its net worth needed to fulfill depository actions.