HDFC Pension Fund will continue as a fund manager for the private sector National Pension System (NPS) of the Pension Fund Regulatory and Development Authority (PFRDA). PFRDA had disqualified the company from the re-selection process of NPS managers in private sector.

HDFC Life had last week filed a Writ petition challenging the PFRDA's Request for Proposal, the NPS license bid process and the wrongful disqualification/ rejection of HDFC Life’s bid.

The company had sought the Court’s intervention to protect its rights and that of its subsidiary, HDFC Pension Management Co Ltd, of continuing to undertake the pension business. Upholding their contentions, the Court had directed the PFRDA inter alia to open HDFC Pension technical bid along with bids of other bidders and evaluate the same in accordance with the law.