new delhi pension fund regulatory and development authority pfrda chairman yogesh agarwal today said there were some flaws with the new pension scheme nps and the regulator is taking steps to improve the scheme when we extended nps to the private sector we made the basic mistake of not changing the features which we have to take into account now agarwal said on the sidelines of a national conference on pension funds organised by assocham he said about 350 corporates have joined the scheme i am very happy to share that about 350 corporates have joined nps however given the size of the country this is a minuscule number agarwal said on steps taken to incentivise the scheme pfrda chairman said we have taken steps in revised guidelines to increase fee charged by the pension fund managers which will make them come up with economically viable model and whereever they have to invest in marketing and distribution network earlier fund managers were getting only 00009 per cent as charges for the funds managed by them as incentives agarwal expressed hope that with the measures the pension fund regulator has taken nps will emerge as the best pension option with the measures we have taken we are sure nps will take off and emerge as the best pension option he said initially the government had launched the new pension system for those central government employees joining service from january 1 2004 but later it was extended to all citizens from may 1 2009 the new nps guidelines allow the pfrda to increase the number of fund managers from the present six to an unrestricted number along with liberalising it to any financial institution that fits the eligibility criteria to be a fund manager the total corpus of the government employees under nps as on december 2011 was rs 12769 crore the total average monthly subscriptions of government employees is around rs 500 crore