Which of the following cannot act as a Pension Fund Manager?

Cooperative societies cannot act as Pension Fund Managers under the PFRDA framework. Only entities like public financial institutions, scheduled commercial banks, insurance companies, and companies meeting net worth requirements are eligible. This restriction ensures only financially strong and professionally managed organizations handle pension funds. Cooperative societies may lack the capital, governance standards, and risk management capabilities required. By limiting eligibility, PFRDA safeguards subscriber funds, ensuring they are managed responsibly by credible, financially stable institutions.