A regulatory storm is brewing in India's massive pension sector. Fund managers overseeing $175 billion in retirement assets are pushing back hard against their watchdog's latest plan. The proposal? Shield pension portfolios from bond market swings. The industry's response? Not so fast. Sources close to the matter reveal managers worry this regulatory cushion could actually mess with how funds are valued—potentially creating more problems than it solves. It's a classic standoff: regulators want stability, but practitioners fear unintended consequences. With nearly two hundred billion at stake, this isn't just bureaucratic friction. It's a fundamental clash over how to protect retirement savings without warping market realities.