Pension Fund Regulatory and Development Authority (PFRDA) approves PPFAS Asset Management to sponsor NPS pension fund.

Key facts

• PPFAS Asset Management has received approval from the Pension Fund Regulatory and Development Authority (PFRDA) to act as a sponsor for a pension fund under the National Pension System (NPS).
• The company will set up a separate pension fund entity to manage retirement savings of NPS subscribers.
• PPFAS Asset Management will complete regulatory and operational formalities, including registration and infrastructure setup, before commencing operations.
• Neil Parag Parikh, Chairman and Chief Executive Officer of PPFAS Asset Management, stated the firm would approach pension fund management with a long-term focus and an emphasis on investor interest.
• PPFAS Asset Management is based in Mumbai and was established in 2011.
• The NPS framework, regulated by PFRDA, allows multiple pension fund managers to operate and enables subscribers to choose and switch between them.