New Delhi, April 8 PPFAS Asset Management announced on Wednesday that it 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).
In a statement, the company said it will soon begin managing the retirement savings of individuals who invest through NPS. It will establish a separate pension fund company that will manage the schemes and grow these savings over time.
"Managing retirement savings is a significant responsibility, and we are committed to handling it with care, discipline, and a long-term approach. Our focus will remain on safeguarding investors' interests while delivering consistent performance," said Neil Parag Parikh, Chairman and CEO of PPFAS Asset Management.
The company said it will now complete the necessary formalities, including the registration and operational setup of the pension fund, before commencing full-scale operations.
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