PPFAS Asset Management has received approval from the Pension Fund Regulatory and Development Authority (PFRDA) today to become a sponsor for a pension fund under the National Pension System (NPS).

The company will soon start managing the retirement savings of people who invest through NPS. It will set up a separate pension fund company that will run the schemes and grow these savings over time, according to a press release.

We are honoured to receive this approval from PFRDA. 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 will now complete the required formalities, including registration and operational setup of the pension fund, before commencing full-scale operations.