PPFAS gets PFRDA's approval to start managing retirement savings of NPS subscribers

PPFAS Asset Management is soon going to start managing retirement savings for National Pension System (NPS) subscribers.

PPFAS Mutual Fund's Chairman and CEO, Neil Parikh, on Wednesday, April 8, 2026, said the firm has got the approval from the Pension Fund Regulatory and Development Authority (PFRDA) to sponsor a pension fund under the NPS.

According to Parikh, PPFAS Asset Management will soon start a dedicated pension fund company to manage NPS subscribers' retirement savings.

"Excited to share that we have got approval from PFRDA to sponsor a Pension Fund under the National Pension System (NPS). We’ll soon start managing retirement savings for NPS subscribers through a dedicated pension fund company," Parikh said in a post on X.

"Managing people’s retirement funds is a big responsibility. At PPFAS, our focus is, and will always be on safety, discipline, and long-term growth while safeguarding investors’ interests. This is an important step for us in contributing to India’s retirement planning ecosystem," he added.

In December 2025, media reports said that Parag Parikh Financial Advisory Services (PPFAS) and Bank of Baroda were planning to apply to the PFRDA for a pension fund license.

Early this year, the PFRDA approved a framework to permit Scheduled Commercial Banks (SCBs) to independently set up Pension Funds to manage NPS.

"The Pension Fund Regulatory and Development Authority's (PFRDA) board has approved, in principle, a framework to permit Scheduled Commercial Banks (SCBs) to independently set up Pension Funds to manage NPS, with the objective of strengthening the pension ecosystem. This shall enhance competition and safeguard subscriber’s interests. The proposed framework seeks to address existing regulatory constraints that had limited bank participation till now," the Ministry of Finance said in a press release dated January 1, 2026.

"By introducing a clearly defined eligibility criteria based on net worth, market capitalisation and prudential soundness in line with RBI norms, it will ensure that only well-capitalised and systemically robust banks are permitted to sponsor Pension Funds. The detailed criteria will be notified separately and will apply to both new and existing Pension Funds," it added.