Rajeev Thakkar to Sankaran Naren: Top fund managers in PFRDA's new expert committee for NPS

Mandate to strengthen long-term retirement wealth creation

Who’s on the committee: Leading names from India’s fund management industry

The SAARG brings together some of the most respected names in India’s asset management and capital markets space. Key members include Rajeev Thakkar, Chief Investment Officer at PPFAS Asset Management, Sankaran Naren, Chief Investment Officer at ICICI Prudential AMC, Prashant Jain, former CIO of HDFC Mutual Fund and currently CIO at 3P Investment Managers, Kalpen Parekh, MD & CEO of DSP Mutual Fund, and Devina Mehra, Founder and CMD of First Global.

The committee is chaired by Narayan Ramachandran, former Country Head and CEO of Morgan Stanley India, and also includes market veterans Raamdeo Agrawal of Motilal Oswal, former SEBI Whole Time Member Ananth Narayan, securities law expert Sumit Agrawal, and Ashok Kumar Soni, Executive Director at PFRDA.

Wide-ranging review of NPS investment architecture

The scope of the committee includes reviewing strategic asset allocation frameworks, introduction of new asset classes, performance measurement and accountability mechanisms, asset–liability management practices, valuation norms for alternative investments, portfolio stability and liquidity optimisation measures, and governance and intermediary architecture within NPS.

Focus on sustainability and subscriber choice

The SAARG will also examine integration of sustainability and climate transition risks into investment decision-making, along with reviewing and enhancing subscriber investment choices such as lifecycle and target-date funds, and recommending an optimal mix of active and passive investment strategies.

Nine-month timeline for recommendations

The committee has been given a tenure of nine months to complete its review and submit its recommendations to PFRDA. The move underlines the regulator’s intent to ensure that the NPS investment framework remains resilient, diversified and aligned with the long-term needs of India’s retirement savers.