Modernizing NPS: PFRDA Constitutes SAARG Committee
The Pension Fund Regulatory and Development Authority (PFRDA) has taken a significant step toward evolving the National Pension System (NPS). By constituting the Committee for Strategic Asset Allocation and Risk Governance (SAARG), the authority aims to modernize investment guidelines and enhance the architecture for long-term retirement wealth creation.
The Mission of SAARG
The committee is tasked with a comprehensive review of the existing NPS investment framework, benchmarking it against global pension leaders. Its core objectives include:
- Reviewing and expanding permitted asset classes to mitigate market risks.
- Recommending optimal strategic asset allocation across equity, debt, and alternative assets.
- Enhancing risk management practices, including Asset-Liability Management (ALM).
- Integrating sustainability considerations and climate transition risks into investment decisions.
- Reviewing subscriber choice designs, such as lifecycle and target-date structures.
Eminent Experts at the Helm
Chaired by Shri Narayan Ramachandran (Former CEO of Morgan Stanley India), the committee comprises some of the most respected names in Indian finance and capital markets:
| Member Name | Affiliation / Role |
|---|---|
| Shri Narayan Ramachandran | Chairman, Team Lease Services Ltd; Former CEO, Morgan Stanley India |
| Shri Ananth Narayan | Former Whole Time Member, SEBI |
| Ms. Devina Mehra | Founder & CMD, First Global |
| Shri Kalpen Parekh | MD & CEO, DSP Mutual Fund |
| Shri Prashant Jain | CIO, 3P Investment Managers |
| Shri Raamdeo Agrawal | Chairman & Co-founder, Motilal Oswal Financial Services |
| Shri Sankaran Naren | CIO, ICICI Prudential AMC Ltd |
The committee has been given a period of 9 months to examine these critical areas and submit a final report to the PFRDA with its recommendations for reform.
Read the Full Official Press Release
Access the detailed Terms of Reference (ToR) and the complete list of SAARG members by downloading the official PDF from the PFRDA website.
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