MUMBAI, April 8 -- PPFAS Asset Management Pvt. Ltd received approval from the Pension Fund Regulatory and Development Authority (PFRDA) on Wednesday to become a sponsor for a pension fund under the National Pension System (NPS).

The company will soon begin managing the retirement savings of individuals investing through NPS. To facilitate this, it will establish a separate pension fund company that will operate the schemes and aim to grow these savings over the long term.

Commenting on the development, Neil Parag Parikh, chairman and chief executive of PPFAS Asset Management, said, "Managing retirement savings is a significant responsibility, and we are committed to handling it with care, discipline, and a long-term approach. Our focus ...