Delhi News

Tata Asset and Max Life Insurance get approval to set up pension funds

Asset Management and Co have recently received a nod from the pension sector regulator for setting up managers, Chairperson Supratim Bandyopadhyay said on Friday.

“We had received two (proposals)…our board has approved both. They will take around six months to set up their pension funds. One is promoted by AMC, so that is coming from the mutual fund sector, the other one will be promoted by that is strong life insurance company,” he said while addressing the media on NPS Diwas.

The Regulatory and Development Authority (PFRDA) in July had opened ‘on tap’ registration of managers.

Bandyopadhyay said next year the regulator will open ‘on tap’ registration in the initial months of the fiscal.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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