Tata Asset and Max Life Insurance obtain authorization to set up pension funds

Tata Asset Management and Max Life Insurance Co recently received a green light from the pension sector regulator to create pension fund managers, PFRDA chairman Supratim Bandyopadhyay said on Friday.

“We had received two (proposals) … our board approved both. It will take them about six months to set up their pension funds. One is promoted by Tata AMC, so this is from the industry. mutual funds, the other will be promoted by Max Life Insurance which is a strong life insurance company, ”he said speaking to the media on NPS Diwas.

In July, the Pension Fund Development and Regulation Authority (PFRDA) opened the “on the fly” registration of pension fund managers.

Bandyopadhyay said next year that the regulator will open “on the fly” registration in the first few months of the fiscal year.

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

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