Insurance 01-Oct-21
Max Life Insurance and Tata Asset Mgt get approval to set up pension funds
Max Life Insurance and Tata Asset Management Co have recently received a nod from the pension sector regulator for setting up pension fund managers, PFRDA 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 Tata AMC, so that is coming from the mutual fund sector, the other one will be promoted by Max Life Insurance that is strong life insurance company," he said while addressing the media on NPS Diwas.
Bandyopadhyay said next year the regulator will open 'on tap' registration in the initial months of the fiscal.
The Pension Fund Regulatory and Development Authority (PFRDA) in July had opened 'on tap' registration of pension fund managers.
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