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

Tata Asset Management and Max Life Insurance 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. 
 

The Pension Fund Regulatory and Development Authority (PFRDA) in July had opened 'on tap' registration of pension fund managers.
 

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