PFRDA sets up SAARG to Modernise NPS Investment Framework

The Pension Fund Regulatory and Development Authority (PFRDA) has constituted a high-level expert committee to overhaul and modernise the investment framework of the National Pension System (NPS) in line with global best practices.

About the Committee

• Name: Committee of Investment Experts for Strategic Asset Allocation and Risk Governance (SAARG)
• Chairperson:Narayan Ramachandran
  • Former CEO, Morgan Stanley India
  • Chairman, TeamLease Services Ltd.

Mandate of SAARG

• Review existing NPS investment guidelines
• Benchmark NPS with leading global pension systems
• Align NPS with India’s evolving investment and capital market ecosystem
• Recommend reforms in:
  • Strategic asset allocation
  • Risk governance frameworks

Core Objectives

• Strengthen long-term retirement wealth creation
• Improve portfolio diversification
• Enhance risk management and governance standards
• Expand investment choices for NPS subscribers

Composition of the Panel

The committee includes experts from:

• Capital markets
• Mutual funds & asset management
• Securities law and regulation