PFRDA has constituted a committee of Investment Experts for Strategic Asset Allocation and Risk Governance (SAARG) to review, recommend and modernize the investment framework under the NPS.
SAARG has been tasked with undertaking a comprehensive review of the existing NPS investment guidelines benchmarking them with leading global pension systems and the evolving Indian investment ecosystem. The objective is to strengthen the investment architecture of NPS to support long-term retirement wealth creation, enhance diversification, improve risk management practices and expand subscriber choice.
The scope of the SAARG includes examination of strategic asset allocation frameworks, introduction and review of asset classes, performance measurement and accountability mechanisms, ALM practices, valuation standards for alternative investments, portfolio stability and liquidity optimisation measures, governance and intermediary architecture, and integration of sustainability considerations in investment decision-making. The detailed Terms of Reference is placed at Annexure.
SAARG shall be chaired by Shri Narayan Ramachandran, former Country Head and CEO of Morgan Stanley India, and comprises eminent experts from the fields of capital markets, asset management and securities law.
| No. | Name of Expert | Affiliation |
| 1 | Shri Narayan Ramachandran | Former Country Head and CEO of Morgan Stanley India Currently, Chairman at Team Lease Services Ltd. |
| 2 | Shri Ananth Narayan | Former Whole Time Member, SEBI |
| 3 | Ms Devina Mehra | Founder & CMD First Global (PMS & Global funds) |
| 3 | Shri Kalpen Parekh | MD & CEO at DSP Mutual Fund |
| 4 | Shri Prashant Jain | CIO at 3P Investment Managers & Former CIO at HDFC Mutual Fund |
| 5 | Shri Rajeev Thakkar | Chief Investment Officer at PPFAS Asset Management Pvt. Ltd. |
| 6 | Shri Raamdeo Agrawal | Co-founder, Motilal Oswal & Chairman and Co-founder of Motilal Oswal Financial Services Ltd. |
| 7 | Shri Sankaran Naren | Chief Investment Officer at ICICI Prudential AMC Ltd |
| 8 | Shri Sumit Agrawal | Founder, Regstreet Law Advisors |
| 9 | Shri Ashok Kumar Soni | Executive Director, PFRDA |
The constitution of SAARG reflects PFRDA’s continued commitment to strengthening the NPS investment framework in a forward-looking manner and ensuring that it remains resilient, diversified and aligned with the evolving needs of subscribers in their long-term wealth creation journey.
The committee shall have a time of 9 months examine and submit its report to PFRDA with its recommendations.
