Motilal Oswal Asset Management Company Ltd receives PFRDA approval to act as Sponsor of Pension Fund

Motilal Oswal Asset Management Company Ltd. (MOAMC) has received approval from the Pension Fund Regulatory and Development Authority (PFRDA) to act as a Sponsor of Pension Fund under the National Pension System (NPS).

The approval follows Motilal Oswal Asset Management Company's application in response to PFRDA's invitation for the selection of pension fund sponsors under its Registration Guidelines. As part of the mandate, Motilal Oswal Asset Management Company will set up a separate pension fund entity that will act as an investment manager, overseeing the NPS contribution of subscribers and managing pension assets in accordance with the PFRDA Act, 2013, and applicable regulations.

Motilal Oswal Asset Management Company Ltd. will undertake the necessary formalities including obtaining the Certificate of Registration and executing key agreements such as the Investment Management Agreement (IMA) with the NPS Trust, along with further arrangements with other custodians, intermediaries and parties. Upon completion, Motilal Oswal Asset Management Company Ltd. will commence full-scale operations to act as a Sponsor of Pension Fund under the NPS.

This move is expected to further strengthen Motilal Oswal Asset Management Company's role within India's financial ecosystem, while also contributing to the growing need for long-term retirement planning solutions for investors backed by the firm's investment management capabilities and experienced fund management team.

Mr. Prateek Agrawal, MD & CEO, Motilal Oswal Asset Management Company Ltd. (MOAMC) said, "As India's financial ecosystem evolves, the need for disciplined, long-term retirement investment and planning is becoming critical for long-term financial security. As Indians shift their financial habits moving from a saver to an investor mindset, NPS inflows have also been growing steadily. Through our entry into India's NPS ecosystem, we aim to bring a research-driven, high-conviction, and long-term investment approach, focused on delivering consistent performance for investors to build sustainable retirement wealth."

Shares of Motilal Oswal Financial Services Limited was last trading in BSE at Rs. 882.20 as compared to the previous close of Rs. 843.45. The total number of shares traded during the day was 78638 in over 3603 trades.

The stock hit an intraday high of Rs. 891.00 and intraday low of 849.10. The net turnover during the day was Rs. 68418798.00.

Source : Equity Bulls

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