PFRDA Sets Up ASCEND Panel to Attract Global Pension Capital into India’s NPS Ecosystem

The Pension Fund Regulatory and Development Authority (PFRDA) has constituted a high-level expert committee named ASCEND (Accelerated Scaling of Global Capital Ecosystem and NPS Development) to develop a roadmap for bringing long-term global pension investments into India’s National Pension System (NPS). The initiative aims to strengthen infrastructure financing, deepen domestic capital markets, and support India’s long-term economic growth.

The move reflects India’s growing focus on leveraging global institutional capital to meet its ambitious infrastructure development goals while enhancing the investment ecosystem for over 100 million NPS subscribers.

Strategic Focus on Long-Term Infrastructure Investment

Global pension funds manage some of the world’s largest pools of long-term capital and are considered ideal investors for infrastructure and other nation-building projects. Through the ASCEND initiative, PFRDA plans to encourage collaboration between Indian pension funds operating under the NPS framework and leading global pension funds.

The committee will recommend measures that enable Indian pension funds to participate in:

• Co-investment platforms with global pension funds
• Strategic investment partnerships
• Innovative investment structures for long-term capital deployment

Such collaborations are expected to bring stable, patient capital into India’s infrastructure sector while also providing diversified investment opportunities and improved long-term risk-adjusted returns for NPS subscribers.

Committee to Recommend Policy and Regulatory Reforms

One of the key responsibilities of the ASCEND Committee will be to recommend an appropriate policy, regulatory and governance framework that encourages greater participation of global pension investors without compromising subscriber interests or financial stability.

The recommendations are expected to strengthen Indian pension funds as trusted domestic partners for global institutional investors and accelerate the growth of pension assets under the National Pension System.

Eminent Experts to Lead the Initiative

The ASCEND Committee will be chaired by Shri Dinesh Khara, Chairman of NPS Trust. The panel includes several distinguished professionals from the financial and investment sectors.

Name	Position in Committee
Shri Dinesh Khara, Chairman, NPS Trust	Chairperson
Shri Narayan Ramachandran, Chairman, TeamLease Services Ltd.	Member
Shri Ananth Narayan, Former Whole-Time Member, SEBI	Member
Shri Ashvin Parekh, Managing Partner, Ashvin Parekh Advisory Services	Member
Dr. Arvind Gupta, Trustee, NPS Trust	Member
Ms. Suparna Tandon, CEO, NPS Trust	Member Secretary

Strengthening India’s Pension Ecosystem

According to PFRDA, the committee’s recommendations are expected to lay the foundation for a globally competitive pension ecosystem that supports India’s long-term infrastructure financing needs and overall economic development.

The authority noted that pension funds under the National Pension System currently manage assets worth approximately USD 185 billion (around ₹17.5 lakh crore), representing nearly 5% of India’s GDP. By attracting greater global pension participation, PFRDA aims to significantly expand the scale and impact of India’s pension investment ecosystem.

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