January 27, 2026
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PFRDA constituted SAARG to review NPS investment guidelines and recommend reforms for asset allocation, risk and governance.
PFRDA constituted the Committee for Strategic Asset Allocation and Risk Governance (SAARG) to comprehensively review and modernize NPS investment guidelines, benchmark them with global pension systems, and recommend reforms to strengthen strategic asset allocation, risk management, diversification, performance measurement, ALM principles, valuation standards for alternative investments, portfolio stability and liquidity measures, governance and intermediary architecture, sustainability integration, and subscriber choice; SAARG, chaired by Shri Narayan Ramachandran, has nine months to submit its report.