Mutual fund industry body Association of Mutual Funds in India (AMFI) is seeking permission from market regulator the Securities and Exchange Board of India to enter the pension product market, Economic Times reports. The approval will allow the mutual fund industry to gather long-term funds.

The mutual fund industry is planning to unveil pension products with annuity features so as to provide the benefit of retirement savings to customers. Currently, insurance firms and the Pension Fund Regulatory and Development Authority offer the pension products.

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