Date: 2025-10-16Category: Public Private Partnership in IndiaState: Union GovernmentCountry: India
Clarification on permitting the Points of Presence for engagement of Non-Individual Intermediaries registered with any financial sector regulator like RBI, IRDAI, SEBI, and PFRDA as Pension Agents for distribution of Pension Schemes
Circular PFRDA/2025/17/REG-POP/02, dated October 16th 2025, clarifies the engagement of Non-Individual Intermediaries registered with financial sector regulators like RBI, IRDAI, SEBI, and PFRDA as Pension Agents for distribution of Pension Schemes. This is in reference to circular PFRDA/2025/12/REG-POP/01 dated 23rd September 2025. Non-Individual Intermediaries registered with the specified financial sector regulators may be engaged by Points of Presence (POPs) as Pension Agents, subject to PFRDA Act, 2013 compliance and applicable regulations. All other terms of the previous circular remain unchanged. This circular is issued under Regulation 45 of Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 and Section 14 of the Pension Fund Regulatory and Development Authority Act, 2013.
For any queries, contact Ashish Kumar, Chief General Manager. The PFRDA is located at 5th Floor, Tower E, World Trade Center, Nauroji Nagar, New Delhi – 110 029. Phone: 011 - 26517501, 26517503. Website: www.pfrda.org.in.
Key Entities Referenced
Pension Fund Regulatory and Development Authority (PFRDA): The primary regulator for pension funds in India, and the issuer of this circular.
PFRDA Act, 2013: The governing law for the Pension Fund Regulatory and Development Authority, impacting the framework for pension schemes.
Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018: Regulations that govern the Points of Presence and their role in distributing pension schemes, and are directly addressed by this circular.
Points of Presence (POPs): Entities that act as access points for individuals to engage with pension schemes; the main target audience of this circular.
RBI, IRDAI, SEBI: Other financial sector regulators whose regulated entities are clarified to be eligible as Pension Agents.
CIRCULAR
Circular No: PFRDA/2025/17/REG-POP/02 Date: 16th October 2025
To
All Points of Presence (POPs)
Subject: Clarification on permitting the Points of Presence for engagement of Non-Individual
Intermediaries registered with any financial sector regulator like RBI, IRDAI, SEBI, and PFRDA as
Pension Agents for distribution of Pension Schemes.
This is in reference to the circular PFRDA/2025/12/REG-POP/01 dated 23rd September 2025 on
Permitting the Points of Presence for engagement of 'other persons' as Pension Agents for distribution of
Pension Schemes under Regulation 2(1)(j)(iv) of PFRDA (Point of Presence) Regulations, 2018, subject to
approval by the Board of POPs.
2. With reference to clause 3(a) of the aforesaid circular, it is hereby clarified that Non-Individual
Intermediaries registered with any financial sector regulator namely the Reserve Bank of India (RBI),
Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board of
India (SEBI), or the Pension Fund Regulatory and Development Authority (PFRDA) may be engaged by
Points of Presence (POPs) as Pension Agents for the distribution of pension schemes governed under the
PFRDA Act, 2013, subject to compliance with, and as permitted under the applicable regulations, circulars,
guidelines, and terms and conditions prescribed by their respective regulators.
3. All other terms and condition of the aforementioned circular remains unchanged.
4. This circular is issued in exercise of the powers conferred under Regulation 45 of Pension Fund
Regulatory and Development Authority (Point of Presence) Regulations, 2018 and under Section 14 of the
Pension Fund Regulatory and Development Authority Act, 2013, with the approval of competent authority.
Yours Sincerely,
Ashish Kumar
(Chief General Manager)
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5th Floor, Tower E, World Trade Center, Nauroji Nagar, New Delhi – 110 029
Phone: 011 - 26517501, 26517503. website: www.pfrda.org.in