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Circular no. PFRDA/2026/11/SUP-POP/03 Dated: 27th February, 2026
CIRCULAR
To,
All Points of Presence (PoPs-NPS)
Subject: Guidelines for Operational activities – to be followed by Point of Presence (PoPs)
performing activities of National Pension System (NPS) including NPS Vatsalya.
In exercise of the powers conferred under Section 14 of Pension Fund Regulatory and
Development Authority Act, 2013 read with the Pension Fund Regulatory and Development
Authority (Point of Presence) Regulations, 2018 (as amended) more particularly Regulation 41
and 42, thereof, following Guidelines are being issued. The Guidelines shall be applicable to
categories of Point of Presence registered under Regulation 3(1) of Pension Fund Regulatory and
Development Authority (Point of Presence) Regulations, 2018 and performing activities of NPS.
The guidelines may be modified by the Authority from time to time depending upon the service
requirements. The guidelines shall be effective from April 01, 2026 and shall supersede the
existing guidelines. The first reporting under these guidelines shall be applicable from Half-Year
ending on September 2026 onwards.
The detailed guidelines covering following points are enclosed along with this circular:
A. Service Standards
B. Standard Operating Procedures
C. Subscriber On-boarding Procedure
D. Contribution Management Procedure
E. Reports and Disclosures
F. Redressal of Grievances
G. Other Functions
All entities are advised to update their system and processes to follow the operational guidelines
issued by the Authority.
(Ashish Kumar)
(Chief General manager)
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 1GUIDELINES ISSUED UNDER SECTION 14 OF THE PENSION FUND REGULATORY AND
DEVELOPMENT AUTHORITY, ACT, 2013 READ WITH THE PENSON FUND REGULATORY AND
DEVELOPMENT AUTHORITY (POINT OF PRESENCE) REGULATIONS 2018 (AS AMENDED) IN
RESPECT OF THE POINT OF PRESENCE REGISTERED UNDER THE REGULATION 3(1)(a) and
3(1)(c) THEREOF
In exercise of the powers conferred under Section 14 of Pension Fund Regulatory and
Development A uthority Act, 2013 read with the Pension Fund Regulatory and Development
Authority (Point of Presence) Regulations, 2018 (as amended) more particularly Regulation 15,
following Guidelines are being issued. The Guidelines shall be applicable to Point of Presence
registered under Regulation 3(1)(a) and 3(1)(c) of Pension Fund Regulatory and Development
Authority (Point of Presence) Regulations, 2018 and amendments thereof for all activities under
NPS / any other scheme regulated or administered by the Authority.
Regulation 3(1)(a) and 3(1)(c)- National Pension System (NPS) and any other scheme regulated
or administered by Authority. (Hereinafter referred in these Guidelines as ‘PoP-NPS’ for
convenience of reference).
These guidelines shall be effective from April 01, 2026 and shall supersede the existing
guidelines. Notwithstanding such supersession, anything done or any action taken under or in
terms of the said guidelines, shall be deemed to be valid and have effect, for the period, when
such guidelines was in force and remains applicable. The present guidelines may be modified
by the Authority from time to time depending upon the service requirements/amendments in
the Regulations, if any.
PoPs shall display these guidelines on its website/intranet.
A. Service Standards
[1] PoP-NPS shall follow the ‘Service Standards’ for all activities under NPS as specified
in the Schedule of these guidelines for providing the services to subscribers/prospects of NPS
in mode and manner specified therein.
[2] PoP-NPS shall provide subsequent services such as upload of SCF in CRA system and
other services like shifting of PoP-NPS, change in personal details of the subscriber, processing
of death claims, processing of exit/withdrawal request, follow up on initiation of exit request
under NPS by the subscriber etc., in accordance with Schedule of guidelines.
[3] PoP-NPS shall be liable to compensate the affected subscribers in the event of any delay
or violation iin the Service Standards as specified in the Schedule. Besides the delay in TAT for
various activities as specified in the Schedule, in case of any loss suffered by subscribers due to
any other operational lapse, PoP shall make good the loss to the subscribers. Such
compensation as specified in the Schedule shall be paid to the affected subscribers suo moto,
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 2without waiting for a complaint/grievance or claim from the subscriber.
[4] PoP-NPS shall resolve the grievances of the subscribers in accordance with Pension Fund
Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015
and amendments thereof.
[5] PoP-NPS shall consider following points for association with any Pension agent:
(i) The terms and conditions of operations between PoP and Pension agent shall be
mutually agreed u pon and shall be in accordance with Pension Fund Regulatory and
Development Authority (Point of Presence) Regulations, 2018 and subsequent
amendments thereof and any other instructions issued by the Authority from time to
time.
(ii) PoP-NPS shall ensure flow of information from Pension agent to PoP in such a way
that all Turn Around Times (TATs) as specified under service level standards in the
Schedule are adhered to, without any delay or deviation
(iii) PoP-NPS shall ensure that the Pension agent should contact or communicate only
with associated PoP on all matters and any direct communications with the Authority
shall not be entertained.
(iv) PoP-NPS shall compile and submit the specified MIS reports to the Authority on
behalf of its pension agent. Pension agent shall not directly submit any MIS report /
information to the Authority.
[6] The terms and conditions of operations between PoP-(NPS) and Retirement Advisers
(herein after referred in these Guidelines as ‘RAs’ for convenience of reference) shall be
mutually agreed upon and the same shall be guided by Pension Fund Regulatory and
Development Authority (Retirement Adviser) Regulations, 2016, and amendments thereof
and Pension Fund Regulatory and Development Authority (Point of Presence) Regulations,
2018, and amendments thereof.
[7] PoP-NPS shall make available all NPS related forms, as specified by the Authority from
time to time, to the subscribers.
[8] PoP-NPS shall not transfer or assign any of its functions.
Notwithstanding the above, the PoP-NPS may engage pension agents for a limited function of
distribution of pension schemes as specified in the regulations and perform its activities in
accordance with Schedule-IV of Pension Fund Regulatory and Development Authority (Point
of Presence) Regulations, 2018 and amendments thereof. In case of irregularities occurring in
PoP related activities the compliance officer shall immediately and independently report any
deviation or non-compliance observed by such officer, to the Authority in accordance with
regulation 21(2) including any other instructions issued by the Authority from time to time.
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 3[9] PoP-NPS shall adhere to the PFRDA Act 2013, rules, regulations, circulars, guidelines,
directions, advisories and instructions issued by the Authority from time to time.
B. Standard Operating Procedures
PoP-NPS shall adhere to the Standard Operating Procedures (SOPs), for interfacing with
Central Record Keeping Agencies (CRAs), Trustee Bank (TB) and other intermediaries, as
required by the CRAs and/or the Authority for operational activities with respect to NPS.
C. Subscriber On-boarding Procedure
PoP-NPS shall follow the service requirements for on-boarding of subscriber under NPS as
specified in the Schedule.
D. Contribution Management Procedure
PoP-NPS shall collect and process the contributions as per the service requirement specified
in the Schedule. PoP-NPS shall also comply with the following procedures and parameters to
ensure transparency, uniformity and risk minimization:
[1] NPS contribution collection process
(i) PoP-NPS shall ensure that credible collection infrastructure is available for its
underlying subscribers.
(ii) PoP-NPS shall open or have a collection account in the name of “Name of the PoP or
its abbreviation – Collection Account – Name of pension scheme or its abbreviation –
National Pension System Trust or its abbreviation” or as specified under Pension
Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018
and amendments thereof from time to time.
(iii) As an illustration, if State Bank of India is registered with the Authority for
performing activities of NPS, the collection account may be in the name of “SBI-
Collection Account - NPS - NPS Trust”. The collection account shall be a non-
withdrawable account with an option to transfer the funds to NPS Trust’s account
maintained with Trustee Bank. In exceptional cases such as wrong entries,
unidentified entries or amount not pertaining to subscriber contribution, it may be
credited to any other account as may be specified by the Authority through
guidelines/circulars and any other instructions issued by the Authority from time to
time. The a uthority to transfer the collection amount will reside with the PoP-NPS.
PoP -NPS shall also record reasons for such transfers in writing and the same is subject
to audit and inspection.
(iv) PoP-NPS may have a collection account with itself if it is a banking entity or with any
scheduled commercial bank if it is a non-banking entity.
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 4(v) PoP-NPS shall ensure Permanent Account Number (PAN) of the subscribers for all
cash transactions exceeding Rs. 50,000/- (Rupees Fifty Thousand) or as prescribed
under Rule 114B of the Income-tax Rules, 1962 is obtained at the time of collecting
contributions. In case NPS account is opened through form 60 and PAN of the
subscriber is not captured in the CRA system then it must be updated in the CRA
system.
(vi) PoP-NPS shall ensure that pension agents / RAs are not authorized to collect the
contribution in cash. Further PoP-NPS shall ensure that the list of RAs/ Pension
Agents, who are authorized to collect only non-cash contribution, must be made
publicly available.
(vii) PoP-NPS shall ensure that the acknowledgement in the form of slip / receipt with
unique number (preferably electronic receipt) / intimation is being provided to the
subscribers by Service Provider Branches /pension agents/RAs.
[2] Pooling of contribution in the collection account
(i) PoP-NPS shall ensure that no contribution is collected without the details of the
subscriber(s).
(ii) PoP-NPS shall ensure the cash/non-cash instrument collected shall be deposited
during the bank working hours within TATs specified under Schedule.
(iii) NBFC PoPs-NPS to ensure that contributions collected from NPS subscribers to
be transferred to Trustee Bank on T day (same day) basis.
(iv) The PoP NPS shall ensure to get the fees and charges earned from the NPS related
transaction to a separate account of POP (other than the collection account) which
shall be remitted from the CRAs through the modes of recovery of charges as
permitted by the Authority from time to time; and shall maintain the trails of such
transfer for audit and inspection. Further, necessary IT arrangements shall be made
by PoP for the same.
(v) PoP-NPS shall ensure that no funds are lying un-identified/un-reconciled in the NPS
Collection account maintained by the PoP and details of all contributions credited
into the NPS Collection account should be uploaded into the CRA system and funds
remitted to the Trustee Bank as per the timelines specified in the Schedule
(vi) PoP-NPS shall display the complete fee/charge structure under NPS on their website.
(vii) PoP-NPS shall ensure the compliance on directions/circulars issued by the Authority
from time to time in respect of processing of contributions received from payment
gateway service provider for digital transaction and further shall ensure the display
of settlement time and charges of Payment Gateway Service Providers (PGSPs) for
digital transaction at the time of initiating payment of NPS contributions by the
subscriber on the website in compliance with the relevant directions/
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 5guidelines/ advisories / any other instructions issued by the Authority from time to
time.
[3] Risk and Fraud Mitigation Measures
(i) PoP-NPS shall have robust and efficient mechanisms for the identification,
assessment, quantification, control, mitigation and monitoring of the risks associated
with all the activities related to NPS.
(ii) PoP-NPS shall have necessary control to avert the risk relating to Anti Money
Laundering (AML) or Combating Financing of Terrorism (CFT) and shall be guided by
the circulars, guidelines, directions, advisories etc. issued by the Authority from time
to time.
(iii) PoP-NPS shall monitor cash collection procedure and functioning of the NPS
collection account on daily basis.
(iv) PoP-NPS shall ensure adequate vigilance and due diligence in subscriber registration,
the entire fund collection process, and at the time of exit, and shall receive
withdrawal/exit requests along with all prescribed documents and KYC records.
(v) The compliance officer of the PoP-NPS shall regularly review internally the compliance
of the Act, rules and regulations, notifications, circulars, guidelines, directions, etc.
issued by the Authority from time to time on periodic basis or more frequently, if
required, and record of the same shall be maintained. Any deviations in this regard
shall be unconditionally reported to the Authority.
(vi) PoP-NPS shall take all measures necessary for prevention of all forms of fraud and
develop and follow PFRDA’s (Framework for Prevention and Reporting of Fraud
Under NPS Architecture) Guidelines and amendments thereof.
(vii) PoP-NPS shall lay down internal controls to be followed and ensure that such
controls are adequate and operating effectively; and
(viii) PoP-NPS shall make provision for indemnifying the subscriber for any loss on
account of fraud or negligence on the part of the point of presence or its pension
agents, which has been established.
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 6E. Reports and Disclosures
[1] PoP-NPS shall submit duly checked and verified reports to Supervision department - PoP,
PFRDA through the mode(s) as specified by the Authority from time to time:
(i) The Exception Report on all activities (as per Annexure 1) shall be submitted within 30
(thirty) days from the end of the respective reporting period. The reporting frequency will
be based on the PoP’s subscriber base as on the last Financial Year, as under (Such a list of
PoPs, based on their subscriber base, shall also be made available on PFRDA’s website):
(a) PoPs-NPS with subscriber base of 10,000 and above – to submit the Exception Report
on a Half-Yearly basis.
(b) PoPs-NPS with subscriber base of less than 10,000 – to submit the Exception Report
on Annual basis.
Note: Notwithstanding the above periodic reporting, compliance officer of the PoP shall
report any major deviation/breach to the Authority on occurrence basis.
(ii) Cyber Security Certificate in accordance with applicable circular on [Annual Cyber
Security Compliance certificate (as per Annexure 2.1 & 2.2 respectively for Category I* &
Category II** PoP-NPS)] within 30 (thirty) days from the end of the Financial Year. Report
on cyber-attacks incident pertaining to NPS activities, if any are to be submitted in terms of
the Information and Cybersecurity Policy of PFRDA.
Note: Category I* - consisting of Pension Funds that are registered as Point of Presence
(PoPs) Category II** - consisting of Point of Presence (PoPs) other than those falling under
Category I
[2] The details of NPS related activities undertaken by pension agents/RAs shall also be
included by the PoP in the reports mentioned above.
[3] PoP-NPS shall submit the details/reports as may be determined by the Authority from
time to time.
(All the above-mentioned reports shall invariably be duly checked and verified by the Compliance
Officer.)
F. Redressal of grievances
[1] PoP-NPS shall maintain Grievance Redressal Mechanism internally as per Pension Fund
Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015
and amendments thereof for redressing complaints with respect to the services rendered to
NPS subscribers. The name, e-mail id/s and telephone number/s of the designated Grievance
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 7Redressal Officer (GRO) of the PoP/service provider branches/offices shall be made public
through display on website preferably and/or at branches. The GRO shall ensure that the
grievances of subscribers are redressed effectively and expeditiously.
[2] PoP-NPS shall monitor grievances lodged in Centralized Grievance Management System
(CGMS) portal on daily basis and it shall ensure that those grievances are resolved on
immediate basis.
[3] PoP-NPS shall display contact details of grievance redressal cell for receiving the
grievances directly from the mapped subscribers and shall be responsible for uploading such
grievances received directly from the mapped subscribers and other intermediaries into CGMS
portal of CRA, and ensure redressal of the same within the timeline specified in Pension Fund
Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015
and amendments thereof. PoP shall also maintain the record of grievance received directly
from the subscriber in physical or digital mode.
[4] PoP-NPS shall lodge its grievance, if any, against any intermediary such as CRA or Trustee
Bank in CGMS.
[5] Top management of PoP-NPS shall review grievances received under NPS as specified
by the Authority for the quality of resolution to be apprised to the Board of the PoP. PoP shall
devise a mechanism for reporting quality of grievance resolution observed by the top
management to the Board of PoP. Such report should inter-alia include number of grievances
received by the PoP over a period, number of grievances resolved by it; number of cases where
appeals have been filed, Turn Around Time (TAT) taken for grievance resolution and report
regarding review of quality of resolution of top management.
[6] PoPs-NPS are required to comply with and take necessary action on communications
issued by the NPS Trust and/or the Ombudsman.
G. Other Functions
[1] Appointment of Compliance Officer, Designated Director and Principal Officer
(i) PoP-NPS shall appoint Compliance Officer, Designated Director and Principal Officer
as per the proviso under regulation 21 of Pension Fund Regulatory and Development
Authority (Point of Presence) Regulations, 2018 and amendments thereof. The
Compliance Officer shall be responsible for monitoring compliance under NPS
including provisions of the PFRDA Act 2013, rules, regulations, notifications, circulars,
guidelines, directions, advisories and any other instructions issued by the Authority
from time to time.
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 8(ii) PoP-NPS shall ensure that any change in the above-mentioned officers is
communicated to the Authority within 3 (three) working days of the same as per
format (Annexure 3) Further, frequent change of compliance officer may be avoided
to ensure the continued monitoring and compliances. POP to also ensure proper
handover takeover of the duties, in case of any such changes.
(iii) The latest details available with the Authority in respect of the Compliance Officer of
the PoP shall be considered for serving any notice(s) or taking any regulatory action(s)
in case of any breach of any regulations and operational guidelines as envisaged
under the extant Regulations.
[2] Display of list of Service Provider Branches
PoP-NPS to ensure that the list of Service Provider Branches performing the activities of NPS
shall be made available on its website.
[3] Confidentiality
PoP-NPS shall maintain absolute confidentiality with respect to all records, data and
information received by it in accordance with PFRDA (Point of Presence) Regulations, 2018 and
amendments thereof from time to time.
[4] IT and cyber security requirements
PoP-NPS shall have adequate IT infrastructure at all its branches, registered for carrying out
activities under NPS as prescribed under the PFRDA Act 2013, Rules, Notifications, guidelines etc.
(i) For access to CRA system, the concerned PoP shall:
(a) have regular and uninterrupted internet connectivity for web-based interaction;
(b) have demonstrated capability to electronically transmit the information related to
NPS subscriber contribution through Subscriber Contribution Files (SCFs) as per the
specified timelines;
(c) have adequate systems with Operating System (OS), web browsers at all its
branches and back-office software for:
(I) receiving transactions requests and uploading in the CRA system;
(II) issuance of acknowledgement with unique ID against receipt of
subsequent contribution and all other activities; and
(III) monitoring status of each transaction and generating regular MIS reports
for internal control purposes.
(ii) It shall be the responsibility of the PoP to utilize IT infrastructure and act on the basis
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 9of views and reports made available by CRA for providing quality service delivery to the
NPS subscribers.
(iii) PoP-NPS shall ensure compliance of cyber security policy and submit the reports as
determined by the Authority from time to time.
Point of presence shall adhere to the code of conduct as specified in Schedule-II of Regulation
22 of the Pension Fund Regulatory and Development Authority (Point of Presence) Regulations,
2018 and amendments thereof at all times and ensure that pension agents also comply with
the same.
[5] Compliance with respect to other guidelines
PoPs-NPS shall follow the Guidelines, Circulars, Notifications, Advisories and Directions issued
by the Authority from time to time and any other law in force while performing the activities
related to Point of Presence.
Referred circular and other relevant documents are available at www.pfrda.org.in.
**********************************************
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 10SCHEDULE
Service Standards for PoP-NPS
Compensation payable
Turn Around Time
Types of to subscribers in case
Service Requirements
Activities of default
I II III IV
1. On-boarding of subscribers under NPS
a. Subscriber i. PoP shall address the Category i: For each delayed
registration queries of potential transaction, PoP shall
Processing of registration
subscribers regarding pay:
through online mode by
NPS at branches and also
both PoP and service Repo rate + 2 % p.a. of
display the contact
provider branches/offices. initial contribution
details of information
amount for the period
desk.
Maximum T+1 day, where
of delay or Rs. 20/-
T is the date of receipt of
ii. PoP shall collect whichever is higher.
complete SRF at PoP.
complete SRF along with (This amount should be
non-cash instruments for credited to the
Category ii:
initial contribution as subscriber’s PRAN).
prescribed therein, as Processing of registration
applicable. through offline mode by
service provider
(Explanation: Complete
branches/offices and
SRF means Subscriber
online mode by PoP.
Registration Form along
with necessary Maximum T+7 days, where
documents as prescribed T is the date of receipt of
therein) complete SRF at service
provider branches/offices
iii. PoP shall carry out
customer due diligence Category iii:
procedures in adherence
to Prevention of Money Processing of registration
Laundering Act, 2002 through offline mode by
through effective use of utilizing CRA/CRA-FC by
Know Your Customer both service provider
Verification Processes branches / offices and PoP.
and comply with all
Maximum T+10 days,
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 11guidelines/ circulars/ where T is the date of
directions issued by the receipt of complete SRF at
Authority from time to service provider
time. branches/offices.
iv. In case of any
discrepancy found
during the collection and
verification of SRF along
with supporting
documents, PoP shall:
a. Inform the applicant. Discrepancies in the
document may be
b. Coordinate with the
communicated to the
applicant to get further
subscriber within
requirements / new
maximum T+1 day, where
application form filled, if
T is the date of receipt of
required.
SRF at PoP.
c. Refund the
contribution amount
The Refund of the
including processing fees
contribution amount (if
and taxes deducted /
any) shall be made to the
collected upfront by
subscriber within
maintaining proper audit
maximum of T+7 day,
trail.
where T is the date of first
communication sent to the
v. PoP shall provide
subscriber for completion
acknowledgement slip /
of discrepancies found in
receipt for collection of
the SRF.
SRF and initial
contribution with unique
number at time of
registration along with
receipt date and
stamp/signature.
vi. PoP shall process
subscriber registration at
CRA portal (if
applicable).
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 12vii. vii. PoP shall forward
complete SRF (including
KYC documents) to
central recordkeeping
agency (CRA) or its
representative and/or
shall be guided by
directions issued by the
Authority from time to
time in respect of
handling of SRFs. PoPs
shall maintain complete
SRF (including KYC
documents) or copy of
the same in digital /
physical mode.
2. Contribution Processing
a. Collection of i) Initial contribution Maximum T+1 day, where For each delayed
Contribution PoP shall ensure T is the date of receipt of transaction, PoP shall
collection of contributions
activation status of PRAN pay:
at the time of registration.
from CRA.
Post receipt of activation Repo rate + 2 % p.a. of
status of PRAN from CRA,
(Note: In cases where PoP contribution amount
PoP shall put non-cash
engages PGSPs, PoP to for the period of delay
instruments for clearance.
collect the subscriber’s or Rs. 20/- whichever is
contribution in maximum higher. (This amount
T+1 day, where T is the should be credited to
date of contribution made the subscriber’s PRAN)
by subscriber).
ii) Subsequent
contribution
i. On T day, where T is the
i. PoP shall provide date of receipt of non-cash
acknowledgement slip / instruments / receipt of
receipt with unique contributions through
number along with online mode.
receipt date and stamp /
signature.
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 13ii. Post verification of ii. Maximum T+1 day,
PRAN, PoP shall put non- where T is the date of
cash instruments for receipt of non-cash
clearance. instruments .
(Note: In cases where PoP
engages PGSPs, PoP to
collect the subscriber’s
contribution in maximum
T+1 day, where T is the
date of contribution made
by subscriber).
b. Processing of i. PoPs, which are banks, Maximum T+1 day, where For each delayed
Contribution shall credit the clear T is the date of receipt of transaction, PoP shall
funds into the NPS clear funds by PoP. pay:
collection account, if the
In case of processing of Repo rate + 2 % p.a. of
same has been realized
contributions received contribution amount
into account other than
from corporates tagged to for the period of delay
NPS collection account.
PoP, maximum T+1, where or Rs. 20/- whichever is
T is the date of receipt of higher*. (This amount
ii. PoPs using Payment
funds along with should be credited to
Gateway Service
subscribers’ details from the subscriber’s PRAN)
Providers (PGSPs) facility
the corporate, subject to
shall ensure to credit *Compensation shall
the condition that PoP
the clear funds into the be paid for each
shall return the funds to
NPS collection account underlying subscriber.
the tagged corporate on
as per specified TAT.
T+2 on non- receipt of
iii. PoP shall prepare and subscriber details, where T
upload SCF into CRA is the date of receipt of
system. clear funds by PoP/ Service
Provider Branches.
iv. PoP shall remit the
funds to Trustee Bank
post successful upload of
SCF at CRA portal.
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 143. Processing of Service request(s)
a. Scheme i. PoP shall provide Category i: i) For each delayed
Preference acknowledgement slip / transaction including
Receipt of change request
change receipt with unique delay due to wrong /
directly by PoP.
number along with incorrect processing,
receipt date and Maximum T+1 day, where PoP shall pay:
stamp/signature. T is the date of receipt of
Repo rate + 2 % p.a. of
complete change request
ii. PoP shall upload and the transacted amount
at PoP.
process the service for the period of delay
request(s) as per the SOP or Rs. 20/- whichever is
Category ii:
(Standard Operating higher. (This amount
Procedure) provided by Receipt of change request should be credited to
CRAs at their portal. by PoP through service the subscriber’s PRAN)
provider branches /
ii) In case of loss to
offices.
subscriber is more than
Maximum T+7 days, where the compensation
T is the date of receipt of applicable, then PoP
complete change request shall make the loss
at service provider good.
branches / offices.
b. Other i. PoP shall provide Category i: For each delayed
service acknowledgement slip / transaction including
Receipt of change request
request(s) i.e., receipt with unique delay due to wrong/in-
directly by PoP
Change in number along with correct processing, PoP
subscriber’s receipt date and shall pay:
Maximum T+1 day, where
details, shifting stamp/signature.
T is the date of receipt of
Rs. 10/- per day subject
of subscriber,
complete change request
ii. PoP shall upload and to maximum Rs. 100.
change of PoP,
at PoP
process the service (This amount should be
inter-sector
request(s) as per the SOP credited to the
shifting, etc. Category ii:
(Standard Operating subscriber’s PRAN)
Procedure) provided by Receipt of change request
CRAs on their portal. by PoP through service
provider branches/ offices.
iii. PoP shall apply proper
due diligence in Maximum T+7 days, where
processing service T is the date of receipt of
request form and ensure complete change request
that all the prescribed
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 15documents and KYC at service provider
should be attached with branches/offices.
the service request form.
4. Grievance Management and Exit processing
a. Grievances i. PoP shall resolve the As per the Pension Fund As per the Pension
received grievances received in Regulatory and Fund Regulatory and
from NPS CGMS in accordance to Development Authority Development Authority
subscribers/ relevant Regulations. (Redressal of Subscriber (Redressal of Subscriber
prospects Grievance) Regulations, Grievance) Regulations,
ii. In case PoP receives
2015 and amendments 2015 and amendments
the grievance directly
thereof. thereof.
from subscribers (modes
other than CGMS), it
shall ensure to upload
the same into CGMS and
maintain records of such
grievances and resolve
the same.
b. Processing of i. PoP shall provide Category i: i) For each delayed
exit and acknowledgement slip / transaction including
Receipt of exit request
withdrawal receipt with unique delay due to wrong/in-
directly by PoP (through
requests number along with correct processing, PoP
CRA portal)
receipt date and shall pay:
stamp/signature. Maximum T+1 day, where
Repo rate + 2 % p.a. of
T is the receipt of such
ii. PoP shall collect the the transacted amount
request at PoP along with
exit request along with for the period of delay
complete set of supporting
requisite documents and or Rs. 20/- whichever is
documents as prescribed
perform necessary due higher.
therein.
diligence in accordance
ii) In case of loss to
with Regulations /
Category ii:
subscriber is more than
Guidelines / Circulars / Receipt of exit request by
the compensation
Directions / Instructions PoP through service
applicable, then PoP
issued by the Authority provider branches/offices.
shall make the loss
from time to time.
Maximum T+7 days, where good.
iii. PoP shall upload and T is the date of receipt of
process the exit and such request at service
provider branches /
withdrawal requests as
offices along with
per the SOP (Standard
complete set of
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 16Operating Procedure) supporting documents as
provided by CRAs at their prescribed therein.
portal.
Note:
1. Working days has to be considered for calculation of TAT even though system driven
deductions are made on a non-working day.
2. Repo rate as declared by RBI Monetary Policy Committee from time to time.
3. TATs specified in column III of schedule indicate the ‘maximum/overall timeframe’
stipulated for PoP (including the time taken at all levels i.e., by service provider
branches/offices and/or pension agents and/or RAs) to complete the respective service
requirement / activities specified in para 5. However, PoP shall ensure carrying out
the service requirements in shortest possible time.
4. Wherever service provider branches/offices are performing activities of NPS, ‘T’ for the
purpose of calculation of TAT starts at the level of such branch/office, irrespective
of their registration status in CRA(s) system.
5. In case of upload of compensation amount by PoP in PRAN of subscribers which are
frozen/ deactivated due to any reason:
a. PoP shall request CRA to unfreeze the PRANs for specific period of time for
upload of compensation (Post upload, PRANs will be again frozen/deactivated by
CRA).
b. In case where PRANs are frozen/deactivated due to execution of exit request, PoP
shall refund the compensation amount directly to subscriber's bank account under
intimation to subscribers.
6. PoP shall accept the ‘PFRDA specified Forms’ only along with the date of submission of
form mentioned by the subscribers and shall also ensure to duly date stamp such forms
upon receipt at all levels of operation (at all levels of PoP/ Service Provider Branches/
pension agents/RAs).
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 17Annexure -1
Exception Report for the Half-Year/ Financial Year ended ……….…..… (as applicable)
[To be submitted by PoP-NPS through modes as specified the Authority from time to time
within 30 calendar days from the end of the Half-Year/ Financial Year]
PoP Registration Number: CERSAI-CKYCR Registration Number:
-------------------------------------------- --------------------------------------------
CERSAI-BUDS Registration Number: FINNET 2.0 Registration Number:
-------------------------------------------- --------------------------------------------
I certify that M/s …………….. (Name of the PoP-NPS) has complied with the provisions of the
Pension Fund Regulatory and Development Authority Act, 2013, PFRDA (Point of Presence)
Regulations, 2018 (as amended), the Guidelines, Circulars, Notifications and Directions issued
by the Authority from time to time and any other law in force while performing the activities
related to Point of Presence.
I further certify that M/s …………….. (Name of the PoP-NPS) has adhered to TAT applicable for
various activities as laid down in Schedule of the operational guidelines. Compensation has
been paid to the credit of PRAN of affected subscribers (bank account in case of closure of
PRAN) in case of delays in processing activities during the above-mentioned period. The list of
delays along with reasons thereof are mentioned in Section A of the report.
Section A: Delays in processing activities during the Half-Year/ Financial Year ended ………
(as applicable) (Beyond prescribed TAT)
(Amount in INR)
Total Compensation Reasons for In case of non-
compensation amount paid non-payment payment,
amount by the PoP of whether
Type of No. of Reason
S No. of Compensation reported to
activity And days of for
l. subscribers Amount PFRDA, if yes,
Existing TATs delay delay
please specify
date of
communication
1. Subscriber Upto 7
registration days
more
than 7
TATs: As
days
specified in
the Schedule
2. Upto 7
Processing
days
initial/first
more
contribution
than 7
TATs: As days
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 18specified in
the Schedule
Upto 7
Processing of
3. days
subsequent
more
contribution
than 7
TATs: As days
specified in
the Schedule
Upto 7
Processing of
4. days
service
more
request
than 7
TATs: As days
specified in
the Schedule
Upto 7
Processing
5. days
of exit
more
request
than 7
TATs: As days
specified in
the Schedule
Insert additional rows wherever required.
Note:
1. In case there is no deviation from the Service Level Standards, it shall be mentioned in the report
as ‘No deviation observed/NIL’.
2. For the purpose of computation of TAT, non-working days shall be excluded.
3. For the purpose of compensation, all calendar days shall be considered.
Illustration:
Compensation Payment Rate (as per applicable Guidelines) = Repo Rate + 2%
Scenario 1
Contribution amount- Rs. 50,000/-
Contribution amount deposited by the Subscriber- 01.12.2025 (Monday)
Contribution amount remitted to Trustee Bank by POP 15.12.2025
Defined TAT for remitting the funds to Trustee Bank is T+1 (in this case the contribution should have
been remitted by 02.12.2025)
No. of Days Delay observed- 13 days
Payable Compensation Rate= 5.25% (considering current Repo Rate) +2 % = 7.25% per year or
minimum Rs. 20/- whichever is higher for thirteen (13) days
Rs. (50,000*7.25/100) /365 *13 = Rs. 129/- (Rounded off to next decimal)
So, Payable Compensation by POP= Rs. 129/-
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 19Section B: Details of collection account maintained by PoP-NPS as on Half-Year/ Financial
Year ended ……… (as applicable)
Section B1: Details of closing balance
(Amount in INR)
Bank Name Name of Balance Out of (D), Out of (E),
account of the collection as on Balance Unreconciled
Number Bank account Half-Year/ beyond T+1 balance as on
Financial (Amount not Half-Year/
(A) (B) (C)
Year processed Financial Year
ended within ended
(D) specified (F)
TAT)
(E)
Section B2: Ageing of unreconciled balance as reported under Column F of section B1
(Amount in INR)
Ageing of unreconciled balance as reported under Column F of section B1
SI. No. Aging Amount Reason for the
unreconciled balance
1. Upto 1 month
2. More than 1
month and upto 3
months
3. More than 3
months
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 20Section C: Grievances redressal as on end of half-year/ Financial Year ended ……………..
Sl. Number of Grievances Reasons
Pending Received Resolved Pending as Pending for
No.
as on last during the during the on last day beyond 30 pending
day of HY/Y HY/Y of the HY/Y (thirty) days grievances
previous (B) (C) ((A+B)-C) = as on last beyond 30
HY/Y (D) day of the days (if
(A) HY/Y any) (F)
(E)
1.
2.
Top 5 (Five) Reasons for the grievances
1.
2.
3.
4.
5.
Section D: Details of Exit Cases as on end of half-year/ Financial Year end……………………
Section D1: Details of Pending Exit Cases:
Sl.
Number of Exit Requests
No.
Type of Pending Received Processed Pending Pending
Major reasons
Exit as on during during as on beyond
for pending Exit
Request last day the HY/Y the HY/Y last day TAT as
requests
of (B) (C) of the on last
beyond TAT
previous HY/Y day of
days, if any
HY/Y ((A+B)-C) the
(F)
(A) = (D) HY/Y
(E)
Pre- 1.
1. mature 2.
Exit 3.
1.
Normal
2. 2.
Exit
3.
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 21Exit Due 1.
3. to 2.
Death 3.
Section D2: Details of NPS accounts where the subscribers have attained the age of 85 years
but exit is yet to be processed:
Sl. No. Aging No. of PRANs
1. Above 1 month -3 months
2. Above 3 months -12 months
3. More than 12 months
Section E: Pension Agents at the end of half-year/Financial Year end………….
Details of Pension Agents
No. of Pension No. of new Pension No. of Pension Total No. of
Agents as on the Agents engaged Agents deactivated Pension Agents as
last Half -year / during the Half -year / during the Half -year on last day of the
Annual Annual / Annual Half -year / Annual
I hereby certify that also the information reported in Sections A, B, C, D and E is true and
correct.
Name of Compliance Officer:
Designation:
Correspondence Address:
Mobile No. / Landline No.:
Email id:
Signature of compliance
Date:
officer along with official
Place:
seal.
(Seal not required, if digitally
signed)
Note 1. Insert additional rows wherever required.
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 22Annexure 2.1
Cyber Security Compliance certificate for Category I PoPs the FY 20__
(Category I PoP means- Pension Funds that are registered as Point of Presence (PoPs))
(To be submitted by PoP-NPS through modes as specified by the Authority from time to time
within 30 calendar days from the end of the FY)
This is to certify that __________________________ (Name of the PoP-NPS) registered vide
Reg. No._________________________with Pension Fund Regulatory and Development
Authority (PFRDA) has:
Adopted and complied with the Information and Cyber Security Policy approved by the Board
and has adhered to the extant Information and Cyber Security Policy Guidelines issued by
PFRDA, for the protection of data, information, and IT systems.
Further, a Cyber Security Audit was conducted in accordance with the guidelines issued by
PFRDA and all remedial actions recommended in the audit report have been duly
implemented. Cyber incidents, if any, were reported to CERT-In and PFRDA, in terms of the
Information and Cybersecurity Policy of PFRDA. The PoP has also submitted the report on the
cyber incidents to PFRDA on quarterly basis, along with the details of remedial actions taken.
It is further submitted that the Information and Cybersecurity Policy was approved by the
board on ____________ and the same was last reviewed on ____________. The reviewed
and approved Cyber Security Policy has been submitted to PFRDA within 30 days of such
approval by the Board of the regulated entity (RE).
Additionally, the details of the members of Information and Cyber Security Risk Management
Committee (ICSRM) is as mentioned below:
S.No Name of the Member Designation
1
2
3
4
Name of CISO/Compliance Officer:
Designation:
Mobile No.:
Email ID:
Date:
Place Signature of CISO/Compliance officer
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 23Annexure 2.2
Cyber Security Compliance certificate for category II PoPs for the FY 20__
(Category II PoP means- Point of Presence (PoPs) other than those falling under Category I)
(To be submitted by PoP-NPS through modes as specified by the Authority from time to time
within 30 calendar days from the end of the FY)
This is to certify that (Name of the
PoP-NPS) registered vide Reg. No. with Pension
Fund Regulatory and Development Authority (PFRDA) has:
Adopted and complied with the Information and Cyber Security Policy approved by the Board
and has adhered to the extant Information and Cyber Security Policy Guidelines issued by
PFRDA or the respective Principal Financial Sector Regulator (RBI / SEBI / IRDAI / NHB), as
applicable, for the protection of data, information, and IT systems.
Further, a Cyber Security Audit was conducted in accordance with the guidelines issued by
the respective Principal Financial Sector Regulator, and all remedial actions recommended
in the audit report have been duly implemented. Cyber incidents, if any, were reported to
CERT-In and PFRDA, and were also reported to the respective Principal Financial Sector
Regulator, wherever applicable, in terms of the Information and Cybersecurity Policy of such
Principal Financial Sector Regulator.
Name of CISO/Compliance Officer:
Designation:
Mobile No.:
Email ID:
Date:
Place Signature of CISO/Compliance officer
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 24Annexure 3
PoPs shall submit the details of the Compliance Officer, Designated Director and Principal
Officer appointed by PoP in the below mentioned format within three working days of
change/update.
To,
The Head of the Department
Supervision Department - PoPs and RAs
Pension Fund Regulatory and Development Authority
Subject: Reporting of Change of Compliance Officer, Designated Director and Principal
Officer
This is to inform that (Name of PoP NPS) registered vide Reg.
No. with Pension Fund Regulatory and Development Authority hereby informs
that, there is change of Compliance Officer, Designated Director and Principal Officer. The
details of the Compliance Officer, Designated Director and Principal Officer who has taken
charge w.e.f __________(date of appointment/assumption of charge) is as below:
Format for submission of details of the Compliance Officer, Designated Director and
Principal Officer of the PoP
Name
Designation
Email ID
Contact (Mobile number)
Address for correspondence
Sign and Stamp of Compliance Officer
ई-500, टॉवर ई, प ांचव ां तल , वर्ल्ड ट्रे् सेंटर, नौरोजी नगर, नई दिर्लली – 110029
E-500, Tower E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 011 - 40717900. Website: www.pfrda.org.in
Page | 25