Date: 2026-06-05Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by subsection (1) of Section 52 read with clauses (e), (o) and clause (v) of subsection (2) thereof of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority
**Executive Summary**
This report summarizes the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2026. Published in the Gazette of India on June 5, 2026, the document amends the principal 2015 regulations to redefine Trust assets and remove specific regulatory clauses. These amendments came into effect immediately upon their publication in the official gazette.
**Key Points / Main Content**
**Definition of Assets**
* **Revised Scope:** "Assets of the National Pension System Trust" is now defined as subscriber assets held in the name of the Trust, including funds held in the NPS Trust account with the Trustee Bank.
* **Asset Categories:** The definition encompasses all moveable and immoveable assets recorded in the Trust's books of accounts.
* **Composition:** These assets specifically include cash, securities, and any other instruments as determined by the Authority’s investment guidelines.
* **Representation:** All such assets are held by and in the name of the National Pension System Trust on behalf of the subscribers.
**Regulatory Deletions**
* **Regulation 11 Amendment:** Clause (xix) of sub-regulation (2) of regulation 11 of the principal regulations has been officially deleted.
**Effective Date and Authority**
* **Commencement:** The regulations became effective on June 5, 2026.
* **Issuing Authority:** The notification was issued by the Pension Fund Regulatory and Development Authority (PFRDA) under the powers conferred by the PFRDA Act, 2013.
**Impact Analysis**
**National Pension System (NPS) Trust**
**Impact**
The Trust is affected by a narrowed and more precise legal definition of the assets it holds in its name. It also sees a reduction in specific regulatory requirements following the deletion of Clause (xix) of Regulation 11.
**Action Required**
The Trust must ensure that its books of accounts and asset registries are maintained in accordance with the substituted definition, covering both moveable and immoveable assets as per investment guidelines.
**NPS Subscribers**
**Impact**
Subscribers are impacted by the clarified legal status of their funds and securities, ensuring these are recognized as assets held "on behalf of the subscribers" by the Trust.
**Action Required**
No direct action is required from subscribers; however, the amendment provides greater regulatory clarity regarding the holding of their pension instruments.
**Trustee Bank**
**Impact**
The bank is affected in its role as the custodian of subscriber funds held in the account of the National Pension System Trust.
**Action Required**
The bank must ensure that the funds held in the NPS Trust account are managed and reported in alignment with the updated regulatory definitions of Trust assets.
Key Entities Referenced
Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2026: The primary policy document amending the regulatory framework and definition of assets for the National Pension System Trust.
National Pension System Trust: The central entity whose assets, including subscriber funds and securities held in its name, are redefined and regulated by this notification.
Pension Fund Regulatory and Development Authority (PFRDA): The statutory regulator responsible for issuing these regulations and overseeing the National Pension System.
Pension Fund Regulatory and Development Authority Act, 2013: The primary legislation that grants the PFRDA the legal authority to make and amend regulations for the pension sector.
Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015: The principal regulations governing the NPS Trust which are being modified by the current 2026 amendment.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-10062026-273284
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 382] नई दिल्ली, िुक्रिार, िनू 5, 2026/ज् यष्े ि 15, 1948
No. 382] NEW DELHI, FRIDAY, JUNE 5, 2026/JYAISTHA 15, 1948
पिें न जनजध जिजनयामक और जिकास प्राजधकरण
अजधसचू ना
नई दिल्ली, 26 मई, 2026
पिें न जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पिें न प्रणाली न्य ास) (सिं ोधन) जिजनयम, 2026
फा.स.ं पीएफआरडीए/16/02/05/0001/2021-आरईिी-एनपीएसटी - पेंिन जनजध जिजनयामक और जिकास
प्राजधकरण अजधजनयम, 2013 (2013 का 23) की धारा 52 की उप-धारा (1) के साथ पठित उसकी उप-धारा (2) के खंड
(ङ), (ण) और (फ) द्वारा प्रित्त िजियों का प्रयोग करते हुए, पिें न जनजध जिजनयामक और जिकास प्राजधकरण एतद्द्वारा पेंिन
जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पेंिन प्रणाली न् यास) जिजनयम, 2015 में संिोधन करन े हते ु जनम्नजलजखत
जिजनयम बनाता ह,ै नामत: -
1. इन जिजनयमों को पिें न जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पेंिन प्रणाली न्यास) (संिोधन) जिजनयम,
2026 कहा िाएगा।
2. ये जिजनयम रािपत्र म ेंउनके प्रकािन की तारीख स ेप्रिृत् त होंग े
3. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पिें न प्रणाली न् यास) जिजनयम, 2015 समय-समय पर यथा
संिोजधत (इसके पश् चात 'मलू जिजनयम' के रूप म ेंसंिर्भित) में जनम्न जलजखत संिोधन दकए िाते ह।ैं
4045 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
I. मलू जिजनयमों के जिजनयम 2 के उप-जिजनयम (1) के खडं (झ) को जनम्नानसु ार प्रजतस्ट्थाजपत दकया िाएगा :
“(झ) "राष्ट्रीय पिें न प्रणाली न्य ास पठरसम् पजत्त" से अजभप्राय राष्ट्रीय पेंिन प्रणाली न् यास के नामे धाठरत अजभिाताओं की
पठरसंपजत्तयां, न् यासी बैंक में राष्ट्रीय पेंिन प्रणाली न् यास के खाते में धाठरत अजभिाताओं की जनजधयां और ऐसी चल और अचल
िोनों अन् य पठरसम् पजत्तयों से ह,ै िो राष्र ीय पेंिन प्रणाली न् यास के बहीखातों में यथा अजभलेजखत हों ।
इन पठरसंपजत्तयों म,ें अजभिाताओं की ओर से राष्र ीय पेंिन प्रणाली न् यास के नामे और उसके द्वारा धाठरत नकिी, प्रजतभूजतया ाँ
तथा प्राजधकरण द्वारा िारी जनिेि संबंधी दििाजनिेिों म ेंयथाजनर्ििष्ट अन् य जलखतें िाजमल होंगी I”
II. मलू जिजनयमों के जिजनयम 11 के उप-जिजनयम (2) के खडं (xix) को हटाया िाएगा ;
जििसुब्रमाजणयन रमण, अध्यक्ष
[जिज्ञापन-III/4/असा./152/2026-27]
ठटप् पणी :
1. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पेंिन प्रणाली न् यास) जिजनयम, 2015 को अजधसूचना संख्या
पीएफआरडीए/12/आरिीएल/139/5 के माध्यम से दिनांक 12 माच,ि 2015 को भारत के रािपत्र, असाधारण, भाग
III , खडं 4 , संख्या 79 म ें प्रकाजित दकया गया था।
2. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पेंिन प्रणाली न् यास) (प्रथम संिोधन) जिजनयम, 2019 को
अजधसूचना संख्या पीएफआरडीए/12/आरिीएल/139/5 के माध्यम से दिनांक 29 िुलाई, 2019 को भारत के
रािपत्र, असाधारण, भाग III, खंड 4 , संख्या 270 म ेंप्रकाजित दकया गया था।
3. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पिें न प्रणाली न् यास) (जद्वतीय संिोधन) जिजनयम, 2020
को अजधसूचना संख्या पीएफआरडीए/12/आरिीएल/139/5 के माध्यम स े दिनांक 29 िलु ाई, 2020 को भारत के
रािपत्र, असाधारण, भाग III, खंड 4, संख्या 295 में प्रकाजित दकया गया था।
4. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पिें न प्रणाली न् यास) (संिोधन) जिजनयम, 2021 को
अजधसूचना संख्या पीएफआरडीए/12/आरिीएल/139/5 के माध्यम से दिनांक 14 िून, 2021 को भारत के रािपत्र,
असाधारण, भाग III, खडं 4, सख्ं या 240 म ेंप्रकाजित दकया गया था।
5. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पिें न प्रणाली न् यास) (संिोधन) जिजनयम, 2023 को
अजधसूचना संख्या पीएफआरडीए/12/आरिीएल/139/5 के माध्यम स ेदिनांक 17 अप्रैल, 2023 को भारत के रािपत्र,
असाधारण, भाग III, खडं 4, सख्ं या 240 म ेंप्रकाजित दकया गया था।
6. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (राष्ट्रीय पेंिन प्रणाली न् यास) (जद्वतीय संिोधन) जिजनयम, 2023 को
अजधसूचना संख्या पीएफआरडीए/16/02/05/0001/2021-आरईिी-एनपीएसटी के माध्यम से दिनांक 7 फरिरी,
2024 को भारत के रािपत्र, असाधारण, भाग III, खंड 4, संख्या 82 में प्रकाजित दकया गया था।
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 26th May, 2026
Pension Fund Regulatory And Development Authority (National Pension System Trust)
(Amendment) Regulations, 2026
F. No. PFRDA/16/02/05/0001/2021-REG-NPST — In exercise of the powers conferred by sub-
section (1) of Section 52 read with clauses (e), (o) and clause (v) of sub-section (2) thereof of the Pension
Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and
Development Authority hereby makes the following regulations to amend the Pension Fund Regulatory and
Development Authority (National Pension System Trust) Regulations, 2015, namely: -[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
1. These regulations may be called the Pension Fund Regulatory and Development Authority (National
Pension System Trust) (Amendment) Regulations, 2026.
2. These shall come into force on the date of their publication in the official gazette.
3. In the Pension Fund Regulatory and Development Authority (National Pension System Trust)
Regulations, 2015, as amended from time to time (hereinafter referred to as ‘the principal regulations’), the
following amendments are made.
I. Clause (i) of sub-regulation (1) of regulation 2 of the principal regulations shall be substituted as
follows:
“(i) “Assets of the National Pension System Trust” shall mean the assets of the subscribers held in the
name of the National Pension System Trust, the funds of the subscribers held in the account of National
Pension System Trust with Trustee Bank, and such other assets both moveable and immoveable, as are
recorded in the books of accounts of National Pension System Trust.
These assets shall comprise cash, securities and any other instruments as determined in the investment
guidelines issued by the Authority and held by and in the name of the National Pension System Trust,
on behalf of the subscribers.”
II. Clause (xix) of sub-regulation (2) of regulation 11 of the principal regulations shall be deleted;
SIVASUBRAMANIAN RAMANN, Chairperson
[ADVT.-III/4/Exty./152/2026-27]
Note:
1. The Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations,
2015 were published vide Notification No. PFRDA/12/RGL/139/5, on the 12th March, 2015 in the
Gazette of India, Extraordinary, Part III, Section 4, No. 79.
2. The Pension Fund Regulatory and Development Authority (National Pension System Trust) (First
Amendment) Regulations, 2019 were published vide Notification No. PFRDA/12/RGL/139/5, on the 29th
July, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 270.
3. The Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second
Amendment) Regulations, 2020 were published vide Notification No. PFRDA/12/RGL/139/5, on the 29th
July, 2020 in the Gazette of India, Extraordinary, Part III, Section 4, No. 295.
4. The Pension Fund Regulatory and Development Authority (National Pension System Trust)
(Amendment) Regulations, 2021 were published vide Notification No. PFRDA/12/RGL/139/5, on the
14th June, 2021 in the Gazette of India, Extraordinary, Part III, Section 4, No. 240.
5. The Pension Fund Regulatory and Development Authority (National Pension System Trust)
(Amendment) Regulations, 2023 were published vide Notification No. PFRDA/12/RGL/139/5, on the
17th April, 2023 in the Gazette of India, Extraordinary, Part III, Section 4, No. 240.
6. The Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second
Amendment) Regulations, 2023 were published vide Notification No. PFRDA/16/02/05/0001/2021-
REG-NPST, on the 7th February, 2024 in the Gazette of India, Extraordinary, Part III, Section 4, No. 82.
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