**Executive Summary**
This notice, issued by the Pension Fund Regulatory and Development Authority (PFRDA) on January 28, 2026, invites applications/proposals from eligible entities to become sponsors of Pension Funds. The goal is to manage National Pension System (NPS) pension assets in accordance with PFRDA guidelines and regulations. The deadline for submitting applications/proposals is March 31, 2026, at 18:00 hrs.
**Key Points / Main Content**
* **Purpose:** Selection of sponsors of pension funds to manage NPS pension investments.
* **Context:** PFRDA is a statutory body overseeing the pension sector in India, with over 9 crore subscribers and ₹16 lakh crore AUM as of October 31, 2025.
* **Eligibility and Selection:**
* Applicants must meet pre-qualification criteria specified in PFRDA guidelines.
* Shortlisted applicants must fulfill technical and commercial proposal requirements.
* Applicants must not fall under disqualification criteria in PFRDA (Registration of Pension Funds) Guidelines, 2026.
* Selected sponsors must establish a separate company as a Pension Fund.
* Pension Funds must be registered with PFRDA and meet criteria in PFRDA (Pension Fund) Regulations, 2015 and amendments.
* **Framework:**
* Pension Funds' operations are governed by the PFRDA Act, 2013, related rules/regulations, PFRDA (Pension Fund) Regulations, 2015, and PFRDA (NPS Trust) Regulations, 2015, and guidelines/circulars/notifications issued by PFRDA.
* **Guidelines and Information:**
* Detailed information on eligibility, selection, investment management fees, regulatory fees, and proposal formats is available in the PFRDA (Registration of Pension Funds) Guidelines, 2026.
* These guidelines can be found on the PFRDA website ([www.pfrda.org.in](http://www.pfrda.org.in)).
* **Deadline:**
* The last date to submit applications/proposals is March 31, 2026, by 18:00 hrs.
**Impact Analysis**
**Potential Pension Fund Sponsors**
* **Impact:** The document outlines the opportunity to become a sponsor of Pension Funds, allowing them to manage NPS pension assets under Central Government, State Government, Private Sector, and other schemes regulated by the Authority.
* **Action Required:** Interested entities must review the eligibility criteria, selection process, and proposal formats in the PFRDA (Registration of Pension Funds) Guidelines, 2026, and submit their applications/proposals by March 31, 2026, at 18:00 hrs.
**Existing NPS Subscribers**
* **Impact:** The document contributes to the continuous improvement and regulation of the management of their pension assets.
* **Action Required:** No direct action is required from existing subscribers.
**PFRDA (Pension Fund Regulatory and Development Authority)**
* **Impact:** PFRDA is responsible for the selection and regulation of Pension Fund sponsors, ensuring compliance with the PFRDA Act and related guidelines.
* **Action Required:** PFRDA needs to receive and assess applications, select eligible sponsors, and monitor the compliance of the appointed sponsors to ensure the protection and effective management of pension funds.
Key Entities Referenced
Pension Fund Regulatory and Development Authority (PFRDA): A statutory regulatory body established to promote, develop and regulate the pension sector in India.
PFRDA (Registration of Pension Funds) Guidelines, 2026: Guidelines outlining the registration process and requirements for pension funds.
National Pension System (NPS): A pension system in India open to all citizens.
PFRDA (Pension Fund) Regulations, 2015: Regulations pertaining to the operation of pension funds.
New Delhi: Location of the PFRDA headquarters.
File No.: PFRDA/16/3/01/0001/2021-REG-PF 28.01.2026
पेंशन नननि निननयामक और निकास प्रानिकरण
E-500, टॉिर E, 5ि ींमींऩिल, िर्ल्ड टरेड सेंटर, नौरोज नगर, नई निल्ल -110029
पेंशन नननियो ींके प्रायोजको ींके चयन हेतु आिेिन / प्रस्ताि आमींत्रण सूचना
पेंशन नननि निननयामक और निकास प्रानिकरण (पीएफआरडीए) एक िैिाननक निननयामक संस्था है, निसे संसद के एक
अनिननयम द्वारा भारत में पेंशन क्षेत्र को प्रोत्सानहत करने, निकनसत करने एिं निननयनमत करने के उद्देश्य से स्थानपत नकया गया है। नदनांक
31 अक्टूबर 2025 तक, राष्ट्रीय पेंशन प्रणाली (एनपीएस) / अटल पेंशन योिना के अंतगगत 9 करोड़ से अनिक अनभदाता पंिीकृ त हैं, निनकी
कु ल प्रबंिनािीन आस्तियां (AUM) ₹16 लाख करोड़ से अनिक है।
2. PFRDA पात्र आिेदको ं से आिेदन/प्रिाि आमंनत्रत करता है, तानक उन्हें पीएफआरडीए (पेंशन नननियो ं का पंिीकरण)
नदशाननदेश, 2026 के अंतगगत पेंशन फं ड के प्रायोिक के रूप में चयननत नकया िा सके , िो कें द्रीय सरकार, राज्य सरकार, ननिी क्षेत्र तथा
प्रानिकरण द्वारा निननयनमत/प्रशानसत अन्य योिनाओ ं के अंतगगत अनभदाताओ ं के एनपीएस पेंशन ननिेशो ंका प्रबंिन करेंगे। यह चयन
पीएफआरडीए अनिननयम, उसके अंतगगत अनिसूनचत ननयमो,ं तथा प्रानिकरण द्वारा समय-समय पर िारी
निननयमो/ंनदशाननदेशो/ंपररपत्रो/ंअनिसूचनाओ ंके अनुसार होगा। हालााँनक, सरकारी क्षेत्र के कमगचाररयो ंहेतु ‘नडफ़ॉल्ट स्कीम’ का प्रबंिन,
भारत सरकार की अनिसूचना संख्या 1/3/2016-PR नदनांक 31 िनिरी 2019 के अनुसार, ननिागररत पेंशन फं ड्स द्वारा ही िारी रहेगा।
3. आिेदको/ंप्रायोिको ंकी प्रारंनभक श़ॉटगनलस्तटंग, नदशाननदेशो ंमें नननदगष्ट् पूिग-योग्यता मानको ं(Pre-Qualification Criteria) के
आिार पर की िाएगी। श़ॉटगनलट नकए गए आिेदको ंको तकनीकी एिं िानणस्तज्यक प्रिाि संबंिी सभी शतों को पूरा करना होगा तथा
पीएफआरडीए (पेंशन नननियो ंका पंिीकरण) नदशाननदेश, 2026 में उस्तिस्तखत अयोग्यता के मानको ंके अंतगगत नही ंआना होगा, तभी उन्हें
पेंशन फं ड के प्रायोिक के रूप में चयननत नकया िा सके गा। चयननत प्रायोिको ंको अपने अनिप्रायोिन (sponsorship) के अंतगगत एक
स्वतंत्र कं पनी के रूप में पेंशन फं ड को स्थानपत करना होगा तथा ऐसे पेंशन फं ड को पीएफआरडीए द्वारा पीएफआरडीए (पेंशन नननि)
निननयम, 2015 एिं उसके तहत हुए संशोिनो ंमें नननदगष्ट् आिश्यक मानको ंकी पूनतग के उपरांत ही पंिीकृ त नकया िाएगा।
4. पेंशन फंड की भूनमका, कायगप्रणाली, उत्तरदानयत्व, बाध्यताएं, कतगव्य, देयताएं एिं अन्य सभी गनतनिनियााँ पीएफआरडीए
अनिननयम, 20131 तथा उसके अंतगगत बनाए गए ननयमो ंएिं निननयमो,ं निशेष रूप से पीएफआरडीए (पेंशन नननि) निननयम, 2015 और
पीएफआरडीए (एनपीएस टरट) निननयम, 2015 सनहत समय-समय पर िारी संशोिनो,ं नदशाननदेशो,ं पररपत्रो ं एिं अनिसूचनाओ ं तथा
पीएफआरडीए (पेंशन नननियो ंके पंिीकरण) नदशाननदेश, 2026 की शतों के अनुसार संचानलत होगं ी।
5. पात्रता मानदंड, चयन प्रनिया, पेंशन फं ड्स द्वारा लगाई िाने िाली ननिेश प्रबंिन शुल्क, प्रानिकरण को देय निननयामक शुल्क,
तथा प्रिाि प्रिुत करने के प्रारूपो ंका नििृत नििरण पीएफआरडीए (पेंशन नननियो ंका पंिीकरण) नदशाननदेश, 2026 में प्रदान नकया
गया है, निसकी प्रनत प्रानिकरण की िेबसाइट www.pfrda.org.in पर उपलब्ध है2।
6. PFRDA कायागलय में आिेदन/प्रिाि प्राप्त करने की अंनतम नतनथ 31.03.2026 (मंगलिार) शाम 18:00 बिे है। समयसूची
ननम्नानुसार है :
प्रमुख गनतनिनि नतनि
आिेदन/प्रिाि िमा करने की अंनतम नतनथ एिं समय 31.03.2026 (मंगलिार) 18.00 बिे
-हस्ता/-
मुख्य महाप्रबींिक
(निननयमन — नननि प्रबंिन, पीएफ)
1 https://www.pfrda.org.in/web/pfrda/w/regulatory-framework/compendium/compendium-of-pfrda-act-rules-and-
regulations?p_l_back_url=%2Fweb%2Fpfrda%2Fregulatory-framework%2Fcompendium-of-pfrda-act-rules-
regulations&p_l_back_url_title=Compendium+of+Act%2C+Rules+%26+Regulations
2 https://www.pfrda.org.in/en/web/pfrda/w/registration-of-pension-funds-guidelines-2026-File No.: PFRDA/16/3/01/0001/2021-REG-PF 28.01.2026
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
E-500, Tower E, 5th Floor, World Trade Centre, Nauroji Nagar, New Delhi-110029
NOTICE INVITING APPLICATIONS / PROPOSALS FOR
SELECTION OF SPONSORs OF PENSION FUNDs
Pension Fund Regulatory and Development Authority (PFRDA) is a statutory regulatory body established by an
Act of Parliament with the charter to promote, develop and regulate pension sector in India.
As on 31st October 2025, more than 9 crore subscribers are registered under National Pension System (NPS) /
Atal Pension Yojana, with the total Assets under Management (AUM) in excess of Rs. 16 lakh crore.
2. PFRDA invites applications/proposals from eligible applicants to make an offer for being selected as Sponsor
of Pension Fund under PFRDA (Registration of Pension Funds) Guidelines, 2026 to manage the pension assets
of National Pension System (NPS) of subscribers under Central Government Schemes, State Government
Schemes, Private Sector Schemes and other scheme regulated/administered by the Authority in accordance with
the provisions of the PFRDA Act, Rules notified thereunder and the Regulations/guidelines/circulars/notifications
issued by the Authority from time to time. However, the ‘default scheme’ for Government Sector employees shall
continue to be managed by the Pension Funds in line with Government of India Notification no. 1/3/2016-PR
dated 31st Jan 2019.
3. The initial shortlisting of applicants/sponsors shall be based on the Pre-Qualification Criteria specified in the
Guidelines. The shortlisted applicants shall have to fulfil the conditions of Technical and Commercial Proposal
without falling under disqualification criteria, mentioned under PFRDA (Registration of Pension Funds)
Guidelines, 2026, in order to get selected as Sponsor of a Pension Fund. Such selected Sponsors shall be required
to incorporate Pension Funds under their sponsorship as a separate Company and the Pension Funds shall be
registered by the Pension Fund Regulatory and Development Authority (PFRDA) subject to satisfying the
requisite criteria mentioned in the PFRDA (Pension Fund) Regulations, 2015 and subsequent amendments thereto.
4. The role, functions, responsibility, obligations, duties, liabilities and all other activities pertaining to Pension
Fund shall be governed by the provisions of the Pension Fund Regulatory and Development Authority Act, 20131,
the Rules and Regulations framed thereunder, including the PFRDA (Pension Fund) Regulations, 2015, PFRDA
(NPS Trust) Regulations, 2015, along with subsequent amendments thereto, guidelines or circulars or notifications
issued by PFRDA from time to time and the terms and conditions as mentioned in the PFRDA (Registration of
Pension Funds) Guidelines, 2026.
5. The complete details of eligibility criteria, steps of selection, investment management fee which can be charged
by the Pension Funds, regulatory fee to be paid to the Authority and formats of submission of proposals are given
in the PFRDA (Registration of Pension Funds) Guidelines, 2026, a copy of which is available on PFRDA’s
website www.pfrda.org.in2.
6. The last date of receipt of applications/proposals at PFRDA’s office is 31.03.2026 (Tuesday) 18.00 hrs. as per
schedule given below:
Key Activity Date
Last date and time for submission of 31.03.2026 (Tuesday) 18.00 hrs.
applications/proposals
-s/d-
Chief General Manager
(Regulation Fund Management - PFs)
1 https://www.pfrda.org.in/web/pfrda/w/regulatory-framework/compendium/compendium-of-pfrda-act-rules-and-
regulations?p_l_back_url=%2Fweb%2Fpfrda%2Fregulatory-framework%2Fcompendium-of-pfrda-act-rules-
regulations&p_l_back_url_title=Compendium+of+Act%2C+Rules+%26+Regulations
2 https://www.pfrda.org.in/en/web/pfrda/w/registration-of-pension-funds-guidelines-2026-