NPS gets wider reach:
Pension body allows CAs, fintech firms, Gramin Dak Sevaks, Pension Sakhis and others to act as pension agents
Mar 30, 2026
Synopsis
The Pension Fund Regulatory and Development Authority has expanded the National Pension System distribution network. Ten new categories, including chartered accountants and fintech firms, can now act as pension agents.
The Pension Fund Regulatory and Development Authority (PFRDA) has allowed Points of Presence (PoPs) to add 10 categories, such as chartered accountants, fintech firms, Gramin Dak Sevaks who can work as pension agents to distribute National Pension System (NPS) pension plans.
In a circular dated March 20, 2026, PFRDA stated: “In respect of the interpretation of ‘any other person permitted by the Authority’ under Regulation 2(1)(j)(iv) above, and with a view to expand the distribution ecosystem of the National Pension System (NPS) while ensuring adequate safeguards, the authority hereby permits the following additional categories to function as pension agents to facilitate the distribution of pension schemes under the PFRDA Act. Such engagement shall be subject to the approval of the board of the respective Point of Presence (PoP) and compliance with the applicable regulations, circulars, guidelines and terms and conditions prescribed by their respective regulators.”
Who can now work as pension agents to distribute NPS pension plans?
PFRDA in its circular says the authority hereby permits the following additional categories to function as pension agents for facilitating the distribution of pension schemes under the PFRDA Act.
Primary Agricultural Credit Societies (PACS), which have completed their computerisation under centrally sponsored project for the 'Computerisation of Primary Agricultural Credit Societies' implemented by National Bank for Agriculture and Rural Development (NABARD) and are in the possession of ‘e-PACS’ certificate.
MSME associations, which are officially recognised and engaged by the Ministry of Micro, Small and Medium Enterprises and other Government Ministries or Departments or state government(s).
Chartered Accountant (CA) holding an active membership of the Institute of Chartered Accountants of India (ICAI).
Company Secretary (CS) holding an active membership of the Institute of Company Secretaries of India (ICSI)
Cost and Management Accountant (CMA) holding an active membership of the Institute of Cost Accountants of India (ICMAI)
Chartered Financial Analyst (CFA) holding a charter from CFA Institute (USA) and operating in India in coordination with CFA Society (India).
Certified Financial Planner (CFP) holding valid certification and unique ID from FPSB India and an active member by earning continuing professional development points within specified cycle and adherence to regulatory requirements.
Business Correspondent Sakhis or Pension Sakhis operating under the framework of National State Rural Livelihoods Mission (NRLM) and State Rural Livelihoods Missions (SRLMs)
Gramin Dak Sevaks (GDS) operating under the Department of Posts (DoP), Government of India
Digital platform or fintech companies, or other technology-enabled service providers registered with the Ministry of Corporate Affairs or operating under the regulatory framework of financial sector regulators, provided that such entities shall collect funds only through electronic mode.
Responsibility remains with Points of Presence
PFRDA clarified that the Point of Presence will remain liable for any acts of omission or commission by the engaged pension agents in discharging their functions, including compliance with KYC, AML and CFT norms prescribed under the Prevention of Money Laundering Act, 2002.
The regulator added that the terms and conditions outlined in its earlier circulars issued on September 23, 2025, and October 16, 2025, will continue to apply without any changes.
Who were allowed to work as pension agents to distribute NPS pension plans?
Any person employed by a point of presence to facilitate the distribution of pension plans regulated by the Act included the following:
• Banking correspondents permitted by the Reserve Bank of India
• Insurance agents registered with the Insurance Regulatory and Development Authority of India (IRDAI)
• Mutual fund distributors registered with the Association of Mutual Funds in India
• Any other person permitted by the Authority
Who are pension Agents?
Pension agents play an important role in the pension ecosystem since they serve as the principal link between potential subscribers and PFRDA-registered Points of Presence (PoPs) for NPS distribution, particularly in terms of last-mile connection and promoting larger outreach.
[The Economic Times]
