PFRDA expands pension agent list, allows fintechs, CAs, CS, CFPs, CFAs and others to distribute NPS

The Pension Fund Regulatory and Development Authority (PFRDA) has expanded the list of persons who can work as pension agents for the distribution of pension schemes under the PFRDA Act, including the National Pension System (NPS) and the Atal Pension Yojana (APY).

Under Regulation 2(1)(j) of the PFRDA (Point of Presence) Regulations, 2018, a pension agent is defined as "any person engaged by point of presence for facilitating the distribution of pension schemes covered under the Act," including the following:

• Banking correspondents permitted by the Reserve Bank of India;

• Insurance agents registered with the Insurance Regulatory and Development Authority of India;

• Mutual fund distributors registered with the Association of Mutual Funds in India; or

• Any other person permitted by the Authority.

In a circular dated March 20, 2026, the pension regulator expanded the scope of "any person permitted by the Authority" and allowed the following to function as pension agents for facilitating the distribution of pension schemes under the PFRDA Act.

• Primary Agricultural Credit Societies (PACS), who have completed their computerisation under the Centrally Sponsored Project for 'Computerisation of Primary Agricultural Credit Societies' implemented by the National Bank for Agriculture and Rural Development (NABARD), and have the "e-PACS" certificate

• MSME associations, which are officially recognized 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.

• Company Secretary (CS) holding an active membership of the Institute of Company Secretaries of India

• Cost and Management Accountant (CMA) holding an active membership of the Institute of Cost Accountants of India

• 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

"Pension Agents play a pivotal role in the pension ecosystem by serving as the primary interface between potential subscribers and Points of Presence (PoPs) registered with PFRDA for the distribution of NPS, particularly in providing last-mile connectivity and facilitating wider outreach," the regulator said.