India. PFRDA expands pool of pension agents to widen NPS distribution
The Pension Fund Regulatory and Development Authority (PFRDA) has expanded the pool of entities eligible to act as pension agents, allowing Points of Presence (PoPs) to engage a wider set of intermediaries to distribute pension schemes, including the National Pension System (NPS).
In a circular, the regulator permitted PoPs to onboard additional categories of individuals and institutions under the “any other person” clause of the PFRDA (Point of Presence) Regulations, 2018.
The move builds on earlier clarifications issued in September and October 2025.
PFRDA said pension agents serve as a key interface between subscribers and PoPs, particularly in enabling last-mile connectivity and expanding outreach for pension products.
Who can now act as pension agents
Under the revised framework, PoPs can engage a broader range of intermediaries, subject to board approval and compliance with applicable regulations. Newly permitted categories include:
- Primary Agricultural Credit Societies (PACS) with e-PACS certification
Recognised MSME associations
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