PFRDA New Rules: Pension Funds Now Liable For Third-Party Lapses In NPS
PFRDA made pension funds responsible for lapses by third-party entities they engage for NPS services.
Regulation 4A under PFRDA Exits and Withdrawals (Amendment) Regulations, 2026, effective July 13, 2026, mandates pension fund accountability to subscribers for outsourced operations.
Third-party entities must have technological capability to integrate with pension funds or PFRDA-registered intermediaries like the Central Record keeping Agency.
Both pension funds and engaged entities remain subject to PFRDA supervision and legal compliance.
PFRDA also introduced a Regulatory Sandbox framework to allow testing of innovative products and services in a controlled environment with possible time-bound regulatory relaxations.
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