Home / Business and Economy / PFRDA Revamps NPS Scheme Display Rules
PFRDA Revamps NPS Scheme Display Rules
4 Nov
Summary
- PFRDA mandates a new standardized naming format for NPS schemes.
- PoP platforms must now display schemes from all pension funds.
- New NPS scheme display rules take effect from December 1, 2026.
The Pension Fund Regulatory and Development Authority (PFRDA) has introduced significant changes to the classification and presentation of National Pension System (NPS) schemes. These amendments, effective December 1, 2026, aim to standardize scheme naming and improve transparency on platforms used by subscribers.
A new common naming format for Multiple Scheme Framework (MSF) schemes has been prescribed, which will replace older formats. Category codes will no longer be part of the scheme name, ensuring a more streamlined presentation. This ensures that if a pension fund offers multiple schemes within the same category, each will have a distinct and clear name.
Furthermore, the PFRDA has revised rules regarding which NPS schemes can be displayed on Point of Presence (PoP) platforms. Generally, PoPs must now showcase schemes from all pension funds within the subscriber's chosen category. This applies unless a subscriber is on a pension fund's own platform, where that specific fund's schemes may be exclusively displayed.
The subscriber's journey for selecting an NPS scheme has also been clarified. Platforms must first capture the subscriber's risk appetite or scheme category preference. Subsequently, relevant schemes from all pension funds within that selection will be displayed, allowing subscribers to make informed comparisons and choices. These directives are detailed in a PFRDA circular dated November 2, 2026, partially modifying an earlier one from August 28, 2026.
