PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

CIRCULAR

Circular No.: PFRDA/2026/40/REG-PF/07

Date: 14th July 2026

To:

All NPS Stakeholders

Subject: Introduction of NPS PRIDE- DISHA (Pension Fund Returns for Informed Decision & Empowerment) : A Subscriber Awareness and Decision Support Digital Tool Kit

1. The National Pension System (NPS) is built on the foundational principle of enabling subscribers to exercise informed choice in managing their retirement savings. With the broadening of investment options and the increasing number of Pension Funds (PFs) available to subscribers, there is a growing imperative for simple, transparent, and subscriber-centric tools that facilitate meaningful comparison of PFs performance and investment choices, thereby supporting informed decision-making by the Subscribers.

2. Historically, NPS subscribers have assessed PFs on the basis of point-to-point returns of individual schemes Equity(E), Corporate Bonds (C) & Govt Securities (G). While such metrics offer a snapshot, they may not accurately reflect the actual investment experience of a subscriber who makes periodic, regular contributions over an extended period through voluntary or through employer - employee relationship. Moreover, under NPS, Subscribers invest across these asset classes in a defined proportion and the NPS PRIDE - Disha provides the feature to compare choices of investment across asset classes.

3. NPS PRIDE- Disha utilises historical scheme wise NAV since 2008 and employs the Extended Internal Rate of Return (XIRR) methodology to present a subscriber-oriented assessment of PF performance. It allows users to evaluate returns across a defined set of investment combinations for specified time periods, based on historical NAV. It is emphasized that NPS PRIDE – DISHA does not provide any future projections or assumptions-based estimates.

A. What is NPS PRIDE – DISHA?

NPS PRIDE – DISHA is a deterministic comparison tool built using nearly 5,000 days of historical Net Asset Value (NAV) data of Pension Funds operating under NPS. The tool through XIRR methodology, reflects the investment experience of subscribers making periodic contributions over time across asset classes.

In contrast to conventional point-to-point return comparisons, NPS PRIDE - DISHA enables subscribers to understand how their retirement savings would have accumulated under different Pension Funds and investment choices based on actual historical performance. This online tool provides nearly 4800 combinations of various investment choices to compare based on 1.10 lac NAV data sets as on date.

B. Key Features of NPS PRIDE - DISHA:

i. Utilisation of 5000 days of daily historical NAV data of Pension Funds.

ii. Computation of returns using the XIRR methodology, which better represents the experience of subscribers making periodic contributions.

iii. Capability to evaluate historical performance based on subscriber-specific parameters including age, investment commencement date, contribution amount and investment choice.

iv. Support for Composite Schemes, Active Choice and Auto Choice investment options.

v. Comparative analysis across Pension Funds which were operational during the selected period, enabling like-for-like comparison.

vi. Simulation of retirement wealth accumulation under different Pension Funds and investment choices.

vii. Presentation of performance outcomes in a simple and intuitive bar graph format.

C. How to Access NPS PRIDE – DISHA

Subscribers may access the NPS PRIDE - DISHA through the PFRDA website:

PRIDE Portal: https://pfrda.org.in/pride-calculator

D. Advisory to Stakeholders

i. All Central Recordkeeping Agencies (CRAs) are advised to ensure that the link to the tool is made available through the Nodal Office interface and the subscriber login portal during the scheme/Pension Fund selection or switching process. All promotional activities to invariably highlight the benefits of NPS PRIDE - DISHA.

ii. Nodal Officers of Government Sector and Points of Presence (PoPs) are requested to actively promote and encourage the use of the tool among subscribers to facilitate informed decision-making while selecting or switching schemes and PFs.

E. Explore the Analytical Potential of NPS PRIDE - DISHA through PFRDA’s Open API Initiative

i. PFRDA recognizes the immense potential for innovation and deeper analytical insights that can be generated by leveraging the robust historical NAV database and computational logic underlying the NPS PRIDE – DISHA deterministic tool. Accordingly, PFRDA shall actively facilitate and encourage all interested entities—including research organizations, academic institutions, financial advisors, pension fund analysts, fintech companies, and technology partners—to utilize the NPS PRIDE – DISHA API interface and the verified historical NAV dataset for the benefit of subscribers and the broader pension ecosystem.

ii. The API is designed as a secure RESTful interface that enables programmatic access to the tool's core functionalities. Entities can integrate this API into their own platforms to perform advanced analytics, build custom dashboards, conduct independent research, and develop subscriber-centric applications that facilitate informed decision-making. The historical NAV database, comprising nearly 5,000 days of verified daily NAV data across all Pension Funds since 2008, provides a rich dataset for quantitative analysis, back-testing of investment strategies, and comparative performance assessment.

iii. PFRDA invites entities with a genuine interest in leveraging this data to submit their proposals and use-case requirements. Access will be granted through a structured framework that ensures data security, integrity, and responsible usage. Applicants are required to submit a formal request clearly defining the purpose, scope of analysis, intended outcomes, and data protection obligations. This will be governed by a confidentiality and non-disclosure undertaking, similar to the existing "External Data Request" process, with provisions for digital signatures and consent verification where applicable.

iv. By enabling stakeholders to harness this data for innovation, PFRDA aims to foster a vibrant NPS analytical ecosystem that enhances transparency, drives informed subscriber choice, and contributes to the continuous improvement of the NPS framework. Interested entities are encouraged to write to PFRDA at dept-regfm@pfrda.org.in with their proposals, and the authority shall extend all necessary facilitation and technical support to enable meaningful engagement.

v. Data would be shared through secure APIs in line with the guidelines of the Ministry of Statistics and Programme Implementation (MoSPI), which operates the e-Sankhyiki Portal for dissemination of primary statistical indicators. The API contract may be designed to support dynamic parameters, such as selection of PF and date range/period, enabling consumers to retrieve only the required data. Additionally, the consuming entity may continue to access bulk data downloads through the existing PFRDA website.

vi. Any entity consuming such API shall ensure appropriate attribution to NPS PRIDE - DISHA as the source of the underlying data. The accuracy, presentation, analysis, interpretation, and any outputs generated using the API shall remain the sole responsibility of the consuming entity.

vii. PFRDA shall bear no responsibility or liability for any loss, claim, grievance, or dispute arising from the use, modification, interpretation, or presentation of API-based data by any third party, and no recourse shall lie against PFRDA in this regard.

F. Road Ahead

PFRDA shall be adding more features in NPS PRIDE- Disha viz Tier II returns, MSF schemes, NPS Vatsalya schemes and returns of Investment Choices based on rolling and trailing returns etc.

PFRDA has developed the NPS PRIDE – DISHA Digital Tool Kit in exercise of its statutory powers under the PFRDA Act, 2013 .

In furtherance of Section 14, which mandates the Authority to regulate, promote, and ensure the orderly growth of the NPS while protecting subscribers' interests, the NPS PRIDE - DISHA fulfills multiple statutory obligations:

i. Ensuring safety of contributions [Section 14(2)(e)(i)];

ii. Promoting professional organizations connected with the pension system [Section 14(2)(g)];

iii. Commissioning research and studies leveraging pension data [Section 14(2)(i)];

iv. Educating subscribers and training intermediaries [Section 14(2)(j)]; and

v. Standardizing dissemination of pension fund performance information [Section 14(2)(k)].

NPS PRIDE – DISHA thus represents a proactive regulatory intervention to empower subscribers with transparent, standardized, and meaningful performance analytics, strengthening subscriber protection, financial literacy and market development under the NPS framework.

Yours sincerely

K MOHAN GANDHI (Chief General Manager)