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The Pension Fund Regulatory and Development Authority (PFRDA) has clarified that Points of Presence (POPs) may engage non-individual intermediaries registered with financial sector regulators—specifically the RBI, IRDAI, SEBI, or PFRDA—as Pension Agents for distributing pension schemes. This engagement is permitted under the PFRDA (Point of Presence) Regulations, 2018, provided the intermediaries comply with the regulations, circulars, and guidelines issued by their respective primary regulators. This clarification supplements the previous circular dated 23rd September 2025 regarding the engagement of 'other persons' as Pension Agents. All other terms and conditions established in the prior circular remain in effect.
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CIRCULAR
Circular No: PFRDA/2025/17/REG-POP/02
Date: 16th October 2025
To All Points of Presence (POPs)
Subject: Clarification on permitting the Points of Presence for engagement of Non-Individual Intermediaries registered with any financial sector regulator like RBI, IRDAI, SEBI, and PFRDA as Pension Agents for distribution of Pension Schemes.
This is in reference to the circular PFRDA/2025/12/REG-POP/01 dated 23rd September 2025 on Permitting the Points of Presence for engagement of 'other persons' as Pension Agents for distribution of Pension Schemes under Regulation 2(1)(j)(iv) of PFRDA (Point of Presence) Regulations, 2018, subject to approval by the Board of POPs.
With reference to clause 3(a) of the aforesaid circular, it is hereby clarified that Non-Individual Intermediaries registered with any financial sector regulator namely the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board of India (SEBI), or the Pension Fund Regulatory and Development Authority (PFRDA) may be engaged by Points of Presence (POPs) as Pension Agents for the distribution of pension schemes governed under the PFRDA Act, 2013, subject to compliance with, and as permitted under the applicable regulations, circulars, guidelines, and terms and conditions prescribed by their respective regulators.
All other terms and condition of the aforementioned circular remains unchanged.
This circular is issued in exercise of the powers conferred under Regulation 45 of Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 and under Section 14 of the Pension Fund Regulatory and Development Authority Act, 2013, with the approval of competent authority.
Yours Sincerely,
ASHISH KUMAR (Chief General Manager)
5th Floor, Tower E, World Trade Center, Nauroji Nagar, New Delhi – 110 029 Phone: 011 - 26517501, 26517503. website: www.pfrda.org.in
