Online Platform Support by CRAs to PoPs and PoP-SEs under NPS

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY B-14/A, Chhatrapati Shivaji Bhawan, Qutab Institutional Area, Katwaria Sarai, New Delhi-110016. Ph : 011-26517501, 26517503, 26133730 Fax : 011-26517507 Website : www.pfrda.org.in

Circular

Circular No. PFRDA/2018/49/CRA/2

Date: 12.06.2018

To,

Central Recordkeeping Agency(s)

Subject: Facilitation of any support (other than specified in the regulations) by Central Record keeping Agencies (CRAs), including providing online platform to Point of Presence (PoPs) and their Point of Presence- Service Entities (PoP-SEs)".

Feedbacks have been received from PoPs & PoP SEs that CRAs are approaching PoPs & their PoP-SEs for facilitating (offering) online platform for on-boarding /enrolling subscribers and collection of funds under NPS.

2. To protect the interest of the subscribers and smooth functioning of the system, we advise that following are to be adhere to by the CRAs while proving online platforms in addition to the compliance of the PFRDA (CRA) Regulations 2015 -

• (i). The online platform offered to the POP shall provide choice of both CRAs to the subscriber.
• (ii). The contribution receipt shall be issued in the name of the POP on whose online platform the transaction is being carried out.
• (iii). No money or contribution shall be collected / deposited in any account held or operated by the CRA (on behalf of PoP).
• (iv). Contributions shall be deposited in the NPS collection account of the POP as prescribed under current regulations/guidelines.
• (v). CRA shall not be involved in any manner in collection or receipt of the contributions which are the duties/functions allocated to a POP under the Act.
• (vi). Details of operational activities undertaken between the POP and CRA directly (on issues like who will upload SCF, matching, authentication of data etc.) should be as per respective regulations, circulars and guidelines issued there on.
• (vii). Subscriber should not be charged with the additional charges, if any, on account of utilising such online platform by PoPs & PoP-SEs
• (viii). There should not be any conflict of roles and responsibilities between PFRDA (CRA) Regulations, 2015 and PFRDA (PoP) Regulations 2015 and their amendments thereto.
• (ix). POPs should also ensure that all the guidelines, circulars etc issued by the authority are adhered to under this arrangement, if any.

[Image omitted. See the official document.]

Venkateshvarlu Peri (Chief General Manager)