Financial Information User under Account Aggregator Framework
PFRDA circular PFRDA/2023/32/REG-POP/07 · 22 Nov 2023
Official title
Financial Information User under Account Aggregator Framework - reg.
PFRDA circular PFRDA/2023/32/REG-POP/07 · 22 Nov 2023
Official title
Financial Information User under Account Aggregator Framework - reg.
Summary
Check the official recordThe Pension Fund Regulatory and Development Authority (PFRDA) has clarified the eligibility criteria for entities acting as Financial Information Users (FIUs) under the Account Aggregator Framework. The circular specifies that only Points of Presence (PoPs) registered under Regulation 3(1)(i) and 3(1)(ii) of the PFRDA (Point of Presence) Regulations, 2018, are authorized to act as FIUs. Other intermediaries registered with the PFRDA are explicitly excluded from qualifying as FIUs. This directive is issued to protect subscriber interests and ensure the orderly growth of the National Pension System, building upon previous guidelines that designated Central Record Keeping Agencies as Financial Information Providers.
What you must do
Key dates
Who is affected
CIRCULAR
CIRCULAR No.: PFRDA/2023/32/REG-POP/07
22nd November 2023
To, All Stake Holders & Account Aggregators
Subject: Financial Information User under Account Aggregator Framework-reg.
PFRDA vide its circular no. PFRDA/2022/26/FT&DA/02 dated 30 September 2022 has issued guidelines for empowering NPS Subscribers to port their NPS data through Account Aggregator Framework whereby Central Record Keeping Agencies (CRAs) appointed by PFRDA are designated as Financial Information Providers (FIPs).
Financial information user (FIU) means an entity registered with and regulated by any financial sector regulator. Notwithstanding anything to the contrary mentioned above, it is expressly stated that the Point of Presence registered under Regulation 3(1)(i) and 3(1)(ii) of PFRDA (Point of Presence) Regulations, 2018, shall act as Financial Information User (FIU), while other intermediaries registered with PFRDA would not qualify to become FIU.
This circular is issued in exercise of the powers conferred under Section 14 of Pension Fund Regulatory and Development Authority Act, 2013 to protect the interests of subscribers and to regulate, promote and ensure orderly growth of the National Pension System and pension schemes to which the Act applies.
A copy of this circular is available on the website of PFRDA at www.pfrda.org.in.
Yours Sincerely,
ASHISH KUMAR BHARATI Digitally signed by ASHISH KUMAR BHARATI Ashish Kumar Bharati General Manager
बी-१४/ए, छत्रपति शिवाजी भवन, कुतुब संस्थागत क्षेत्र, कटवारिया सराय, नई दिल्ली – 110 016 दूरभाष: 011 - 26517501, 26517503, 26133730 फैक्स: 011 – 26517507, वेबसाइट :www.pfrda.org.in B-14/A, Chhatrapati Shivaji Bhawan, Qutab Institutional Area, Katwaria Sarai, New Delhi – 110 016 Phone : 011 - 26517501, 26517503 ,26133730 Fax: 011 – 26517507 website: www.pfrda.org.in