PFRDA master_circular PFRDA/Master Circular/2025/01/CRA-01 · 15 Sept 2025
Official title
Master Circular - Choice of Selection of CRA for NPS or any other pension scheme
Summary
Check the official recordThis Master Circular consolidates PFRDA guidelines regarding the selection of Central Recordkeeping Agencies (CRAs) for the National Pension System (NPS), Atal Pension Yojana (APY), and NPS-Lite. For NPS subscribers under an employee-employer relationship, the employer selects the CRA unless the option is delegated to the employee. Voluntary NPS subscribers may select their own CRA, and Points of Presence (PoPs) with over one lakh subscribers as of 31 August 2025 must integrate with all registered CRAs within six months. Voluntary subscribers may switch CRAs once per financial year. For APY and NPS-Lite, the PoP selects the CRA, though subscribers may choose if multiple CRAs are integrated. All PoPs and the NPS Trust must display CRA charges transparently on their digital platforms.
What you must do
Key dates
Who is affected
Thresholds
Exceptions
MASTER CIRCULAR
PFRDA/Master Circular/2025/01/CRA-01
15 September 2025
To All stakeholders under NPS architecture
Madam / Sir,
Choice of Selection of Central Recordkeeping Agency for the National Pension System or any other pension scheme regulated by the PFRDA
Please refer to our Master Circular PFRDA/MASTERCIRCULAR/2023/03/CRA-01 dated 17 November 2023 on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the subject issued by the Pension Fund Regulatory and Development Authority (PFRDA) till 14 September 2025.
This Master Circular is issued in exercise of the powers conferred under Section 14(1) read with Section 14(2)(e) of the Pension Fund Regulatory and Development Authority Act, 2013.
This Master Circular rescinds all the existing guidelines/instructions on the subject of “Choice of Selection of Central Recordkeeping Agency for the National Pension System or any other pension scheme regulated or administered by the Authority” and consolidates at one place. The list of underlying circulars consolidated in this Master Circular is furnished in the Appendix.
This Master Circular is issued with the approval of the competent authority.
Yours faithfully,
(Gurminder Kaur) General Manager
INDEX
| PART I – Introduction | |
| PART II – General Guidelines | |
| PART III – Specific Guidelines/Instructions | |
| PART IV – Appendix - List of circulars consolidated in this Master Circular |
PART I – Introduction
PART II – General Guidelines
The compliance obligation of the intermediary/entity shall not be confined merely to the Master Circular but, also the applicable laws.
This Master Circular shall take effect from the date of its issuance but shall be without prejudice to their (earlier issued circulars) operation and effect, for the period when they were in force, until them being subsumed under the Master Circular. Based on the above caveat, Part IV containing the list of circulars consolidated in the Master Circular shall stand rescinded with the issuance of this Master Circular, such that they are subsumed in the Master Circular and for all purpose and intent, remain operative, with no break of continuity.
Notwithstanding such rescission of any circular, upon their merger in the Master Circular, or otherwise, anything done or any action taken or purported to have been done or taken, or to be taken hereafter, under the circulars now rescinded (for the period of their operation) shall be construed to have been validly taken as if the said circulars are in full force and effect and shall remain unaffected by their rescission, in any manner.
The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred, any penalty, any order passed, any violation committed, any investigation, legal proceedings pending in terms of the circular (now rescinded), shall be treated as if the circulars are in full force and effect, and shall remain unaffected by their rescission, in any manner.
PART III – Specific Guidelines/Instructions
6.1. Subscribers under employee-employer relationship including Government Sector: In case the charges of CRA under the NPS are borne by the employer, including where organizations or corporates registered as Points of Presence (PoPs) offer NPS to their employees under the aegis of ‘employee-employer relationship’, the choice of selection of CRA shall vest with the employer, unless the employer specifically delegates the option to individual employees. In all other cases, the choice of selection of CRA shall rest with the employee.
6.2. Subscribers voluntarily enrolling in the NPS: In case of subscribers voluntarily enrolling in the NPS, without an employee-employer relationship, the choice of selection of CRA shall vest with the subscribers. To facilitate this, each PoP under NPS shall integrate and maintain operational linkages with all CRAs registered with the PFRDA in a phased manner. For this purpose, PoPs having a subscriber base exceeding one lakh (as on 31 August 2025) shall endeavor to complete such integration within six months from the issuance of this circular.
Additionally, such subscribers shall have the option to switch their chosen CRA once during a financial year. However, a switch of CRA owing to a change in employment status shall not be counted in the above switch.
To ensure transparency, NPS Trust and all PoPs under NPS shall prominently display the charges of all CRAs side by side on their official website / mobile application, to enable subscribers to make well-informed decision.
In case of APY and NPS-Lite, the choice of selection of CRA shall be with PoP, which may integrate with one or more CRA/s to offer services to its subscribers. Where a PoP has integrated with more than one CRA, both existing and new subscribers shall have the option to select their preferred CRA.
Further, under APY/NPS-Lite, PoP acts as the primary interface for subscribers and shall have the option to migrate its subscribers from one CRA to another, wherein individual subscriber consent is deemed. The migration shall, however, be permissible only once in a financial year.
To ensure transparency, all PoPs under APY and NPS-Lite shall prominently display the charges of all CRAs integrated with them, side by side, on their official website / mobile application, to enable subscribers to make well-informed decision.
| Sl. | Name of CRA | Registration No. |
|---|---|---|
| 1 | Computer Age Management Services Limited | CRA003 |
| 2 | KFin Technologies Limited | CRA002 |
| 3 | Protean eGov Technologies Limited | CRA001 |
PART IV - Appendix - List of circulars consolidated in this Master Circular
| Sl. | Circular No. | Date | Subject |
|---|---|---|---|
| 1 | PFRDA/2017/1/CRA/1 | 03 January 2017 | Operationalisation of Karvy Computershare Private Limited as second Central Recordkeeping Agency (CRA) for NPS Regular / NPS Lite / APY |
| 2 | PFRDA/2017/5/CRA/2 | 09 February 2017 | Operationalisation of M/s Karvy Computershare Private Limited as second Central Recordkeeping Agency (CRA) for NPS |
| 3 | PFRDA/2020/10/SUP-CRA/3 | 17 April 2020 | Choice of CRA Selection by NPS subscribers |
| 4 | PFRDA/2020/30/SUP-CRA/13 | 16 July 2020 | Choice for PoPs to integrate with CRAs for NPS |
| 5 | PFRDA/2021/12/SUP-CRA/9 | 26 April 2021 | Appointment of Computer Age Management Service Ltd (CAMS) as Central Record Keeping Agency (CRA) under NPS |
| 6 | PFRDA/17/01/10/0005/2017-SUP-CRA-Part(4) | 16 September 2021 | Profile of Central Record keeping Agencies (CRA) & the benefits/features offered by them |
| 7 | PFRDA/2024/10/SUP-CRA/04 | 03 May 2024 | Extending APY to all CRA |
मास्टर परिपत्र
पीएफआरडीए/मास्टर पररपत्र/2025/01/CRA-01 15 सितंबर 2025
