PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

MASTER CIRCULAR

PFRDA/MASTERCIRCULAR/2023/04/CRA-02

23 November 2023

To, i. Central Recordkeeping Agency (‘CRA’) ii. National Pension System Trust (‘NPS Trust’) iii. Government Nodal Offices (i.e. CG, SGs, CABs & SABs) iv. Point of Presence (‘PoP’)

Madam / Sir,

NPS On-boarding through Online PRAN Generation Module (OPGM)

1. 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.

2. This Master Circular rescinds the existing guidelines/instructions on the subject of “NPS On-boarding through Online PRAN Generation Module (OPGM)” and consolidates at one place. The list of underlying circulars rescinded in this Master Circular is furnished in the Appendix.

This Master Circular is issued with the approval of the competent authority.

Yours faithfully,

(Ashish Kumar) Chief General Manager

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INDEX

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PART I – Introduction

1. To expedite the process of generation of PRAN and timely upload of NPS contribution, CRAs have enabled the functionality i.e. Online PRAN Generation Module (OPGM) to generate PRAN online with minimal documentation. To ensure a smoother onboarding process under NPS, the Authority hereby provides a master circular on OPGM.

PART II – General Guidelines

2. The compliance obligation of the intermediary/entity shall not be confined merely to the Master Circular but, also the applicable laws.

3. 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 Based on the above caveat, Part IV containing the list of circulars consolidated in the Master Circular shall stand rescinded with the issuance of this Master Circular, such that they are subsumed in the Master Circular and for all purpose and intent, remain operative, with no break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.

4. 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done or any action taken or purported to have been done or taken, or to be taken hereafter, under the circulars now rescinded (for the period of their operation) shall be construed to have been validly taken as if the said circulars are in full force and effect and shall remain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.

5. 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. To streamline the process of onboarding NPS subscribers under OPGM, CRAs have introduced two methods: one with the photo and signature of the subscriber uploaded by respective nodal offices or PoP, and the other without the photo and signature of the subscriber. In instances where the photo and signature are not initially captured in NPS accounts, such accounts are considered irregular until complete documentation is verified and recorded with the CRAs. To streamline such cases, the Authority hereby provides a revised process for onboarding of NPS subscribers under OPGM:

(i). No new account shall be opened by CRA without photo & signature and CRA shall also not facilitate corporates or PoPs to open such accounts.

(ii). CRAs shall provide a facility for uploading photo and signature online in the accounts, where photo and signature is not updated.

(iii). CRAs shall send alerts, on a monthly basis, to prompt the subscribers with pending documentation to complete the formalities so as to regularize their NPS accounts.

(iv). Other guidelines regarding opening of NPS account through OPGM remain the same.

7. CRAs shall make available the guidelines / SOPs on OPGM on their website for the stakeholders.

PART IV - List of circulars consolidated in the Master Circular