In a circular, the regulator permitted PoPs to onboard additional categories of individuals and institutions under the “any other person” clause of the PFRDA (Point of Presence) Regulations, 2018.
The move builds on earlier clarifications issued in September and October 2025.
PFRDA said pension agents serve as a key interface between subscribers and PoPs, particularly in enabling last-mile connectivity and expanding outreach for pension products.
Who can now act as pension agents
Under the revised framework, PoPs can engage a broader range of intermediaries, subject to board approval and compliance with applicable regulations. Newly permitted categories include:
- Primary Agricultural Credit Societies (PACS) with e-PACS certification
Recognised MSME associations - Professionals such as Chartered Accountants, Company Secretaries and Cost and Management Accountants
- Chartered Financial Analysts (CFAs) and Certified Financial Planners (CFPs)
Business Correspondent Sakhis or Pension Sakhis under rural livelihood missions - Gramin Dak Sevaks under the Department of Posts
- Digital platforms and fintech entities operating under regulatory frameworks
The regulator said such entities must adhere to the rules and guidelines prescribed by their respective regulators.
Compliance and accountability remain with PoPs
PFRDA clarified that Points of Presence will remain responsible for the actions of pension agents they appoint. This includes ensuring compliance with know-your-customer (KYC), anti-money laundering (AML) and combating financing of terrorism (CFT) norms under the Prevention of Money Laundering Act, 2002.
The scope of responsibilities and obligations will continue to be governed by existing provisions under the PFRDA (PoP) Regulations, 2018, including requirements related to record-keeping, audit and inspection.
Vishwajeet Goel, Head of Pensionbazaar at Policybazaar, said the move could improve last-mile access to retirement solutions.
“Allowing a wider set of institutions and professionals to participate as pension agents is a meaningful step toward improving last-mile access to retirement solutions such as the NPS,” he said.
He added that the inclusion of grassroots networks, advisors and digital platforms could enhance awareness and adoption of long-term retirement planning, particularly among underserved segments.
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