The Pension Fund Regulatory and Development Authority, (PFRDA), on December 4, 2025, issued the PFRDA (Registration of Pension Funds) Guidelines, 2025, setting out a comprehensive framework for selection of sponsors and registration of pension funds under the National Pension System. The Guidelines have been issued in furtherance of the PFRDA Act, 2013 and the PFRDA (Pension Fund) Regulations, 2015, and are intended to facilitate eligible entities to apply for establishing and operating pension funds in India.
The Guidelines prescribe a two-step registration process, involving (i) selection/appointment of an eligible Sponsor (defined as a body corporate proposing to hold at least 20% equity in the pension fund), and (ii) grant of a Certificate of Registration to the pension fund established by such sponsor. They lay down detailed provisions relating to eligibility criteria, including minimum experience in fund management, regulatory status with RBI/SEBI/IRDAI, net worth and capital thresholds, profitability requirements, and minimum Assets under Management, along with application fees, documentation, evaluation methodology, and technical and commercial parameters.
The Guidelines also specify grounds for disqualification or rejection, clarify that registration does not guarantee allocation of subscriber funds, and reaffirm PFRDA’s powers to accept, reject, supervise, suspend, or cancel registration in accordance with law. Overall, the framework aims to strengthen governance, financial soundness, and operational capability of pension funds, while ensuring protection of subscriber interests and regulatory consistency in India’s pension ecosystem.
