The Pension Fund Regulatory and Development Authority (PFRDA), on May 21, 2026, issued an exposure draft proposing amendments to the PFRDA (Redressal of Subscriber Grievance) Regulations 2015 with the objective of strengthening and expediting grievance redressal mechanisms for subscribers under the National Pension System (NPS). The proposed amendments aim to improve efficiency, accountability and regulatory oversight within the grievance resolution framework.
Under the proposed changes, timelines for disposal of grievances at various levels of the escalation matrix are proposed to be substantially reduced. Resolution timelines at the nodal office or intermediary level are proposed to be reduced from 30 days to 14 days, while timelines at the PFRDA grievance cell, Ombudsman and Designated Member levels are proposed to be reduced to 7 days, 30 days and 15 days respectively. The draft also proposes restructuring of the escalation matrix by replacing the role of NPS Trust at Level 2 with the Grievance Cell of PFRDA to enable earlier regulatory intervention and improved supervisory oversight.
The exposure draft additionally proposes replacement of the existing stipendiary Ombudsman mechanism with Ombudsman appointments on a contract basis and introduction of a prescribed format for filing revision applications before the Designated Member of PFRDA for grievances relating to NPS, Unified Pension Scheme (UPS) and Atal Pension Yojana (APY). Stakeholder comments and suggestions on the draft amendments have been invited till June 20, 2026 through the PFRDA website or by email.
