The Pension Fund Regulatory and Development Authority (PFRDA), on January 12, 2026, issued a circular to Central Recordkeeping Agencies (CRAs), Pension Funds (PFs), and stakeholders clarifying the framework for sharing subscriber information under the Multiple Scheme Framework (MSF) for Non-Government Sector subscribers under the National Pension System (NPS). This follows the earlier circular dated September 16, 2025, which introduced MSF and permitted PFs to design, operate, and manage multiple schemes under their own brand identity.
Under the MSF framework, PFs are entitled to receive demographic information of subscribers who have invested in schemes implemented by them, to enable targeted communication, relationship management, and subscriber servicing. Accordingly, PFRDA has decided that CRAs shall share requisite subscriber information with the concerned PFs using a prescribed common template and at a mutually agreed periodicity. The data shared will be strictly limited to subscribers enrolled under schemes implemented by the respective PF under MSF, and no information relating to subscribers enrolled only under common schemes shall be shared.
The circular also lays down data usage, privacy, and security principles, mandating strict compliance with the Digital Personal Data Protection Act, 2023, the Information Technology Act, 2000, and other applicable laws. Subscriber data may be used only for permitted MSF-related purposes, and PFs and CRAs are required to implement adequate technical and organisational safeguards to protect confidentiality and integrity. Any unauthorised use or disclosure of subscriber information will attract appropriate regulatory and legal action.
[Notification No. PFRDA/2026/04/REG-PF/02]
