The Pension Fund Regulatory and Development Authority (PFRDA) on May 05, 2026, issued a circular regarding the applicability of SEBI Regulations relating to Insider Trading, Self-Dealing, and Front Running to NPS investments.
The following has been stated:-
•PFRDA has clarified that SEBI regulations on insider trading, self-dealing, and front running will apply to all NPS investment activities and associated pension fund entities.
•The earlier PFRDA circular dated July 25, 2019, on self-dealing and front running has been superseded with immediate effect to avoid regulatory overlap.
•Pension Funds must adopt SEBI-compliant codes of conduct, internal controls, monitoring systems, and training mechanisms for employees and associated persons.
•PFRDA will continue supervisory oversight to assess governance, compliance, and internal control mechanisms adopted by Pension Funds.
•The circular comes into force immediately and applies to pension funds, directors, employees, KMPs, and all persons associated with NPS investments.
[Circular No.: PFRDA/2026/24/REG-PF/05]
