The Pension Fund Regulatory and Development Authority (PFRDA), on July 13, 2026, issued the amended PFRDA (Registration of Pension Funds) Guidelines, 2026, prescribing the framework for the selection of sponsors and registration of pension funds under the PFRDA Act, 2013 and the PFRDA (Pension Fund) Regulations, 2015. The guidelines outline the eligibility criteria, application process, technical and commercial evaluation, governance standards, operational requirements, and registration procedure for entities seeking to establish and operate pension funds.
The guidelines introduce a two-step registration process, wherein eligible applicants are first selected as Sponsors of a proposed pension fund and thereafter the incorporated pension fund seeks a Certificate of Registration from PFRDA. A sponsor must be a body corporate holding at least 20% of the paid-up equity capital of the proposed pension fund and must satisfy the prescribed pre-qualification, governance, financial, technical, and operational requirements.
The guidelines further detail the obligations of sponsors, documentation requirements, business commencement conditions, investment capabilities, risk management standards, and PFRDA's authority to accept or reject applications. The registration granted by PFRDA remains valid unless suspended or cancelled in accordance with the applicable regulations.
