Policies · BFSI
PFRDA has amended two clauses of its August circular on the Multiple Scheme Framework, changing how NPS schemes are named and how Point of Presence platforms must display pension fund options.
✦ AI SUMMARY 30-second read
- Category codes A to E will no longer form part of MSF scheme names; each scheme must instead carry a distinct unique name.
- PoP platforms other than those owned by pension funds must display schemes of all pension funds within a subscriber's chosen category.
- Both the original 28 August circular and the 3 November amendments take effect on 1 December.
Why it matters: The changes affect how millions of NPS subscribers discover and select pension fund schemes across digital platforms.
This summary was generated by AI. Editors may review and update it.
Document details
| Document type | Rules & Regulation |
|---|---|
| Issued by | PFRDA / NPCI / IFSCA |
| Region | India |
| Published | 4 November 2026 |
PFRDA issued a circular on 3 November amending its earlier 28 August circular on the standardised framework for classifying and presenting NPS schemes. The amendments cover the naming convention for MSF schemes and the rules governing how pension fund schemes are shown on PoP platforms.
Both the original provisions and the latest changes come into force on 1 December.
What the document says on naming
The 28 August circular had prescribed the scheme name format as: abbreviation of pension fund name, followed by NPS, the MSF category code and the scheme name. Category A represented the highest equity exposure and Category E the lowest.
The 3 November amendment removes the category code from the scheme name entirely. The revised format is: abbreviation of pension fund name, then NPS, then a unique scheme name. Where a pension fund offers more than one scheme within the same category, each must carry a distinct name.
Subscribers will still receive information on scheme category and risk level. In all media, public-facing literature and advertising, the scheme category or growth category must appear in a smaller font below or alongside the unique scheme name. The category must also be stated in the NPS Scheme Essentials Document and scheme brochure wherever applicable.
What the document says on PoP platform display
The 3 November circular replaces Clause 4.2 of the 28 August circular, which had allowed PoP-owned platforms to display schemes offered by their associated pension funds for subscriber onboarding.
Under the revised provision, any PoP operating its own platform must display schemes from all pension funds within the category a subscriber selects, following the standardised navigation and scheme-selection framework. A PoP may, however, place a particular pension fund's schemes at the top and pre-select a specific scheme, provided all pension funds in the selected category remain visible.
An exception applies to pension funds that also hold a PoP licence: their own platforms may show only their schemes when a subscriber deliberately navigates to that pension fund's website or application and the onboarding journey is run by that pension fund.
NPS Central and CRA platforms, including interim redirection journeys, must display schemes from all pension funds within the subscriber's chosen category. The Star NPS platform used by pension funds may display their schemes to appointed Pension Agents.
Additional clarification on navigation
PFRDA has clarified that subscriber-facing navigation must first capture the subscriber's choice of scheme type, category or risk appetite before the corresponding schemes are shown. If the category is already displayed on the selection screen, it need not be repeated as a separate element within the scheme name itself.
