“Earlier, registration of Pension Funds was undertaken through applications invited during specified registration windows. Pursuant to the decision of the Authority, the registration process is now being opened on a continuous ‘on-tap’ basis and shall remain open until further notification by the Authority,” PFRDA said in a notice dated July 16.
New Delhi: The Pension Fund Regulatory and Development Authority (PFRDA) has invited applications from prospective pension fund managers to manage the corpus under the National Pension System, opening the ‘on-tap’ registration window.
The regulator had last opened the ‘on-tap’ licensing window in May 2022.
“Earlier, registration of Pension Funds was undertaken through applications invited during specified registration windows. Pursuant to the decision of the Authority, the registration process is now being opened on a continuous ‘on-tap’ basis and shall remain open until further notification by the Authority,” PFRDA said in a notice dated July 16.
The pension regulator has detailed eligibility criteria that both existing and new pension funds must fulfil to manage the corpus under NPS and UPS.
Interested pension fund managers must have experience in fund management –? both equity and debt — for at least five years, and must be an entity engaged in financial business activity, which is regulated by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority.
According to PFRDA, the interested fund managers must have a positive net worth of at least Rs 50 crore for the last five preceding financial years and a paid-up capital of at least Rs 25 crore on the date of application.
PFRDA is a statutory regulatory body established by an Act of Parliament with the mandate to promote, develop and regulate the pension sector in India.
National Pension System (NPS) and Atal Pension Yojana (APY) together have over 9.95 crore subscribers as on June 30, 2026.
The nation’s retirement system continues to expand, with Assets Under Management reaching Rs 17.7 lakh crore under NPS and APY.