PFRDA tightens NPS audit rules: Pension body orders regular audit checks for PoP service providers

The Pension Fund Regulatory and Development Authority (PFRDA) has directed Points of Presence (PoPs) offering National Pension System (NPS) services to subscribers to get their NPS operations audited by a chartered accountant or an audit firm. The audit will check whether PoPs, such as banks, financial institutions and intermediaries, are following NPS rules, complying with Know Your Customer (KYC) norms, handling NPS subscriber money, resolving grievances timely and maintaining records properly. The order will be effective from April 1, 2026, to March 31, 2027.

PFRDA said that the audit frequency of PoP records will depend on their subscriber base.