PFRDA has mandated that Pension Agents working with multiple Points of Presence must be identified by their PAN for enhanced monitoring. This directive also requires CRAs and PoPs to maintain and verify updated agent records.
PFRDA Mandates PAN as Unique Identifier for Pension Agents
The Pension Fund Regulatory and Development Authority (PFRDA) has clarified that Pension Agents engaged with multiple Points of Presence (PoPs) are required to use their Permanent Account Number (PAN) as a unique identifier. This step is intended to improve traceability and enhance the monitoring processes within the pension ecosystem.
The circular states that the Central Recordkeeping Agencies (CRAs) and various PoPs are responsible for maintaining and verifying accurate and updated records of these agents. This initiative aligns with PFRDA's commitment to bolstering transparency and accountability in the pension sector.
For practitioners, this mandate signifies a shift in regulatory expectations and highlights the importance of compliance in recordkeeping practices for pension agents, which may necessitate adjustments to current operations and systems.
Citations
- PFRDA Circular (2026) PFRDA/2026/1
