Summary of this article
PFRDA introduces standardised naming rules for NPS pension schemes.
PoP platforms must display schemes across all pension funds.
Revised NPS scheme display rules take effect December 1.
The Pension Fund Regulatory and Development Authority (PFRDA) has revised the rules governing how pension schemes under the National Pension System (NPS) are named and displayed on digital platforms. The changes will impact how subscribers view and compare schemes while opening an NPS account.
The regulator has also clarified which schemes Point of Presence (PoP) platforms must display to subscribers. The changes will come into force on December 1, 2026, under a circular issued on November 2, 2026. The circular partially modifies the earlier instructions released on August 28, 2026.
New Naming Format For NPS Schemes
A standard format for naming schemes offered under the Multiple Scheme Framework (MSF) has been introduced by PFRDA. Each scheme name will have three main elements, covering the pension fund, the investment category and the scheme's distinct identity.
The regulator has also clarified that category codes from A to E will not be included in the scheme name.
Where a pension fund offers multiple schemes under the same category, each must have a separate name to help subscribers distinguish between them.
Pension funds must also mention the applicable scheme category or growth category alongside the scheme name in advertisements, media coverage and other public-facing material. This will help subscribers identify the category and risk level associated with a scheme.
Display Rules For NPS Schemes On PoP Platforms
The revised rules distinguish between platforms operated by pension funds themselves and those run by other PoPs.
A pension fund that also has a PoP licence can display only its own schemes on its website or application, provided the subscriber has specifically opted to use that platform and the pension fund manages the account-opening process.
Other PoPs, however, must display schemes from all pension funds falling under the category selected by the subscriber. They must also follow the prescribed navigation and scheme-selection process.
A PoP can place a particular pension fund's schemes at the top of the list or pre-select a scheme. However, it cannot hide the schemes offered by other pension funds in the chosen category.
Scheme Selection Process For NPS Subscribers
Under the revised process, subscribers must first select their preferred scheme type, category or risk level. The platform will then show schemes that match their selection.
The same display requirements will apply to NPS Central and Central Recordkeeping Agency (CRA) platforms, including temporary redirection arrangements.
The regulator has also clarified that platforms do not need to repeat the category within the scheme name if the subscriber-facing screen already displays the selected category.
