The Pension Fund Regulatory and Development Authority (PFRDA) has notified the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2026, effective from the date of publication in the Official Gazette. The amendment primarily revises the definition of “Assets of the National Pension System Trust” under Regulation 2(1)(i). The revised provision clarifies that the assets of the National Pension System Trust include subscriber assets held in the Trust’s name, subscriber funds maintained in the Trust’s account with the Trustee Bank, and other movable and immovable assets recorded in the Trust’s books of accounts. It further specifies that such assets comprise cash, securities, and other instruments determined under investment guidelines issued by the Authority and held by the Trust on behalf of subscribers. Additionally, the amendment deletes clause (xix) of sub-regulation (2) of Regulation 11 of the principal regulations. These changes aim to provide greater clarity regarding the composition and ownership of Trust assets within the National Pension System framework.
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 26th May, 2026
Pension Fund Regulatory And Development Authority (National Pension System Trust) (Amendment) Regulations, 2026
F. No. PFRDA/16/02/05/0001/2021-REG-NPST — In exercise of the powers conferred by subsection (1) of Section 52 read with clauses (e), (o) and clause (v) of sub-section (2) thereof of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to amend the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015, namely: –
1. These regulations may be called the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2026.
2. These shall come into force on the date of their publication in the official gazette.
3. In the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015, as amended from time to time (hereinafter referred to as ‘the principal regulations’), the following amendments are made.
I. Clause (i) of sub-regulation (1) of regulation 2 of the principal regulations shall be substituted as follows:
“(i) “Assets of the National Pension System Trust” shall mean the assets of the subscribers held in the name of the National Pension System Trust, the funds of the subscribers held in the account of National Pension System Trust with Trustee Bank, and such other assets both moveable and immoveable, as are recorded in the books of accounts of National Pension System Trust.
These assets shall comprise cash, securities and any other instruments as determined in the investment guidelines issued by the Authority and held by and in the name of the National Pension System Trust, on behalf of the subscribers.”
II. Clause (xix) of sub-regulation (2) of regulation 11 of the principal regulations shall be deleted;
SIVASUBRAMANIAN RAMANN, Chairperson
[ADVT.-III/4/Exty./152/2026-27]
Note:
1. The Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015 were published vide Notification No. PFRDA/12/RGL/139/5, on the 12th March, 2015 in the Gazette of India, Extraordinary, Part III, Section 4, No. 79.
2. The Pension Fund Regulatory and Development Authority (National Pension System Trust) (First Amendment) Regulations, 2019 were published vide Notification No. PFRDA/12/RGL/139/5, on the 29th July, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 270.
3. The Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second Amendment) Regulations, 2020 were published vide Notification No. PFRDA/12/RGL/139/5, on the 29th July, 2020 in the Gazette of India, Extraordinary, Part III, Section 4, No. 295.
4. The Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2021 were published vide Notification No. PFRDA/12/RGL/139/5, on the 14th June, 2021 in the Gazette of India, Extraordinary, Part III, Section 4, No. 240.
5. The Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2023 were published vide Notification No. PFRDA/12/RGL/139/5, on the 17th April, 2023 in the Gazette of India, Extraordinary, Part III, Section 4, No. 240.
6. The Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second Amendment) Regulations, 2023 were published vide Notification No. PFRDA/16/02/05/0001/2021-REG-NPST, on the 7th February, 2024 in the Gazette of India, Extraordinary, Part III, Section 4, No.82.
