Concurrent Auditor Appointment: PFRDA Invites Bids from CA/Cost Accountant Firm

The Pension Fund Regulatory and Development Authority (PFRDA), a Government of India entity responsible for regulating pension funds like the National Pension System (NPS), has issued a Request for Proposal (RFP) for the appointment of a Chartered Accountant or Cost Accountant firm as its Concurrent Auditor. The engagement period is from July 2025 to June 2026, with potential for extension. The PFRDA’s mandate includes protecting subscriber interests and, as of April 1, 2025, includes the new Unified Pension Scheme (UPS) for Central Government employees.

The RFP outlines a structured bidding process. Key dates include a deadline for bidder queries on June 19, 2025, a pre-bid meeting on June 24, 2025, and the final submission of proposals by July 3, 2025. Technical bids will be opened on the submission date, with financial bids for eligible firms opened on July 9, 2025. Bidders are required to submit proposals in specific sealed envelopes, accompanied by an Earnest Money Deposit (EMD) of ₹10,000, which is refundable to unsuccessful bidders. The selected firm will also need to provide a Performance Security Deposit.

The appointed auditor’s scope of work includes fortnightly audits of financial transactions, ensuring compliance with PFRDA guidelines, verifying statutory adherence, checking payroll calculations, and assisting with year-end account closures. Eligibility criteria for applicant firms are stringent, requiring a minimum of ten years of continuous operation, at least six partners with specific experience, a track record of auditing at least five Central Autonomous Bodies or Financial Regulators in the past five years, and empanelement with the Comptroller and Auditor General of India (C&AG) for FY 2025-26. Additionally, firms must demonstrate a turnover of at least ₹5 crores in each of the last three financial years and maintain an office in the New Delhi/NCR region. The selection will be based on eligibility criteria compliance followed by financial evaluation, with the contract awarded to the lowest eligible bid.

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (PFRDA)

Request for Proposal for Appointment of Chartered Accountant/ Cost Accountant Firm as Concurrent Auditor of PFRDA from July 2025 to  June 2026

1. INTRODUCTION

a. Pension Fund Regulatory and Development Authority (PFRDA) was established by the Government of India on 10^th October 2003 to promote old age income security by establishing, developing and regulating funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto, through National Pension System (NPS). The Central Government introduced the National Pension System (NPS) with effect from 1^st January 2004. The NPS covers employees of Central Government services (excluding Armed Forces) and State Government services (as per the date of notification/ adoption). The employees of Central Autonomous Bodies (CABs) and State Autonomous Bodies (SABs) have also been similarly covered. In addition, the NPS was extended to all citizens of India on a voluntary basis with effect from 1st May 2009. The PFRDA Act 2013 was notified on 1st February 2014. The website of PFRDA is pfrda.org.in.

Further, vide notification dated 24.01.2025, the Central Government introduced the Unified Pension Scheme (UPS) as an option under the National Pension System (NPS) for Central Government employees with effect from 1st April 2025. The UPS provides assured pay-out based on the prescribed conditions.

b. The PFRDA with its Head Office located at E-500, Tower-E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi-110 029, seeks to appoint a Chartered Accountant/ Cost Accountant firm as Concurrent Auditor for the period July 2025 to June 2026 per the scope of the work defined in the later part of the tender document. The period of the contract may be further extended subject to requirement of the PFRDA or may be curtailed/ terminated before the specified period, including on the ground of PFRDA not being satisfied with the performance of such firm.

c. Key Activities and Dates relating to “Request for proposal for Appointment of Chartered Accountant/ Cost Accountant firm as Concurrent Auditor of PFRDA” are cited as under:

*PFRDA reserves the right to change any date/time mentioned in the schedule above under intimation to all concerned.

2. General Terms & Conditions and Disclaimers 

a. The Bidder is required to submit two separate sealed envelopes super scribed “Compliance with eligibility criteria” as laid down in Annexure I & II (along with the EMD amount) and second envelope containing financial bid super scribed “Financial Bid for Appointment of Chartered Accountants/ Cost Accountant firm as Concurrent Auditor of PFRDA”. The financial bid inclusive of Taxes, etc., should be submitted as per format given in Annexure III. Both sealed envelopes should be kept in a third sealed envelope super scribing “Request for proposal for Appointment of Chartered Accountant/ Cost Accountant firm as Concurrent Auditor of PFRDA”. Bids received in any manner other than as prescribed above shall be liable to be rejected summarily.

b. The bid in the above-mentioned sealed envelope should be submitted on or before 03^rd July 2025 upto 15.00Hrs at the following address;

The General Manager
Finance & Accounts
Pension Fund Regulatory and Development Authority
E-500, Tower-E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi-110 029
Telephone No. :011-40717900

c. The Earnest Money Deposit (EMD) of Rs. 10,000 (Rupees Ten Thousand Only), refundable (without interest), should be necessarily accompanied with the “Compliance with eligibility criteria (Technical Bid Envelope)” in the form of Demand Draft / Pay Order drawn in favour of Pension Fund Regulatory and Development Authority, payable at New Delhi.

i. In the event of non- submission of the EMD/bid-security money, the bid/proposal will be summarily rejected.

ii. No interest will be payable on the EMD/Bid Security amount.

iii. The EMD/bid security amount will be forfeited if upon being declared successful the Bidder fails to sign the agreement with PFRDA for provision of services as sought in the RFP, subsequent to its selection bid being accepted.

iv. The EMD/Bid Security will be refunded to the unsuccessful bidders only after completion of the entire RFP process.

v. The EMD/Bid security of the successful bidder would be refunded upon submission of Performance Security Deposit.

vi. EMD exemption available to the bidding firms under MSE category as per GFR Rule 170 (i). The bidder seeking EMD exemption, must submit the valid supporting document i.e. MSME certificate, for the relevant category.

d. The successful bidder will have to deposit a Performance Security Deposit @10% of the value (including GST) at which the contract is finally awarded to the firm appointed by PFRDA. The security deposit shall be in the form of Bank Guarantee/Fixed Deposit Receipt from any Nationalized Bank drawn in favour of Pension Fund Regulatory and Development Authority, New Delhi having a validity of three months beyond the period of contract. Alternatively, the performance security deposit may also be submitted in the form of Pay order/ Demand draft favouring Pension Fund Regulatory and Development Authority. In case the contract is further extended beyond the initial period, the Bank Guarantee/ Fixed Deposit Receipt will have to be accordingly renewed by the successful bidder at its own cost.

e. The conditional bids shall not be considered and will be summarily rejected in very first instance without any recourse to the bidder.

f. The Competent Authority of the PFRDA reserves the right to annul all bids and cancel the selection process at any time prior to signing of contract or discontinue this tender process, without assigning any reason.

g. The Chartered Accountant firms engaged with the PFRDA during the FY 24-25 as Tax Consultants and providing the services of Accounting work shall not be eligible for applying.

h. This document does not constitute nor should it be interpreted as an offer or invitation for the appointment.

i. Prospective bidders are advised to go through the complete tender documents including terms and conditions carefully before applying and understand the eligibility conditions etc. The bid once submitted shall not be ordinarily permitted to be withdrawn, after the closing date of submission of bids, which shall be at the sole discretion of PFRDA.

j. No binding legal relationship will exist between any of the bidder and PFRDA until execution of a contractual agreement.

k. A bidder will, by responding to PFRDA for RFP, be deemed to have accepted the terms of this document. The terms of engagement shall be in accordance with the contract to be entered with successful bidder.

l. All entries in the tender form should be legible and filled clearly. No overwriting or cutting is permitted in the Financial Bid Form. In such cases, the tender shall be summarily rejected.

m. This document is meant to provide information only and upon the express undertaking that recipients will use it only for the purposes set above. No representation or warranty, expressed or implied is or will be made as to the reliability, accuracy of the competence of any of the information contained herein. It does not purport to be all inclusive of contain all the information regarding the service to be provided or be the basis of the contract. It shall not be assumed that there shall be no deviation or change in any of the herein mentioned information on roles and responsibilities of service provider. While this document has been prepared in good faith, neither PFRDA, nor any of its officers make any representation or warranty or shall have any responsibility or liability whatsoever in receipt of any statements or omissions made herein. Any liability is accordingly and expressly disclaimed by PFRDA and any of their officers even if any loss or damage is caused by any act or omission on the part of PFRDA or any of their officers, whether negligent or otherwise.

n. By acceptance of this document, the recipient agrees that any information herewith will be superseded by any subsequent written information on the same subject made available to the recipient with access to any additional information or to update this document or to correct any inaccuracies therein which may become apparent.

o. PFRDA reserves the right, at any time and without advance notice, to change the procedure for the selection of service provider. Accordingly, interested recipients should carry out an independent assessment and analysis of the requirement of the information, facts and observation contained therein.

p. This document has not been filed, registered or approved in any jurisdiction. Recipients of this document should inform themselves and or observe any applicable legal requirement.

q. This document constitutes no form of commitment on the part of PFRDA. Furthermore, this document confers neither the right nor any expectation on any party to participate in the tender process. The bidder is responsible for all acts incurred in connection with participation in this process. This tender does not commit the PFRDA to award a contract or to engage in negotiations. The bidders’ participation in this process may result in PFRDA selecting the bidder to engage in further discussions and negotiations towards execution of a contract. The commencement of such negotiations does not, however signify a commitment by PFRDA to execute a contract or to continue negotiations. The PFRDA may terminate negotiations at any time without assigning any reason.

r. PFRDA reserves the right to vary/alter/amend the eligibility criteria for the Chartered Accountant/ Cost Accountant firm at any time, at its discretion, before the last date of submission of proposals.

s. The appointed Chartered Accountant/ Cost Accountant firm shall comply with and abide by such instructions and directions that PFRDA may issue from time to time.

t. The proposal and all correspondence and documents shall be written in English. All proposals and accompanying documents received within the stipulated times shall become the property of PFRDA and will not be returned.

u. The proposal shall be valid for a period of three months from the date of opening of proposals. A proposal valid for a shorter period may be rejected as non-responsive. In exceptional circumstances, at its discretion, PFRDA may grant consent for an extension of the validity period. The request and responses shall be in writing.

v. Once the PFRDA notifies the successful bidder that its proposal has been accepted, PFRDA shall enter into a separate agreement with the successful bidder and the terms and conditions of provisions of service etc. shall be specified therein.

w. The respondent shall be liable to maintain secrecy and confidentiality of all the information / data / operations, etc. of PFRDA and in relation to the work undertaken by it.

x. Any form of canvassing / lobbying / influence / query regarding short listing, status, etc will be a disqualification from the selection process.

y. The person(s) signing the bid documents shall preferably initial all pages of the bid.

z. Governing Laws/Jurisdiction/Arbitration: Any dispute in relation to the process of selection of the Chartered Accountant/ Cost Accountant, firm under this process shall be subject to the exclusive jurisdiction of courts at New Delhi only. Any dispute arising post the award of contract shall be settled in accordance with the terms mentioned therein.

3. Broad Scope of Work

The broad scope of work of Concurrent Audit is outlined below. The Concurrent Auditors will:

a) Obtain the necessary documents such as all the relevant circulars, guidelines, Delegation of Administrative Powers/Delegation of Financial Powers issued by the Authority from time to time and familiarize with them to have expert knowledge.

b) Conduct the audit of Vouchers/Records/Registers on fortnightly basis in a detailed manner along with supporting documents. All financial transactions of all the departments of PFRDA, irrespective of their value, will be covered under concurrent audit.

c) Ensure that the vouchers scrutinized, strictly adhere to the authority’s prescribed guidelines and approved procedures, with special focus on the following:

i. Vouchers are supported by all necessary documents i.e. invoice/ evidence of payment etc..

ii. Narration and Head of Account of Revenue/Capital A/c Expenditure is mentioned and ensure the correctness of the postings of transactions in the respective accounting head

iii. All the statutory tax norms have been complied with.

iv. Ensuring that the sanctioning authority is as per the Delegation of Administrative Powers/ Delegation of Financial Powers issued by authority from time to time

v. High-risk and high value transactions having considerable financial implication as opposed to small value transactions shall be subjected to enhanced scrutiny.

vi. Verify whether proper records have been maintained in respect of all transactions and contracts and to ascertain whether the records are updated correctly and on timely basis.

vii. Bank reconciliations, MIS etc.

viii. Any other related assessment/ audit.

d) Undertake concurrent audit of Books of Accounts, Records, Registers, Periodicals and other documents as required by the authority.

e) Ensure that all statutory compliances have been duly complied with.

f) Keep a check on the payroll calculations of the authority. Ensure compliance with the applicable internal HR policies.

g) Ensure accuracy and timeliness in maintenance of Books of Accounts. Further to have a check on whether the entries have been correctly posted accounting software being used by the Authority. Confirm timely closure of books and reconciliation of accounts.

h) Identify deficiencies noticed, if any for spot rectification and report the same to the Executive Director (Finance and Accounts).

k) Determine whether the internal control mechanism is working effectively and identify the areas of improvement to enhance the efficiency and provide early warning signal framework.

l) Submit monthly audit report to the Executive Director (Finance & Accounts) and incorporate comments on the compliance position of the audit irregularities or otherwise highlighted previously in the subsequent report.

m) Checking the adequacy of provisions made at the time of yearly closing of accounts. Assist in year closing activities and check adequacy of provisions, accruals and contingencies.

n) Certify that Financial statements of the Authority have been prepared and presented in accordance with the PFRDA (Form of Annual Statements of Accounts & Records) Rules, 2015

Certify that the draft Financial Statements are in agreement with the books of accounts and other relevant records of the Authority as presented to the auditor and that the financial statements are factually accurate and free from material misstatements or errors.

4. Selection Criteria

4.1 Eligibility Criteria: (To be submitted as per Annexure I and II)

a. The applicant entity should be a registered partnership firm or a limited liability partnership firm providing auditing & other services permitted by the ICAI.

b. The applicant entity should have been registered with ICAI and should have at least ten years track record of continuous operations as on 31.03.2025.

c. Audit entity should have a minimum of six partners out of which,

i. Any four partners to have an audit experience of at least five years,

ii. Any two partners to have been in practice in an audit entity (not necessarily the applicant entity) for at least ten years,

iii. Any two partners to have been with the applicant firm for a continuous period of at least five years,

iv. Any one partner of the entity or the designated partner (LLP) shall be a Fellow member of ‘The Institute of Chartered Accountants of India’ (ICAI) or ‘The Institute of Cost Accountants of India’ (ICAI) and should have been in continuous practice for at least five years after enrolment as Fellow Chartered Accountant FCA or Fellow Cost and Management Accountant (FCMA).

d. During the last five years (upto 31^st March 2025), the entity should have an experience of Accounting/Internal/Statutory/Concurrent Audit related work of at least 5 Central Autonomous Bodies or Financial Regulators.

Applicant entity is also expected to have knowledge of unbundled architecture of National Pension System.

e. At least one partner or paid Chartered Accountant/Cost Accountant of the applicant entity should have CISA/DISA or any other equivalent qualification.

f. The applicant entity should be empaneled with the Comptroller and Auditor General of India (C&AG) for the F.Y. 2025-26.

g. The applicant entity should not have been banned/declared ineligible for corrupt and fraudulent practices by the Govt. of India/State Govt/ICAI/C&AG/any financial sector regulator and should not have any disciplinary proceedings pending against the applicant firm or any of the partners with ICAI/ C&AG/any financial sector regulator.

h. The applicant entity should not have turnover (on receipt/cash basis) from professional services less than Rupees Five Crores for each of the last 3 financial years.

i. The applicant entity should have an office/branch in New Delhi/National Capital Region.

j. The eligibility criteria has to be duly satisfied on the date of submission of bid and not later.

4.2 Selection Process

This RFP will be assessed on the basis of selection process in following two phases:-

Phase 1 – Pre-Qualification based on Eligibility Criteria
Phase 2 – Financial evaluation

After the expiry of last date for submission of bids, the bid envelope containing the “Compliance with the Eligibility Criteria” and “Financial bid” in respect of all the bidders shall be opened as per the dates and time specified in the tender document. However, the financial bid would be considered only in respect of those firms who satisfy the eligibility criteria as on the date of submission of bid. The contract shall be awarded to the firm satisfying all the conditions as laid down under eligibility criteria and submitting the lowest financial bid (inclusive of taxes), and the decision of PFRDA in respect thereto, shall be final and binding on all bidders.

4.3 Pre Bid Meeting

A prospective bidder requiring any clarification on the RFP documents may notify PFRDA in writing at the address indicated in this RFP. The format for the same is prescribed at Annexure V (MS Word only). The same shall also be mailed to fin.acts@pfrda.org.in . All queries and clarifications should reach PFRDA latest by the date and time as specified in the section 1(c) of this RFP.

PFRDA would provide clarifications to the bidders in the pre-bid meeting only. PFRDA will not entertain or respond to bidders’ queries and clarifications received after pre-bid meeting.

The bidders’ authorized representatives are invited to attend the Pre-bid meeting at their own cost, which would take place at the venue mentioned below and time as stipulated in this RFP. The maximum number of authorized representatives for each bidder shall not be more than two.

Venue:
E-500, Tower-E,
5th Floor, World Trade Center,
Nauroji Nagar, New Delhi-110 029

5. Guidelines & Instructions

a. Letters and Declaration to Accompany Tenders

The bid must be accompanied by a letter on firm’s letter head showing the full registered name(s) and registered office address of the bidder. It should be signed by a person of suitable authority to commit the bidders to a binding contract.

b. Conflict of Interest

Bidders must disclose in their bid details of any circumstances, including personal, financial and business activities that will, or might, give rise to a conflict of interest. Where bidders identify any potential conflicts, they should state how they intend to avoid such conflicts. PFRDA reserves the right to reject any bid which, in PFRDA’s opinion, gives rise, or could potentially give rise to, a conflict of interest including on account of association with any intermediaries registered with PFRDA.

c. Payment

For carrying out the said assignment the fee is payable to the firm on quarterly basis on submission of bill and fulfillment of relevant terms and conditions as mentioned in the tender document as also in the contract. In the event of non-submission of the bill or failure of the selected bidder to fulfil relevant terms and conditions, the Authority may pay nil or a lower fee and the decision of the Authority in regard thereto, shall be final and binding.

d. Undertaking from the firm that: (Refer Annexure IV)

i. There has not been any disciplinary action initiated or contemplated/suspension of practice against the entity or debarment from conducting any activity by ICAI/RBI/C&AG or other financial sector regulator /statutory authority during the last five years.

ii. None of the partners/employees have been convicted of any offence involving moral turpitude or has been found guilty of any economic offence.

iii. No appeal/unresolved dispute/suit/case/application has been pending at any court of law/Tribunal in India regarding the existence of the business/ right to carry on practice of the firm or any of its partners/directors.

e. Indemnity

The successful bidder shall exercise reasonable skill, care and diligence in the performance of the assignment and indemnify and keep PFRDA, its members, officers, directors, employees indemnified in respect of any loss, damage or claim howsoever arising out of or related to breach of contract, breach of statutory duty or negligence by the firm or by its staff, agents or sub-contractors in relation to the performance or otherwise of the Services to be provided under the Contract.

f. Assigning to Others

The successful bidder shall not, without the prior written consent of PFRDA, assign or transfer or cause to be assigned or transferred, whether actually or as the result of takeover, merger or other change of identity or character of the successful bidder, any of its rights or obligations under the Contract or any part, share or interest therein. Upon any such assignment or transfer, this engagement may forthwith be terminated by PFRDA.

g. Termination

PFRDA may, at its sole discretion and at any time terminate the Contract by giving a month’s notice, and inform the firm of PFRDA’s decision by written instruction to that effect. Termination could also take place on such breaches as may be specified in the contract. In the event of the Contract being so terminated, the firm shall take such steps as are necessary to bring the Services to an end, in a cost effective, timely and orderly manner.

Annexure I Eligibility Criteria

(Page number should be clearly mentioned on each of the RFP documents to be submitted by the bidders. The reference of the same should be indicated on the column 3 of the above annexure 1 and may also form a part of an Index of the proposal documents.)

Annexure II Self Declaration

Date
Place:

Signature of Authorised Person
Name:
Designation along with Stamp

Annexure III Financial Bid

(For Appointment of Chartered Accountant/ Cost Accountant Firm as Concurrent Auditor of PFRDA)

The Financial Bid should contain the total cost for the proposed assignment with break-up of professional fees and GST. PFRDA would not be providing or reimbursing any expenditure incurred by the firm towards accommodation, local conveyance, air fare or train fare, halting expense, lodging, boarding etc. in connection with carrying out of the assignment.

The format for the Financial Bid is given below:

Date
Place:

Signature of Authorised Person
Name:
Designation along with Stamp

*(to be furnished on the letter head of the firm)

Annexure IV Self- Declaration

(to be furnished on the letter head of the firm)

General Manager
Finance & Accounts
Pension Fund Regulatory and Development Authority,
E-500, Tower-E, 5th Floor, World Trade Center, Nauroji Nagar, New Delhi-110 029

Dear Sir,

SUBJECT: APPLICATION FOR APPOINTMENT OF CHARTERED ACCOUNTANT/ COST ACCOUNTANT FIRM AS CONCURRENT AUDITOR OF PFRDA

Please find enclosed the bid for consideration of our firm to be appointed as Concurrent Auditor of Pension Fund Regulatory and Development Authority (PFRDA) from July 2025 to June 2026.

We agree to undertake the assignments, if given by you, as per the scope of work laid down under the RFP dated_____ . We hereby declare that our firm does not have any pecuniary liability or any claim/disciplinary/legal proceeding pending against us/ our partners our employees/our agents or any other cause which could hamper our ability to render the services as envisaged. We further declared that:

i. There has not been any disciplinary action initiated or contemplated/suspension of practice against this entity or debarment from conducting any activity by ICAI/RBI/C&AG or other financial sector regulator /statutory authority during the last five years

ii. None of the partners/employees have been convicted of any offence involving moral turpitude or has been found guilty of any economic offence.

iii. No appeal/unresolved dispute/suit/case/application has been pending at any court of law/Tribunal in India regarding the existence of the business/ right to carry on practice of this firm or any of its partners/directors.

iv. If the aforesaid representation /declaration or information in the annexures is found to be incorrect, we agree that the PFRDA shall be entitled to terminate the agreement, if executed, or initiate suitable action as deemed fit and appropriate by the PFRDA, without reference to us. We or our affiliates have, during the last three years, neither failed to perform any agreement, as evidenced by imposition of a penalty by an arbitral or a judicial pronouncement or arbitration awarded against us or our Affiliates, nor has been expelled from any project or agreement nor had any agreement terminated for breach by us or our affiliates.

Date
Place:

Signature of Authorised Person
Name:
Designation along with Stamp

List of Document Enclosed

Annexure V: Request for Clarification