Reference directory
The institutional ecosystem that runs NPS: Pension Fund Managers, Central Recordkeeping Agencies, Points of Presence, the Trustee Bank, Custodian, and Annuity Service Providers.
Section 01
NPS follows an unbundled architecture. Two entities sit at the top: PFRDA as the statutory regulator, and the NPS Trust as the legal holder of subscriber assets.
The Pension Fund Regulatory and Development Authority is the statutory regulator established under the PFRDA Act, 2013. It registers and supervises every intermediary, issues regulations covering investments, exit, and grievance redressal, and is the policy interface for the pension sector.
Open PFRDAThe National Pension System Trust is the legal owner of NPS assets, with subscribers as the beneficial owners. It oversees the Pension Fund Managers, Trustee Bank, CRA, and Custodian, monitors performance, and acts as the first escalation forum for unresolved subscriber grievances.
Open NPS TrustSection 02
PFMs are investment managers appointed by PFRDA to invest subscriber contributions across the E, C, and G asset classes. A subscriber selects one PFM at a time, and that PFM manages the entire NPS portfolio for the account.
One of the earliest PFMs appointed at NPS inception, managing schemes across Equity, Corporate Debt, and Government Securities for Government and Non-Government sector subscribers.
PFM list on PFRDAAppointed alongside SBI and UTI as one of the original Government-sector PFMs; manages NPS schemes across E, C, and G for all eligible sectors.
PFM list on PFRDAOne of the three founding NPS Pension Fund Managers; manages NPS schemes for Government, Corporate, and All Citizen subscribers.
PFM list on PFRDAA Non-Government sector PFM widely available across PoPs and the eNPS platform; manages NPS schemes across the standard asset classes.
PFM list on PFRDAManages NPS Equity, Corporate Debt, and Government Securities schemes for eligible NPS subscribers across sectors.
PFM list on PFRDAA long-running NPS Pension Fund Manager offering investment management across the E, C, and G asset classes.
PFM list on PFRDAManages NPS schemes across the standard asset classes for Corporate and All Citizen sector subscribers.
PFM list on PFRDAOne of the newer PFMs onboarded into NPS, managing investments across E, C, and G schemes under the PFRDA framework.
PFM list on PFRDAA more recently registered NPS Pension Fund Manager that invests across the regulated asset classes within NPS investment guidelines.
PFM list on PFRDAAmong the newest PFM additions; manages NPS investments across the approved asset classes under PFRDA's prudential framework.
PFM list on PFRDARegistered as a Pension Fund Manager under the expanded panel of NPS PFMs and operates under PFRDA's investment and disclosure framework.
PFM list on PFRDASection 03
CRAs are the recordkeeping backbone of NPS, registered under Section 27 of the PFRDA Act, 2013 and governed by the PFRDA (CRA) Regulations, 2015. They issue PRANs, store subscriber and transaction records, and act as the operational interface for every other intermediary.
The original NPS CRA, operating the cra-nsdl.com portal and large parts of the eNPS infrastructure. It maintains PRAN accounts, processes contributions and switches, and provides the dominant subscriber and PoP-facing portal across sectors.
Open Protean CRAThe second NPS CRA, offering subscribers a choice of recordkeeping platform with a parallel portal and mobile experience. Functionally equivalent to Protean for PRAN, transaction processing, and statement delivery.
Open KFin CRAComputer Age Management Services operates as a CRA in NPS, providing recordkeeping, account servicing, and reporting infrastructure within the PFRDA framework.
Open CAMS CRASection 04
PoPs are the subscriber-facing service layer of NPS. They handle registration, KYC, contribution collection, change requests, and exit paperwork. The PoP network spans banks, post offices, brokers, and online aggregators.
PoPs are the first point of contact for individual subscribers. They open accounts, verify KYC, generate PRANs, collect contributions, process service requests such as nominee or address changes, and assist with partial withdrawals and exit submissions.
PoPs include public and private banks (SBI, HDFC Bank, ICICI Bank, Axis Bank), India Post, online aggregators, and registered financial intermediaries. The current PoP list is published on the PFRDA website.
A PoP often operates through a network of PoP-SP branches at the customer-facing level. Subscribers can choose to be serviced through the parent PoP or a specific PoP-SP branch.
Section 05
These two entities form the settlement spine of NPS. The Trustee Bank moves money, the Custodian holds securities. Both are independent from the PFMs to keep cash and assets separated.
Axis Bank serves as the NPS Trustee Bank. It receives contributions from PoPs, nodal offices, and eNPS, then routes funds to the PFMs based on the subscriber's selected scheme and asset allocation. It also reconciles fund flow with the CRA's transaction records.
Axis BankDeutsche Bank AG acts as the independent Custodian for NPS. It holds and safeguards the equity, corporate debt, and government securities bought by the PFMs, and settles purchase and sale transactions. Holding securities outside the PFM's own books is the structural safeguard against misuse.
Deutsche Bank IndiaSection 06
At exit, a prescribed portion of the NPS corpus is used to buy a lifetime annuity from an ASP. ASPs are life insurers authorised by IRDAI and empanelled by PFRDA. The current empanelled list is published on the PFRDA website.
Empanelled NPS ASP offering the standard menu of immediate annuities including life annuity, joint life annuity, and life annuity with return of purchase price.
LIC NPS AnnuityEmpanelled NPS ASP providing the standard PFRDA-approved annuity variants to NPS subscribers at exit.
SBI Life NPSEmpanelled NPS ASP offering the PFRDA-approved annuity options including return of purchase price and joint life variants.
HDFC Life NPSEmpanelled NPS ASP providing the standard immediate annuity options used to convert the NPS annuity corpus into a lifetime pension stream.
ICICI Pru AnnuityEmpanelled NPS ASP offering the PFRDA-approved annuity options for NPS exits.
Axis Max LifeEmpanelled NPS ASP offering the standard PFRDA-approved annuity variants at exit.
Kotak Life AnnuityEmpanelled NPS ASP offering the PFRDA-approved menu of immediate annuity options.
Tata AIA AnnuityEmpanelled NPS ASP offering the standard PFRDA-approved annuity options for NPS subscribers at retirement.
PFRDA's ASP empanelment evolves over time and has included insurers such as Star Union Dai-ichi, Bajaj Allianz, Canara HSBC, IndiaFirst Life, and Edelweiss Tokio Life in various rounds. The current empanelled list is on the PFRDA ASP page.
Source note
Drawn from the NPS Master Document and Chapter 4 (NPS Architecture and Ecosystem). Intermediary lists reflect entities named in source chapters; current empanelment is on PFRDA and NPS Trust websites.
Also under reference