PFRDA simplifies Level of Presence Rules, abolishes a number of registrations for NPS

The Pension Fund Regulatory and Improvement Authority on Wednesday notified the Level of Presence (PoP) Rules 2023, simplifying the registration course of with the target of ease of doing enterprise and higher utilization of digital mode. “With this notification, banks and non-banks can act as PoPs to on-board Nationwide Pension System (NPS) subscribers. Now, they require solely single registration for NPS, as an alternative of a number of registrations earlier, and may function with only one department with wider digital presence,” an official assertion stated.

The timeline for disposing of functions has been diminished from 60 days to 30 days, it added.

The simplification is in keeping with the Union Funds 2023-24 announcement to overview laws to scale back the price of compliance and improve the convenience of doing enterprise.

The Level of Presence (PoPs) are entities appointed by the Pension Fund Regulatory and Improvement Authority (PFRDA) to offer companies to all of the residents of India to open and function their NPS accounts. They carry out capabilities by way of their community of branches referred to as POP Service Suppliers (POP-SPs). The operations of those POP-SPs are coordinated and managed by the POP.

POP would require registration for the distribution of all schemes administered by the PFRDA.