PFRDA Notice on Implementation of Multiple NAVs framework w.e.f. 01st April 2026
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Mar 25, 2026, 1:01:21 PM (7 days ago) Mar 25
to UPDATES from SecMark
Date of Issue: 25-03-2026
Highlights of the Circular :
1. PFRDA has vide Circular No. PFRDA/2026/15/REG-PF/04 dated 06th March 2026 revised the Investment Management Fee (IMF) charges levied by Pension Funds wherein the charges have been differentiated for Government and Non-Government subscribers with effect from 1st April 2026. Further, vide circular No. PFRDA/2026/16/REG-POP/01 and PFRDA/2026/17/REG-POP/02 dated 10th March 2026, charge structure of Point of Presence (POPs) for common schemes under NPS including NPS Vatsalya and NPS Lite has been revised and the POP charges are required to be adjusted through NAV (Net Asset Value).
2. To enable levying of above mentioned charges and adjustment of the same in NAV, based on the principles of differentiated IMF rates and PoP Charges for Government and NonGovernment (PoP and e-NPS) subscribers, the concept of multiple NAV framework within a scheme will be introduced w.e.f. 01st April 2026.
3. For implementation of the said framework, Central Recordkeeping Agencies and Pension Funds will be undertaking system and functionality changes. During such transition period, certain transactions will not be supported on CRAs' platforms. Details of such transactions along with the period of impact are mentioned in the circular for information of all stakeholders:
4. Subscribers and other stakeholders are advised to schedule their transactions accordingly. Subscribers/other stakeholders can resume carrying out the above transactions w.e.f 2nd April 2026 onwards.
5. Kindly note that onboarding/registration of new subscribers and contributions by the existing subscribers will continue to be accepted and processed in the CRA system during the above said period.
Highlights of the Circular :
1. PFRDA has vide Circular No. PFRDA/2026/15/REG-PF/04 dated 06th March 2026 revised the Investment Management Fee (IMF) charges levied by Pension Funds wherein the charges have been differentiated for Government and Non-Government subscribers with effect from 1st April 2026. Further, vide circular No. PFRDA/2026/16/REG-POP/01 and PFRDA/2026/17/REG-POP/02 dated 10th March 2026, charge structure of Point of Presence (POPs) for common schemes under NPS including NPS Vatsalya and NPS Lite has been revised and the POP charges are required to be adjusted through NAV (Net Asset Value).
2. To enable levying of above mentioned charges and adjustment of the same in NAV, based on the principles of differentiated IMF rates and PoP Charges for Government and NonGovernment (PoP and e-NPS) subscribers, the concept of multiple NAV framework within a scheme will be introduced w.e.f. 01st April 2026.
3. For implementation of the said framework, Central Recordkeeping Agencies and Pension Funds will be undertaking system and functionality changes. During such transition period, certain transactions will not be supported on CRAs' platforms. Details of such transactions along with the period of impact are mentioned in the circular for information of all stakeholders:
4. Subscribers and other stakeholders are advised to schedule their transactions accordingly. Subscribers/other stakeholders can resume carrying out the above transactions w.e.f 2nd April 2026 onwards.
5. Kindly note that onboarding/registration of new subscribers and contributions by the existing subscribers will continue to be accepted and processed in the CRA system during the above said period.
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