The Pension Fund Regulatory and Development Authority on Wednesday notified the Point of Presence (PoP) Regulations 2023, simplifying the registration process with the objective of ease of doing business and greater usage of digital mode.
'With this notification, banks and non-banks can act as PoPs to on-board National Pension System (NPS) subscribers. Now, they require only single registration for NPS, instead of multiple registrations earlier, and can operate with just one branch with wider digital presence,' an official statement said.
The timeline for disposing of applications has been reduced from 60 days to 30 days, it added.
The simplification is in line with the Union Budget 2023-24 announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business.
The Point of Presence (PoPs) are entities appointed by the Pension Fund Regulatory and Development Authority (PFRDA) to provide services to all the citizens of India to open and operate their NPS accounts. They perform functions through their network of branches called POP Service Providers (POP-SPs). The operations of these POP-SPs are coordinated and controlled by the POP.
POP will require registration for the distribution of all schemes administered by the PFRDA.
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