Indian regulators and government

    Pension Fund Regulatory and Development Authority (PFRDA)

    The regulator for India's National Pension System and its pension fund managers.

    Official site

    Background

    PFRDA regulates the National Pension System (NPS) and the pension fund managers that invest NPS money.

    Scope and powers

    PFRDA sets investment rules for pension funds and issued a stewardship code for pension funds in 2018.

    Investor relevance

    Pension funds are growing long-term investors. Their stewardship and investment choices influence voting at Indian companies and demand for long-dated bonds, including green bonds.

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    Key glossary terms

    Last reviewed: October 2026