PFRDA (Pension Fund Regulatory and Development Authority)

Established under the PFRDA Act, 2013, the Pension Fund Regulatory and Development Authority regulates and promotes the orderly growth of India's pension system - primarily the National Pension System (NPS) and Atal Pension Yojana. It registers and oversees the intermediaries that make NPS work (pension fund managers, the central recordkeeping agency, points of presence), sets rules on contributions, withdrawals, and investment patterns, and runs a dedicated grievance-redressal process for subscriber disputes. If you hold an NPS account, PFRDA - not SEBI or IRDAI - is the regulator ultimately responsible for the rules governing it.