The Pension Fund Regulatory and Development Authority (PFRDA) has issued Circular No: PFRDA/2023/26/Sup-CRA/07 on August 10, 2023, addressing all subscribers and stakeholders of the National Pension System (NPS). The circular introduces a simplified and secure method for NPS investors to stay informed about their investments through a Consolidated Account Statement (CAS).
Simplified & Secured way to stay Informed on NPS Investments through CAS
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
Circular No: PFRDA/2023/26/Sup-CRA/07
10th Aug 2023
All Subscribers & NPS Stakeholders
Subject: Simplified & Secured way to stay Informed on NPS Investments through Consolidated Account Statement (CAS)
The CAS provided by National Securities Depository Limited (NSDL) and Central Depository Services Ltd (CDSL) offers a consolidated view of the personal investments in the securities market with updated mark-to-market values. It encompasses holdings of Demat accounts and mutual fund holdings of the investors.
- CAS is issued to investors in accordance with Regulation 36(4) of SEBI (Mutual Funds) Regulations, 1996 and circulars thereof for the benefit of Investors. Central Record Keeping Agencies (CRAs) in terms of Regulation 18(2)(k) of the PFRDA(CRA) Regulations,2015 enhance & develop the modules to address the evolving requirements of various stakeholders. PFRDA in coordination with SEBI has enabled the functionality to benefit NPS Subscribers to view their pension corpus under NPS in CAS.
- In line with the Government of India’s vision to create a comprehensive record of every individual’s financial assets, PFRDA has integrated the NPS Statement of Transaction (SoT) with CAS. Currently, the NPS SoT is shared on an annual basis either physically or through email, and it can also be viewed online in the CRA login. Now, PFRDA has enabled CRAs to integrate with depositories, registered with SEBI to provide NPS Subscribers with the option to include NPS transactions in CAS. Till date, nearly 50000 Subscribers have evinced interest and provided their consent to avail the facility.
- some important features regarding the inclusion of NPS SoT in CAS & benefits are as under:
a. Consent Basis:
The facility to include NPS SoT in CAS will be available to NPS subscribers on consent basis. If the Subscriber wishes to opt for this inclusion, the consent can be provided on the respective website of aforementioned CRAs.
b. Nominal Charges:
A fee of Re 1/- will be applicable for each physical statement requests, while 10 paise will be charged for each email statement.
- Benefits of Consolidated Account Statement (CAS):
Simplified Record-Keeping: CAS eliminates the need to maintain separate statements for different investments by summarizing the details into one comprehensive statement. This reduces paperwork and provides a consolidated view of all investments at one place, making it easier to manage and track the same.
Enhanced Safety: With the increasing popularity of online contribution and digital payment methods, the CAS plays a crucial role in ensuring safety of information pertaining to contributions/investments. By receiving monthly updates, the Subscribers can stay alert and promptly identify any unauthorized transactions. In case of fraudulent activities, the Subscribers can inform the associated intermediary at the earliest of necessary action.
Timely Information: CAS keeps Subscribers well-informed about their investments. With a monthly update of all transactions and holdings, they can easily monitor the performance of investments, stay up to date with any changes, and make informed decisions accordingly.
- All the Stakeholders like POPs, Nodal Offices and NPS Trust are required to disseminate this important information to the subscribers and encourage them to avail the facility by providing consent for including NPS SoT in CAS. The CRA wise process flow of consent framework is provided at the Annexure-I for the benefit of Subscribers.
- This circular is issued under Section 14 (1) of PFRDA Act,2013 read with Regulation 18 and 19 of the PFRDA (CRA) Regulations, 2015.
Digitally signed by K
Chief General Manager