Master Circular on Investment Guidelines for Government Sector – UPS/NPS/APY Schemes, NPS Lite, APY and APY Fund Scheme

Master Circular on Investment Guidelines for Government Sector – UPS/NPS/APY Schemes- Central/ State Government (default), Corporate CG, NPS Lite, Atal Pension Yojana and APY Fund Scheme: PFRDA Master Circular dated 10.12.2025

 

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

MASTER CIRCULAR

PFRDA/Master Circular/2025/05/PF-03

Date: 10th December 2025

To

The CEOs of All Pension Funds & NPS Trust
All other NPS Stake Holders

SUBJECT: Master Circular on Investment Guidelines for Government Sector – UPS/NPS/APY Schemes- Central/ State Government (default), Corporate CG, NPS Lite, Atal Pension Yojana and APY Fund Scheme.

1. This Master Circular is being issued in exercise of powers of the Authority conferred under sub-clause (b) of sub-section (2) of Section 14 read with Section 23 of the PFRDA Act, 2013 and sub-regulation (1) of Regulation 14 of PFRDA (Pension Fund) Regulations, 2015 as amended from time to time.
2. This master circular supersedes the earlier circular dated 28.03.2025 and all the circulars/ letters mentioned in the Appendix.
3. This master circular shall be effective immediately.

Yours sincerely

K MOHAN GANDHI
Digitally signed by
K MOHAN GANDHI
Chief General Manager

 

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