Intermediaries:

Central Record Keeping Agency (CRA): Under NPS, Central Record Keeping Agency (CRA) will be required to maintain subscriber accounts and issue a unique Permanent Retirement Account Number (PRAN) to each subscriber, among other functions. CRA undertakes Record Keeping, Administration and Customers service. National Securities Depository Ltd (NSDL) and Karvy Computershare Private Limited have been registered as CRA for the NPS.

Pension Funds Managers (PFMs): Manage Investment of Retirement Savings of NPS. PFRDA has appointed three pension fund managers, namely LIC Pension Fund Ltd., SBI Pension Fund (Pvt.) Ltd. and UTI Retirement Solutions Ltd. for managing pension funds of Central and State Government, and Seven fund managers for managing the funds of unorganized sector.

Trustee Bank: Axis Bank Ltd has been appointed by PFRDA as the Trustee Bank for National Pension System (NPS) effective from 1st July, 2013. Trustee Bank as an intermediary is responsible for the day-to-day flow of funds and banking facilities in accordance with the guidelines/ directions issued by the Authority under NPS. It receives NPS funds from all Nodal Offices and transfers the same to the Pension Funds / Annuity Service Providers/other intermediaries as per the operational guidelines.

Custodian: Custodian registered by PFRDA is Stock Holding Corporation of India Limited. Custodian will hold the scheme securities in Demat a/c in the name of NPS Trust and providing custodial services to Pension Funds managing the Schemes on behalf of NPS Trust among other functions.

Annuity Service Providers (ASP): ASP provides monthly or any other periodical annuity payment to the subscriber for the annuity contract purchased by the subscriber under the National Pension System at the time of exit. The member must purchase an annuity from one of five ASPs empanelled by PFRDA which includes the Life Insurance Corporation of India."

Points of Presence (PoPs): PoP performs the functions relating to registration of subscribers, undertaking Know Your Customer (KYC) verification, receiving contributions and instructions from subscribers and transmission of the same to designated NPS intermediaries.