PFRDA issues new audit rules for NPS and APY providers

Audit thresholds for NPS and APY

If a provider has 10,000 or more NPS accounts, they'll face yearly audits; fewer accounts means checks once every three financial years.
For APY, it's annual audits if there are 100,000 or more subscribers, otherwise every three years.
PoPs with under 1,000 APY accounts are exempted from filing audit reports.

Audits to cover processes and enforcement

Audits won't just look at paperwork: they'll cover onboarding, KYC checks, contributions processing, cybersecurity steps, and fraud prevention.

There are extra checks too: NPS providers get scrutinized on unreconciled contributions and turnaround times; APY providers need to show proper handling of government co-contributions and death claims.
Miss an audit deadline? That could mean regulatory action, including audits initiated directly by the authority.