PFRDA to add gold, silver, and startup investments to NPS

The Pension Fund Regulatory and Development Authority (PFRDA) is expected to expand the investment universe of the National Pension System (NPS), allowing pension funds to diversify beyond traditional assets.

The regulator is working on a new list of investible instruments that will include commodities such as gold and silver, as well as unlisted companies through alternative investment funds (AIFs).

In an interview with CNBC-TV18, Sivasubramanian Ramann, Chairperson of PFRDA, said, “There is a demand for commodities, really a demand for gold and silver… more from a safety point of view rather than a return point of view,” he said.

The new framework may classify AIF investments as a separate asset class, rather than grouping them under equity or debt, making operations smoother for pension funds.

These changes are expected to provide fund managers with more flexibility in designing schemes that cater to a broader range of investor personas, including gig workers and women.

Ramann said the revised investment guidelines are likely to be finalised in the next 30–45 days, enabling pension funds to roll out new schemes and channel long-term capital to emerging sectors.