Direct Answer
PFRDA is the regulator
Regulatory Oversight
1. Role of PFRDA: It administers the National Pension System (NPS) and APY. It appoints the Point of Presence (PoPs) and aggregators. 2. Architecture: The money collected is invested by Pension Funds appointed by PFRDA as per investment guidelines. 3. Claim Settlement: PFRDA ensures the “Guaranteed Pension” promise is kept by the government by managing the gap funding if necessary.