<h1>PFRDA Board Approves NPS Enhancements: Lower Bond Rating, Higher Equity Cap, New Stewardship Code, Flexible Withdrawals.</h1> The Pension Fund Regulatory and Development Authority (PFRDA) held a board meeting to enhance the National Pension System (NPS). Key decisions included approving a proposal to lower the investment grade rating for corporate bonds from AA to A, with a cap of 10% on A-rated bonds, and adopting a Common Stewardship Code to improve corporate governance. Partial withdrawal rules were modified to allow withdrawals for higher education or business ventures. Additionally, the equity investment cap for private sector subscribers was increased from 50% to 75%, with a tapering clause after age 50. These measures aim to expand investment options and improve subscriber benefits.