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EPFO to discuss investing in stocks on 4 July

EPFO to discuss investing in stocks on 4 July
PTI
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First Published: Sun, Jun 28 2009. 04 11 PM IST
Updated: Sun, Jun 28 2009. 04 11 PM IST
New Delhi: The EPFO’s apex advisory body Central Board of Trustees will take a view on the Finance Ministry’s proposal on 4 July to invest 15% of its corpus in equity, a move that could see over Rs25,000 crore moving into capital markets.
Besides deciding the interest rate on provident fund for 2009-10, the CBT, headed by the labour minister, will also discuss the long-pending issue of allowing the EPFO to park part of its funds in the stock markets in its meeting scheduled for 4 July, sources said.
The proposal to park funds in the stock market, it may be recalled, was rejected by the Employees’ Provident Fund Organisation’s (EPFO’s) Finance and Investment Committee (FIC) at its meeting on 26 March. The FIC’s recommendations are usually accepted by the CBT, which has the final authority to take any policy decision.
The EPFO has a corpus of about Rs1,82,000 crore and the permission to invest 15% funds in equity could have positive implications for the capital market.
The Finance Ministry in August last year had suggested an investment pattern to the EPFO under which the organization could park up to 15% of its funds in the companies listed on the Bombay Stock Exchange and National Stock Exchange and also equity-linked schemes of Sebi-regulated mutual funds.
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First Published: Sun, Jun 28 2009. 04 11 PM IST
More Topics: EPFO | CBT | Stocks | Markets | Equities |