The EPFO trust meeting is expected to be held next week. There can be many big decisions in this. EPFO can appoint 3 big companies to manage the trust fund.
New Delhi: The Employees Provident Fund Organization (EPFO) can appoint HSBC AMC, UTI AMC and SBI Mutual Fund as fund managers in a meeting of trustees next week. This appointment can be for three years.
The Audit and Investment Committee (FAIC) of EPFO has recommended the appointment of three asset management companies… HSBC AMC, UTI AMC and SBI Mutual Fund as fund managers for three years from October 1, 2019.
The recommendation of the FAIC will be placed before the Central Board of Trustees (CBT), the apex decision making body of the EPFO. The CBT headed by the Labor Minister will meet on 21 August 2019.
Appointment of fund managers and for three years has been pending since April last year. CBT appointed SBI, ICIICI Securities Primary Dealership, Reliance Capital and HSBC AMC for three years from April 1, 2015.
After that, the tenure of five fund managers was extended to EPFO several times. Now the extended period of these fund managers expires on 30 September 2019. The source said that their names have been finalized based on the past performance of the three asset management companies.