The Central Board of Trustees on Thursday allowed Employees’ Provident Fund Organisation (EPFO) to invest its funds in Sensex and Nifty50 ETFs in equal proportion.
“The board approved the proposal of equal allocation of funds in Sensex and Nifty by EPFO,” a release read. With this, funds will be allocated evenly between Nifty 50 and Sensex ETFs.
At present, 75 per cent of the funds are allocated to Nifty and rest to the Sensex. At inception, the board had approved 100 per cent investments in Nifty50.
On Wednesday, the retirement fund manager approved the appointment of UTI AMC and SBI Mutual Fund as its fund managers for three years, according to a source.
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EPFO also approved a proposal for early redemption of its investment of around Rs 700 crore in bonds of troubled Dewan Housing Finance Corporation Ltd (DHFL), at its trustees’ meeting held in Hyderabad.
The Central Board of Trustees, EPF is a statutory body constituted by the central government under the provisions of section 5A of the Employees’ Provident Funds and Miscellaneous Provisions Act,1952 (Act 19 of 1952).
Source: Economic Times
