Business Daily from THE HINDU group of publications
Sunday, Mar 09, 2008
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Business Daily from THE HINDU group of publications Sunday, Mar 09, 2008 ePaper | Mobile/PDA Version |
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Stock Markets Markets - Investments Industry & Economy - Social Security
K.R.Srivats New Delhi, March 8 The Finance Minister, Mr P. Chidambaram, has made it clear that there was no policy barrier for employee provident funds (EPFs) and exempted provident funds (PFs) in the private sector to invest in capital market even as he pointed out that the decision to invest in the capital market had to come from the trustees of these funds. “We have allowed EPFs and exempted PFs from investing in the capital market. Whether they will invest is a decision to be taken by the trustees. There is no policy barrier. The Government guidelines allow the EPF and exempted PF in the private sector to invest in capital markets. Each trustee has to take a call,” Mr Chidambaram said here at recent post-budget meeting organised by an apex industry chamber. He was responding to the Association of Mutual Funds of India’s Chairman, Mr A.P. Kurien’s suggestion that public provident funds and EPFs be allowed to invest larger portions in equity schemes of mutual funds. This, he said, would enable domestic mutual funds to get long-term money. “The trustees of EPF have not yet been persuaded by Mr Kurien and others that investment in capital market is safe. You must make an effort to persuade the trustees of EPF that their money is safe in the capital market,” Mr Chidambaram noted. More Stories on : Stock Markets | Investments | Social Security
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