The Hindu Business Line : EPFO to study investment in equities

FOUR days after the Finance Ministry's announcement that provident funds would be allowed to invest 5 per cent of their assets in equities, the Labour Minister, Mr K. Chandrasekhar Rao, today said that Employees' Provident Fund Organisation (EPFO) will examine the possibility of investing in equities.

Initially, the Finance and Investment sub-committee of the EPFO would examine the proposal.

"There is a Finance and Investment sub-committee in the EPFO that will discuss the proposal," Mr Rao told reporters here today.

The sub-committee would then discuss the proposal with State Bank of India (SBI), the banker for EPFO. Following a detailed discussion between the sub-committee and the SBI, a final proposal would be prepared which would be placed before the Central Board of Trustees (CBT) of the EPFO, which is chaired by the Labour Minister himself.

The CBT is expected to meet sometime around the middle of this month.

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