Tuesday, October 26, 2010
EPFO seeks surety on equity plan.
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TERMING EQUITY investment unsafe,the EPFO has asked for a government guarantee,ifthe retirement fund manager is mandated to comply with the finance ministry demand for investing up to 15 percent of its funds in stocks.our board of trustees felt investment in the capital market are unsafe and do not serve well.central Provident Fund Commissioner,Mr.samirendra chatterjee said.Citing revised regulations,the ministry of finance has been asserting that it has the right to prescribe investment patterns for retirement funds and has been asking for 15 percent of the EPFO corps to be invested in equities.
courtesy.....DACCAN CHRONICAL. dated..25th Oct. 2010.