EPFO to appoint auditor to track fund managers
The Hindu
Investments to be scrutinised daily.
Nearly seven years after starting to deploy a part of its corpus in the stock market through professional fund managers, the Employees’ Provident Fund Organisation (EPFO) has now decided to appoint an independent auditor to keep an eye on their investment transactions and report any deviations.
An official said the decision to appoint an external concurrent auditor who could “scrutinise day-to-day transactions by the portfolio managers” was taken prior to the current volatility in the stock markets, and was aimed at ensuring that the investment pattern and norms specified for EPF savings were followed strictly.
In 2020-21, the fund managers invested nearly ₹1.82 lakh crore, which includes equity investments of at least 5% of the incremental EPF inflows into members’ accounts. The EPFO had begun equity investments in 2015-16, with a ceiling of 15% of fresh inflows. A minimum of 45% and a maximum of 65% of inflows are invested in government securities.
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