Mumbai, Aug 6 : The Employees Provident Fund Organisation (EPFO), as guided by Union Ministry for Labour & Employment, Government of India and the Union Ministry for Finance, on Thursday announced its strategic participation in the Equity asset class.
As per the notification issued by Union Ministry for Labour & Employment and the directive of Union Ministry for Finance, the EPFO for the first time since its inception in 1951 would invest in Equities through the Exchange Traded Funds (ETFs) route.
For this purpose, SBI-ETF NIFTY and SBI SENSEX ETF are the two index-linked ETF schemes chosen from the State Bank of India promoted SBI Mutual Fund, one of India’s leading mutual fund house.
Bandaru Dattatreya, Hon’ble Minister of State for Labour & Employment (Independent Charge), Government of India made the formal announcement of EPFO’s maiden entry into Indian Equity Market at an historic event in Mumbai on Thursday.
Speaking on the occasion, Bandaru Dattatreya, Minister of State for Labour & Employment (Independent Charge), Government of India, said: “Having transformed the area of service delivery it was time to bring innovation in the way the funds of EPFO are being managed. Today we are all starting a new chapter in the history of EPFO’s investments. I am extremely pleased to announce that the EPFO has taken its first step towards enhancing its returns by investing in Equities.”
Arundhati Bhattacharya, Chairman of State Bank of India said, “For SBI Group, this is a proud moment as SBI has been servicing EPFO in Funds management for over 20 years now.”