India may allow state pension fund EPFO to buy more stocks - minister | Reuters

NEW DELHI India is considering allowing the state-run social security and pension fund to invest more in the stock market, Labour Minister Bandaru Dattatreya said on Thursday.Dattatreya said the government was examining a proposal to let the Employees' Provident Fund Organisation (EPFO) invest 15 percent of its corpus via exchange-traded funds compared with 10 percent at present.The issue would be taken up in the next meeting of the Central Board of Trustees (CBT) of the fund, he told reporters at an event organised by industry group Assocham. The social security fund, which manages more than 8.5 trillion rupees ($127 billion), has been paying a return of over 8 percent to its near 40 million subscribers.

Reuters February 09, 2017 16:57:35 IST
India may allow state pension fund EPFO to buy more stocks - minister
| Reuters

India may allow state pension fund EPFO to buy more stocks  minister
 Reuters

NEW DELHI India is considering allowing the state-run social security and pension fund to invest more in the stock market, Labour Minister Bandaru Dattatreya said on Thursday.Dattatreya said the government was examining a proposal to let the Employees' Provident Fund Organisation (EPFO) invest 15 percent of its corpus via exchange-traded funds compared with 10 percent at present.The issue would be taken up in the next meeting of the Central Board of Trustees (CBT) of the fund, he told reporters at an event organised by industry group Assocham.

The social security fund, which manages more than 8.5 trillion rupees ($127 billion), has been paying a return of over 8 percent to its near 40 million subscribers.

In August 2015, the fund manager entered the equities market for the first time, channelling 5 percent of its investments into ETFs. Last year, it raised its equity allocation to 10 percent, despite opposition from some trade unions. ($1 = 66.9250 Indian rupees)

(Reporting by Manoj Kumar; Editing by Douglas Busvine)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Cryptocurrency prices tumble and exchange trading falters as snags crop up
News & Analysis

Cryptocurrency prices tumble and exchange trading falters as snags crop up

NEW YORK (Reuters) -The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.

Ford poaches Apple's car project chief Doug Field
News & Analysis

Ford poaches Apple's car project chief Doug Field

By Joseph White and Sanjana Shivdas (Reuters) -The head of Apple Inc's car project, Doug Field, is going to work for Ford Motor Co to lead the automaker's advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.