EPFO appoints StanChart custodian of securities

The Central Board of Trustees, the apex decision-making body of the Employees Provident Fund Organisation, today approved appointment of Standard Chartered Bank as the custodian of securities of the EPFO.

The CBT meeting held here also unanimously approved appointment of external concurrent auditor to audit investments of the EPFO funds. Briefing reporters, Union Labour Minister M Mallikarjuna Kharge, who presided the meeting, said CBT approved Standard Chartered Bank as custodian of securities of EPFO.

It also approved Chandabhoy and Jassoobhoy of Mumbai as external concurrent auditor. The appointments were made following the calling of bids on all India basis. Earlier at its meeting in Delhi, CBT had approved four fund managers to handle EPF funds invested both in public and private sectors, including the stock market.

They are State Bank of India, ICICI Bank, HSBC Bank and Reliance Capital. Members of the PF Board, representatives from both employers and employee organisations and government representatives were present in on Wednesday’s meeting.

Giving details on funds collection by EPFO and its investment, EPFO officials said the total employee size coming under EPFO was five crore. The total fund size was Rs 3,50,000 crore. In this, about Rs 60,000 crore is reinvested every year, while Rs 40,000 crore is collected annually. After settlements, EPFO would have a net of Rs 20,000 crore for investment, they said.