The Employees’ Provident Fund Organisation(EPFO) is an India’s largest retirement fund which handles the old age savings of over 27 crore citizens and invests nearly 15 percent of its corpus funds into exchange traded funds(EFTs) linked to the National Stock Exchange (NSE NIFTY 50) and the Bombay Stock Exchange (SENSEX).
EPFO continues to invest in the stocks of Adani Group’s flagship company Adani Enterprises and Adani Ports and Special Economic Zone(SEZ). In the beginning month of this year a report released by Hindenburg Research firm against Adani Groups, accusing of stock manipulation and accounting fraud shook the entire market and the investors were worried about their investments in Adani group shares. However the conglomerate is directly or indirectly facing the consequences till date.
The Central Board of Trustees (CBT) manages the EPFO planned to discuss pension linked for higher salary along with FY23 interest rates and annual financial estimates in its two-days meeting. As this is associated with the savings of millions across the country the proceedings of EPFO will be carefully monitored.
Therefore until the trust rethinks and decides on the investment approach the EPFO will continue to invest in stocks of both Adani owned companies at least till September.
