EPFO Investment in Adani Stocks: The EPFO, which came on the backfoot regarding investment in Adani Group’s stocks, has said in its statement that the Employees’ Provident Fund Organization takes a very careful and balanced approach while investing. In fact, it was reported that Retirement Fund EPFO continues to invest in two stocks of Adani Group despite heavy beating of Adani Group’s stocks after the Hindenburg Research report came to the fore.
Cleanliness of Ministry of Labor
The Central Board of Trustees has increased the EPF rate to 8.15 per cent for 2022-23. Regarding this, it was said in the press release issued by the Ministry of Labor that, EPFO has been adopting a very careful and balanced approach while investing. Along with this, the major focus of EPFO is on the security and protection of principal amount.
The Ministry of Labor said in its press release that EPFO has been successful in providing higher income to its members during different economic cycles with minimum credit risk over the years. Keeping in view the credit profile of EPFO investments, the interest rate offered by EPFO is higher than other investment options available to subscribers, the statement said.
The statement said that EPFO being the largest social security organization has been successful in its objective of paying high assured rate of interest to its subscribers despite volatility and volatility in equity and capital markets. The mix of conservative as well as progressive approach to investment adopted by EPFO has made it the best investment option for provident fund members.
Invest in Adani Stocks through Nifty 50 ETF
EPFO, which manages Rs 27.73 lakh crore retirement fund of crores of organized sector employees, invests 15 per cent of its total corpus in NSE Nifty and BSE Sensex linked Exchange Traded Fund ie Exchange Traded Fund. Adani Group’s two companies Adani Enterprises and Adani Ports are included in the National Stock Exchange’s index NSE Nifty. Both the stocks of Adani Group will remain in Nifty 50 till September 2023. In such a situation, the money of EPFO which will be invested in ETF of Nifty, that money will continue to be invested in Adani Enterprises and Adani Ports.
Opposition attacked the government
After this news came to the fore, many opposition parties, including former Congress Lok Sabha MP Rahul Gandhi, strongly criticized the government. Leaders of opposition parties accused the government that after LIC, SBI, the government also put EPFO money in Adani stocks. After this attack of the opposition, a clarification has come from the Ministry of Labor without mentioning the investment in Adani Group.
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