EPFO Investment in Adani Stocks: The stocks of Adani Group have taken a beating after the Hindenburg Research report came out against Adani Group. Domestic foreign investors are keeping distance from the stocks of Adani Group. But do you know that more than 60 million employees of the country, who invest in the retirement fund EPFO for their future, are still continuing to invest in Adani Group’s flagship company Adani Enterprises and Adani Ports. And the process of investment is going to continue till September 2023.
Invest in Adani Stocks through Nifty 50 ETF
The Employees’ Provident Fund Organization (EPFO), which manages the Rs 27.73 lakh crore retirement fund of crores of employees in the organized sector, invests 15 per cent of its total corpus in Exchange Traded Fund (ETF) linked to NSE Nifty and BSE Sensex. Is. EPFO invests in the stock market through ETF instead of investing directly in any stocks. Adani Group’s two companies Adani Enterprises and Adani Ports are included in the National Stock Exchange’s index NSE Nifty. Adani Ports is a part of NSE Nifty since 2015 while Adani Enterprises has been included in Nifty since September 2022. And NSE’s subsidiary SSE Indices has decided to include both the stocks of Adani Group in Nifty 50 till the next 6 September 2023. In such a situation, the money of EPFO which will be invested in the ETF of Nifty, that money will continue to go to Adani Enterprises and Adani Ports.
EPFO’s investment in the market close to Rs 2 lakh crore
According to The Hindu, Central Provided Fund Commissioner Neelam Shami Rao has not responded to the EPAO’s exposure to Adani Group stocks. He was also asked by The Hindu that after Hindenburg’s research report on Adani group, fund managers have been ordered not to invest in stocks of Adani group, which will cause any loss to the retirement funds of common people. can be saved from. By March 2022, EPFO had invested Rs 1.57 lakh crore through Exchange Traded Fund. And according to an estimate, another Rs 38,000 crore has been invested in 2022-23. In September 2016, EPFO had decided to invest 10 per cent of the total corpus in the stock market, which was increased to 15 per cent in 2017.
Effect of fall in Adani’s stock on EPF rate!
Since the Hindenburg Research report came out on 24 January 2023, there has been a big fall in the stocks of Adani Group. In such a situation, its effect can also affect the interest rate to be fixed by EPFO for 2022-23 as the return on investment made by EPFO in ETF will decrease. In 3 months, the stock of Adani Enterprises has fallen by 55 percent. So the stock of Adani Ports has come down by 23 per cent in 3 months.
Government on target of opposition
Other political parties, including the Congress, are also targeting the government for continuing to invest in two stocks of Adani group of EPFO corpus, which have been demanding from the government for the past several days the formation of a JPC regarding the Adani case. Parliament could not function even for a single day in the second phase of the budget session regarding this issue.
Our HAHK-Hum Adanike Hai Haun-series had posed 100 questions to the PM on his role in the Adani MahaMegaScam. But it seems new questions are arising. The EPFO Trustees are unaware that crores of their members’ retirement savings are still being invested in 2 Adani firms. pic.twitter.com/RE4JoyirvA
Jairam Ramesh (@Jairam_Ramesh) March 27, 2023
India’s largest retirement fund Employees’ Provident Fund Organization — which manages the old age savings of 27.73 crore formal sector employees has a large pool of capital invested in two Adani stocks.
LIC, SBI, SBI Pension Fund & now EPFO. To install Shame. https://t.co/QNQdfCJDRR
— Priyanka Chaturvedi🇮🇳 (@priyankac19) March 27, 2023
This issue will come up in the CBT meeting
From Monday, March 27, 2023, a two-day meeting of the Central Board of Trustees of EPFO is being held under the chairmanship of Labor Minister Bhupendra Yadav. It is believed that the members of CBT, who are members of different labor unions, are going to raise the issue of investment in Adani Group in this meeting. In this meeting, a decision is also going to be taken on the EPF rate for 2022-23, which was fixed at 8.1 per cent for 2021-22.
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