The EPFO board is meeting on 27 and 28 March and this issue of investment in Adani stocks may be discussed.
The Employees’ Provident Fund Organization (EPFO) will continue to invest in in Adani Enterprises and Adani Ports. The decision comes even as the conglomerate’s stocks suffered after a damaging short-seller report.
The EPFO board is meeting on 27 and 28 March to discuss issues like higher salary-linked pension, FY23 interest rates and annual financial estimates, apart from discussing investment in Adani stocks.
According to media reports, the EPFO manages savings of 27.73 crore Indians and the subscribers will now have no say in the issue because the two said stocks are part of the Sensex and the Nifty that are tracked by EPFO-managed funds.
It may be noted that the EPFO invests 15 per cent of its corpus in exchange-traded funds. As of March 2022, it had invested Rs 1.57 lakh crore in ETF, apart from putting another Rs 8,000 crore in FY23.
It may be recalled that in January this year, US-based Hindenburg Research had accused the Adani group of widespread manipulations and malpractices to inflate its stock prices. The Gautam Adani-led group denied the claims but that did take a blow on its position in the stock market.
