Employees Provident Fund Organisation (EPFO) will be floating tenders for Fund Managers for managing the funds of the organisation. At present, these are being managed by asset management firms SBI, HSBC, AMC, Reliance Capital and ICICI Securities Primary Dealership. They were given the right for three years and the period will be over by 31st march 2015.
The new tender and appointment of Fund Managers will be effective from 1st April 2015 for three years. The workers prefer that their funds are entrusted with government or PSU Banks / Firms.