Coal Mines Provident Fund Organisation to choose fund manager soon

NEW DELHI: The Coal Mines Provident Fund Organisation (CMPFO) is likely to take a final call soon on selecting a fund manager to manage about Rs 60,000-crore provident fund corpus of coal industry workers, an official said today.

"A meeting of the board of trustees (BOT) of the CMPFO was held in Kolkata today to shortlist fund managers for managing about Rs 60,000-crore provident fund corpus of industry workers," an official said.

Sources said two out of four fund managers, Reliance Capital Asset Management Company (RCAM) and ICICI Securities Primary Dealership, have emerged as the lowest bidders.

The other two in the race are SBI and UTI, sources said, adding that four players have qualified for the financial bid after clearing the technical round.

A parliamentary panel has expressed its reservations about CMPFO not parking the funds in "an appropriate manner" and even suggested refering the matter to a central investigating agency.

An autonomous organisation governed by the Board of Trustees, CMPFO functions under the Ministry of Coal and administers the Coal Mines Provident Fund and Miscellaneous Provision Act, 1948, and various schemes framed under that.