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Coal Mines Provident Fund Organisation to Invite Fresh Bids for Fund Managers

Coal News - Published on Wed, 21 Aug 2019

Image Source: The Hindu
ET reported that the Coal Mines Provident Fund Organisation has decided to invite fresh bids from portfolio managers to handle its investible corpus of INR 1 lakh crore after its bid opening committee found anomalies in the selection process. The organisation, which pays pensions to some 500,000 people from the coal sector, operates like the Employees Provident Fund Organisation. Fund managers will reinvest and also manage returns estimated at INR 6,000 crore annually for five years. Commission at 0.001% amounts to INR 100 crore annually. Cancellation of bids will delay appointment of fund managers by at least six weeks as the process will start afresh with new selection criteria.

Mr Animesh Bharti, commissioner at Coal Mines Provident Fund Organisation, said that “We are in the process of inviting fresh request for proposals from bidders as the bid opening committee found fault with the qualitative selection criteria. The request for proposal was revised and we will have to repeat the process once again. Till such time new managers are appointed, the existing ones, ICICI Securities Primary Dealership and Reliance Nippon Life Asset Management,will continue managing the fund.”

Source :

Posted By : Sanju Moirangthem on Wed, 21 Aug 2019
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