<p>"The final recommendations of the Selection Committee and (EPFO's advisory body) Finance and Investment Committee (FIC) will be placed before the CBT on July 14 for consideration," the agenda listed for the meeting stated.<br /><br />Ahead of the crucial CBT meet, the Employees' Provident Fund Organisation's (EPFO) advisory body FIC during the day will firm up its view on the matter.<br /><br />Last month, the CBT headed by Labour Minister, had decided to extend the time line for appointment of fund managers to August 31.<br /><br />EPFO engaged consultant firm CRISIL for appointment of fund managers. The rating agency was to open financial bids on July 8, a Labour Ministry official said adding that if everything goes well the fund managers would be appointed on Thursday.<br /><br />The official said efforts are being made to appoint fund managers before the forthcoming Monsoon session of Parliament beginning on August 1.<br /><br />Giving reasonable time for submitting technical and financial bids, on June 6 the EPFO had asked the 10 AMCs who had earlier evinced interest in managing its funds, to submit their bids by June 24.<br /><br />The term of the four fund managers, including ICICI Pru, HSBC AMC, Reliance Capital and SBI had expired on March 31 this year.<br /><br />Besides the four AMCs who had managed EPFO corpus, six new firms had evinced interest in managing the retirement fund manager's corpus.<br /><br />The six firms are Kotak Mahindra Asset Management Company, Securities Trading Corporation of India, UTI Asset Management Company, Birla Sun Life Asset Management Company, ICICI Securities Primary Dealership and Franklin Templeton Asset Management (India) Pvt Ltd.<br /><br />The EPFO had appointed multiple fund managers for the first time in July, 2008 for earning better rate of return on deposits for its 4.72 crore subscribers.<br /><br />Prior to this, SBI was the sole fund manager for the retirement fund body since its inception in 1952.</p>
<p>"The final recommendations of the Selection Committee and (EPFO's advisory body) Finance and Investment Committee (FIC) will be placed before the CBT on July 14 for consideration," the agenda listed for the meeting stated.<br /><br />Ahead of the crucial CBT meet, the Employees' Provident Fund Organisation's (EPFO) advisory body FIC during the day will firm up its view on the matter.<br /><br />Last month, the CBT headed by Labour Minister, had decided to extend the time line for appointment of fund managers to August 31.<br /><br />EPFO engaged consultant firm CRISIL for appointment of fund managers. The rating agency was to open financial bids on July 8, a Labour Ministry official said adding that if everything goes well the fund managers would be appointed on Thursday.<br /><br />The official said efforts are being made to appoint fund managers before the forthcoming Monsoon session of Parliament beginning on August 1.<br /><br />Giving reasonable time for submitting technical and financial bids, on June 6 the EPFO had asked the 10 AMCs who had earlier evinced interest in managing its funds, to submit their bids by June 24.<br /><br />The term of the four fund managers, including ICICI Pru, HSBC AMC, Reliance Capital and SBI had expired on March 31 this year.<br /><br />Besides the four AMCs who had managed EPFO corpus, six new firms had evinced interest in managing the retirement fund manager's corpus.<br /><br />The six firms are Kotak Mahindra Asset Management Company, Securities Trading Corporation of India, UTI Asset Management Company, Birla Sun Life Asset Management Company, ICICI Securities Primary Dealership and Franklin Templeton Asset Management (India) Pvt Ltd.<br /><br />The EPFO had appointed multiple fund managers for the first time in July, 2008 for earning better rate of return on deposits for its 4.72 crore subscribers.<br /><br />Prior to this, SBI was the sole fund manager for the retirement fund body since its inception in 1952.</p>