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,MPLOYEES PROVIDENT FUND OR ANISATIONNEW DELHI:.!,,: .;: :Fi '(,.":;;',.,1),'l?fJ, "., ;,.,' ., .'12SthMeeting of thFINANCE INVESTMENTCOMMITTEE[A SUB- COM1'VIITTEEOF THE CENEMPLOYEES' PROVIDENTif.,: ;,. ,,,.: . @: a"On , 24.05.2016 at 11:00 A. VENUE:I3rd, Conference HaU,Float, EPFO(Head Office),Bh vishya Nidhi Bhawan,1 , Bhikaiji Cama Place,INEW DELHI ,,110066

,I» .,ElVfPLOYEES' PROVIDENT FUND ORGANISATIONI'"AGENDA BOOKD',' : ,.'125TH Meeting of the Finance Investment and Audit Committee,Central Board, EPF.,';.:.;,.;,.i.ttft.f.toDate: 24.05.2016ItemNo. '1., 3. ;.'4.5. , .i.r. .: Page No.Confirmation of the Minutes· of 124m Meeting of the 'Finance Investment & Audit Committee (FlAC) held on5B22.03.2016.Action taken report on the recommendation 0 the 124tnMeeting of: the Finance Investment & Audit Committee 6;,. 0(fJAC) held on 22.03.2015. CBLO borrowing transactions by the Portfolid Managers II I 2durin&the period 01.03.2016 to 31.03.2016.IRequest for Proposal (RFP) for Appointment ExternalConcurrent Auditor (ECA) for the Employees Provident 1:3 - 54Fund Organisation (EPFO) Portfolio Managers.Standard 'Operating Procedure for investment in' exchange 5'5'- 50Traded Fund (ETFl and Liquid Mutual Fund{L VlF).0Concurrent Audit Reports of Provident Func (including 5"9 Will,other funds) and' Pension Fund for the months of fL., 'AS tember, 2015 to March, 2016.""'-YI?1Selection of Mutual Fund as ETF manu l-acturer for 6 Q -" 6investment'in ETFs by EPFO-r :tJ,lb3t Proposal for increasing the number of days fcr borrowingof funds from CBLO for participation in primary auctions 31of Government Securjties and Corporate bonds from .'existing 15 to ]0 days. .Any other item (s) with the permission of the Chair.,2.\, .Time: 11.00 A.M.i -f,.r.'AgendaINDEX OF ITEMS6.7.8.9.t61

. , J12sth lVleeting of FIAC 24.05.20 l6 ". , Item No.l: Confirmation of the Minutes of 124th Meeting of the FinanceInvestment and Audit Committee held 0022.03.2016 at EPFO,Headquarters, I New Delhi.Minutes of 124th Finance Investment and Audit Committee (FIAC)meeting held on 22.03.2016 was circulated vide letter No. Invest.I1(124th)Mtg.FIAC/2016/2231dated 23.03.2016 (Copy of the minutes is enclosed asANNEXURE-' A' of this item. This office has not received any observationsfrom the memberson the minutes of the meeting.Minutes may be taken as confirmed. .' .,-.- i' .-.

\i'l't'l z.)I. 1.) iL'C.- A(""i'e TJI,,. '\Fax No: 26194349Telephone: 26178450q:;J\ ell tt r.rttt ;ij "IaCiiEmployees' Provident Fund Organisation (QQt , fItR (Ministry of Labour & Employment, GeM, Of India)14f4i6l4 I Head OfflceBhaylAbya Nldbl Qbowaa. 14-Bb'l!alJl Caro. Place. Hex« Delhl-11.go§,t2 3 MAR 2016t - .-.Date:.,2 MAR 2016All Members,Finance Investment & Audit Committee,Central Board of Trustees, Employees' Provident FundII (0 '* Sub: Forwarding of Minutes of 124th MeE!tin9 of the Flnance lnvestment & Audit Committee(AAC), CST, EPF held on 22.03.201.6 at EPFOHead Office, New Delhi - Reg.Sir,Minutesof 124th meeting22.03.2016 approved by th Chairperson Is enclosed herewith for your kind perusal andnecessary action please.Yours faithfully,-M Encl:- As above'(AM H)Regional P.Pr. Commissioner-II (Invest.)*. .-----'-'-"----'--""--""'" . of the Finance Investment & AUdit Committee (FlAe) held on''.-.--- .,. ---".---r-:- . -.- '-----

Copy aloog with a cooy of t-1ioutesof 12i.lth (FIAC) meeting fory/ardedinFormation and necessary action to;. , :e,.t.P.S. to Central Provident Fund Commissioner, EPFO, Head Offlc .2.P.S. to FA & CAO, EPFO, Head Office.3. ACe-II (F&A/U'lC/Invest.) EPFO, Head Office.I'"forACC-II (Pension) EPFO, Head Office.4.S. ACe-II (Audit), EPFO, Head Office 6. Regional Provident Fund Commlssloner-! (FInance & Accounts) EPFO, HeadOffice.Regional Provident Fund Commissioner-ll (Conference), EPFO, Head Office.7.S. AJIReglonal ProvkJent Fund Commissioner-II (IMC), EPFO,Head Offlce. (AMU . ,SlNG )Regional P.f. CommissIoner-II (Invest.) .,. \."t't.,- . .I. *. . ----.',---- . - - . vw-:"" .".-·'.-- .---.·-·-'--··------.--. --------:"---.------. .-. '!

r ,"Mmutes of the 124th l'Jleeting o'f the Flnance InvestmentAudit Committee "" &(FIAC) held on 22.03.2016The 124"' Meeting of Finance Investment &. Audit Committee was held on1.22.03.2010 from 11.00.A.M. onwards in the conrerencs Hall, 3niFloor, EPFO,Head Office, New De\hl.The followIng members/representatives were present In the meeting.2. -,,. . :J " 1. Dr. V. P. JoyChairman, FIAC,Central B9ard and Central ProvidentFund CommissionerSecretary ('-&E), 'Mlnistry of Labour &.Sh.HeeraLalSamariaAdditional2.Employment, Govt. of India.Joint Secretary &. Financial Advisor, Ministry of Labour3. ""s. Meenakshl Gupta,&. Employment, Govt of India.Under Secretary, Deptt.ofFinancial Services (Pension4. Sh. Prabhu DayalReform), Ministry of Finance, as representative ofJoint Secretary, MOF, Govt. of India; as Dornaln lExpert.·S. Sh. Balasubrahmanyam Member, Central Board, (Employers' Representative)KamarsuMember, Centrat'Board,(Employers' Re.presentative)6. Sh. J.P. ChowdharyPrabhakarBanasure7. Sh.ThEHoltOWlngmembers could rtot"airend the meeting: 11. I Dr. G. Sanjeeva Reddy l Member, Central Board,( mployees'the meetlng -.The Chairman welComed all the members and officers present in the meeting.3. .-- --.-.-,-\1'.,'Representative)In addition to the above, FA &. CAO, EPFOConvener was also present .during . e'. .;.,.,J. Member, Central Board, (employee ' Representative)Thereupon the agenda were taken ·lIp.-. ------ .-- r r:.,. --

.' dlfJ.1of the t-linutes of 123rd t;leeting of the Financel1:em No.1 ConfirmationIInvestment8&Audit Committee (FIAC) hleld on 18.01.2016.I'.rdThe minutes of 123 ttleetlng of the FInance 'Investment & AuditCommIttee held on 18.01.2016 were connrmed,t·. Item No.2: Actiontakenreport on the . recornmendatlcnMeetlng of Finance Investmentof the.123rd8&Auditi CommiUee (FIAC) held18.01.2016.The action taken report as placed was taken note of by the Committee.0Item No.3: PerformanceEvaluationof PortfolioManagers for the period 01.07.2015 to 31.12.2015. The CPFC Informed the Performance Report of all EPFO PortfOlio l'tlanagers for the period 1st July 2015 to 31st December 2015 to theCommittee The CPFCInformed that a system of re-allQcation of portfol1obased onlnter-se performance of the Fund Managers Is being consIdered byEPFOwherein based on their performance, the re-al1ocationof EPF.Q's . . '-.'portfolio may happen In a way that some portion of funds of lower .than average performers may be assigned to higher than averageperformers on annual basis.Sh. l.P Chowdhary enquired whether this re-allocatlon Is, done aftertaking both yield and asset quality under consideration to which theCPFC replied that the CRISIL performance evaluation of portfoliOmanagers takes Into account both Portfolio yield and asset quality .It was decided that for thi years re-allocation, the performance of \Ifive Portfolio Managers since the start of this mandate till 'larch 31,2016 shall be considered.- L., i

· t(',lJ'With the above observations, the agenda as placed was' taken note ofa ,. \)4) - , .' .-',.by the Committee.,.Item No.4: CBlO borrowing transactions by the Portfolio Managers during.the period 01.01.2016 to 29.02.2016.The proposal as contained in the agenda was taken note of by, theCommittee with the' observation that the same may be placed beforethe Board for information.Item 1'10.5: Alternate strategies of Investment in Exchange Traded Funds.The Item was explained to the members by FA&CAO. The membershad some observations which have been summarized as under:.S8! Mutual Fund Is the sole ETF Manufacturer for EPFO as of now. In order to Instill competition & in rease returns, there should to bemore than one ETF Manufacturer to be selected by open tenderingprocess. FA&CAO Informed that the process has already beenstartedand new ETF manufacturer 1slikely to get selected by June,end. Members wanted that exit strategy for ETF l.e. modalltjesfor seilingETF units should be in place so that when the market goes up EPFOcan book some profits. It was also suggested that selling of ETFs.,can happen in tranches after calculating profits .on investmentsmade during different time periods. ,Members were of the view that Ufe Insurance CorPoration of India(UC) is the biggest Investor in India and since it does all itsinvestments in-house, EPFO can discuss With, them in order tounderstand their Investment processes.',I---,---- . -----. .-.-,.-.-

r.lj.OJ'-',,(Item No.6: Concurrent Audit Reports of Provident Fund (Including otherfunds) and Pension Fund for the month of December 2015.&'IIJanuary 2016.,"It was decided that the monthly concurrent audit report given by the""henceforth along with the action taken on the observations of the auditExternal Concurrent Auditor shall be placed regularly In the FIACreport. .-,.-,.Item No.7: Process of selection of new External Concurrent Auditor (ECA) .".The agenda was approved by the committee.Table Agenda: Amendment In' pattern ,,, . Invesbnent notifiedby MOl&E .on 23rd April 2015. ,. --ofThe Committee was informed thatGovernment has permitted'investment in Government securities category from the present 45-50 A, to 45-65%.This additional leeway for investment in Governmentsecurities would enhance EPFQ's investment in more securedInstruments. The members toQk note of the agenda. ,.The meeting ended with a vote of thanks to the Chair "'.

, lit Item No.2: Action Taken statement on the minutes of 124th Meeting ofFinance Investment &. Audit Committee held on 22.03.2016. IIS.No DecisionsI Directions of FIC1. o, 2. e. '-".of As regards Performance Evaluationthe of Portfolio Manages for the periodto 31.12.2015,theto 01.01.2015agenda was taken note of by the31.12.2015.Committee and the action standIt was decided that for this year's re·· completed.allocation, the performance of allfive Portfolio Managers since the With regard to re .allocatton ofstart of this mandate till March, 31, Portfoliobasedoninter-se2016 shall be considered.performance of the fund manager,the matter was also discussed in(Item No.3 of 124h FIAC)reviewmeetingofPortfolioManagers for quarter ended March2016 held on 26.04.2016 wherein ithas been decided that CRISIL toshare analtemate method of re·allocation of funds based on portfoliomanager yield and asset quality. MisCRISIL has shared the' altemateapproach using portfolio' managers'aggregate performance scores. Thematter is being placed in themeeting.CBlO borrowing transactions by The agen a of CBLO borrowingthe Portfolio Managers. during transaction:by.the Portfolio Managestheperiod01.01.2016to for the period from 19.09.2015 to31.12.201S was placed in 211 th29.02.2016.meeting o CST held on 16.02.2016The proposal as contained in the wherein th Item was deferred and itagenda was taken note of y the was considered and noted.by CST inCommittee with the observation that 212th mee ngheld on 29.03.2016.the same may be placed before the The agencjiaon the same for theBoard for information.period Ol.OL2016 to 29.02.2016could not be placed in 212th meeting(Item No.4 011.241' FtAC)of CST due to paucity of time and. 'shall be placed in the next CSTmeeting.PerformanceEvaluationPortfolioManagers forperiod01.07.2015, Action Taken'I . "'---- .--- . --.' ":'::".r\' r·'-"-··-·--·---:·---------'.----,.". h·-Agenda item for CBlO borrowingtransactions bythePortfolio.L !'!a.9 t?1 .guring . he. Q r.JQ !i

,, , 3.t , ·"\ . .'\ . l:.\I, AlternatestrategiesofInvestment in Exchange TradedFunds.;'The item was explained to themembers by FA &. CAO.On the specific agenda' of alternatestrategiesofInvestmentInExchange Traded Funds it wasdecided that since the matter ishighly technical in nature, an expertgroup may be constituted whichwould include representatives of thefollowing: .01.03.2016 to 31.03.2016 is beingplaced In 125111 FIAC.In pursuance .to· the decisions ofFIAC, a letter has been issued to allaforesald ntitles Including CRISILwith a request to make a nominationto the said Expert Group dulyhighlighting the Terms of Referenceas decided by the FIAC. The .developments are being placed asan agenda Item in 125111 FIACmeeting.1. SBI Mutual Fund2. LifeInsuranceCorporation of India(UC)3. IndiaIndexServices &. ProductsLtd. (IISL), (NS.E)4. ASia Index Pvt. Ltd(BS andS&PVenture)5. National Institute ofSecurities Markets(NISM) establishedbySEBIt was further decided that CRISILwould coordinate the meetings andpresent recommendations of thesaid Expert Group to the FIAC.The Terms of Reference of theExpert-Groupwould be as under:1. Allocation to equityandrelatedinstruments·for thenext financial"year.2. f1-iSK diversification.strategywhilemaking investmentin ETFs.ETFs.--.'--'--'----. 3. -"-1,-,.,--'-".

other than Nifty 50and Sensex in orderto optimize returnwith minimum risk.4. Strategyfor" realizing profits andways to do it.S. Any other issue thatmay be referred byFIAC. ,, " It ,. '. ), i, i \ (Item no. 5 of 124th,FIAC)4.ConcurrentAuditReports of Requisite action have been taken inProvident Fund (Including other respect of following Issues asfunds) and Pension Fund for the detailed below:month of December, 2015 & (A)Instances of non-receipt Id lay and short In receiptJanuary, 2016.of fund:It was decided that the, monthlyconcurrent audit report given by the DO Letters have been Issuedto Chief Secretary, StateExternal Concurrent Auditor shaUbeGovernment of Punjab videplaced regularly In the FIAChenceforth along with the actionD.O.letterno.taken on the observations of theInvest.!/ AT/PSIDC/2007/PT/9audit report.60 'dated 19.04.2016 andD.O.letterno.(Item No.6 011.24" fault/delay amount. Reminder' letterNo.lnvest.l/(171)/HDFC/2013/42932 dated 30.03.2016 hasbeen Issued to, ManagingDirector, HPFC,Shimla for thepaymentof'claimedoutstanding interest amountRs.l1,990/throughelectronic mode. A meeting was held on15.03.2016 in State Bank ofHyderabad Head Office ondefault in payment by AndhraPradesh, PowerFinanceCorporation attended by RCII,RO,' Hyderabad ondCustodian representative on. behalf of EPFO. Custodian,.". ,.,,, . . .r presel1tativ has n'y yed,.,

in the meeting that "EPFO asa bond holder may alsoexplore option of filing theSuit against the company fornon payment independently." ,- dCustodianHolding:It In case or security of UPSFCwhich is in default, RC, SRO,Lucknow vide this office letterNo.Invest.I/l(125)Vol. I/UPPICUP& UP SFC/32436 dated26.05.2015 was advised toengage a duly empanelledadvocate inrespect ofpending cases at the earliestandinformthisofficeaccordingly. Latest reminderhasbeenissuedon04.04.2016.sThestatuson· creditconfirmation for . (GMIOC)securityforRs.l,OO,OOO/-is still awaitedfromSRO,Barrackpore.Latest reminder issued on09.05.2016. Concurrent Audit Report givenby the External ConcurrentAuditor for the month of Feb.,2016 and March, 20i6 arebeing placed in 125th FlAC asagenda item. s'It ,.f3 '.fI, i'.5.ProcessExternal(ECA).ofselectionConcurrentof newAuditorConsultant CRISILhas submitted thedraft RFP.'An agenda item on thesame - Request for Proposal.,(RFP) . forAppointmentasThe agenda was. approved by the loyees', ProvidentFund. Organisation,---. .L ,. @ m No. !.!!.f. !:2 ", FIAC) .' (EPFO) Portfolio Manager .is.!.'V -','-.:.

, , " being placed in the 125m FIAC.AmendmentinPatternof The agenda was taken note of byInvestment Notified by:.Mol8tE the Committee.on 23rd April. 015.6.'" The Committee was iriformed thatGovernmenthaspermittedInvestment in Government securitiescategory from the present 45-50%to 45-65%. This additional leewayfor Investment In Governmentsecurities would enhance EPFO'sInvestmentinmore securedinstruments. The members took noteof the agenda.(Tabled Item of 124th FIAC')G . -c---.,.---- .--.-----,.--.----'----:----------.- 10

,,:tl'·S e ;",y\P- I,'.m .\r.ct ',.eft. -eft. , fetfqtpm14. nut, . 'TJI, ,·. ,:rt ,.'.J . I 110066tTi m .011-26172671.April. bo,Sk:. )f;tf: '",(:1,-';f.T ;P .'.f.ItfI .r (\:PW)\ .-"\ DO. No: Invest.!/AT/PSIDC/2007/Pk 'fMo;f /-011·26189910Head Office Bhavishya Nldhl Shawano14, Bhlkalll!Cama Place. New Delhl·110 066Phone 011·26172671, Fax 011·26189910IASCentral Provident Fund Commissioner " lMEmployets' Provident Fund Organisation(Ministry of Labour & Employment. Govl of India) tRlDr.,V. P. Joy, JIqAmft Jf).::.'t.,.;.: r:Jis", 2016,9 APR 2-016Central Board, Employees' Provident Fund Organisation (EPFO)has investment in various'securities/bonds issued by M/s Punjab State Industrial Development Corporation Ltd. (PSIDC) Chandigarh. These bonds are guaranteed by the State Government of Punjab." MIs. Standard Chartered: Bank (SCB), as Custodian of EPFO.has informed that as on31.01.2016 MIs PSIDC has not paid the outstanding Interest/maturitY payment amount of Rs.85,67.044.42 on various securities and the Accrued delayed interest AmountRs. 7,82,087.24 tothe Central Board, EPF.(Details as on 31.01.2016 enclosed as Annexure-A) .2. 3.'Unfortunately, In spite of regular follow up for recovery of these outstanding dues by this'office, our Regional Office at Chandigarhas well as by our Custodian, SCBand Portfolio Manager,SBIfrom time to tlrne, no progress has been made so far. ,. --. .w.,4.Your kind attention is also drawn to my predecessor 0.0. letter No. Invest.II/A.T.S./E.P .&&0.1/2014/28174. dated 12.12.2014 addressed to the Chairman, Punjab State "IndustrialDevelopment Corporation ltd. (PSIDC)Chandigarh in this regard (copy enclosed) .5.I would also like to bring it to your notice that as these bonds are guaranteed by the StateGovernment of Punjab the default by Mis Punjab State Industrial Development Corporation Ud.Swould result in dalm by EPFOon the Government of Punjab 6.I, therefore, request you to kindly look into the matter on priority and to issue necessarydirections to remit all the pending due payments immediately to the Central Board, EPF.b- , )IEnel.As above.Yours Sincerely,h--(V.P. Joy) Shri Sarvesh Kausha], IASChief Secret1f'/,Govt. of Punjab,Chandigarh.". 'f.\ -.

,JStandard ,Chartered ,.Date 02 Feb 2016. ,To. '.Mr. Amul RaJ SinghRegional P.F. CommisslOner-llllnvest.)Employees' Provident Fund OrganisationBhavishya Nldhi Shawan .14.6hikaji Cama Place New Delhi 110066.'" " " ,. Subject: OutstandingInterest and MaturityPaYment. as at the end of January 2016 Oear Sir.With regard, to the captioned subject. we attached herewith list of outstandingMaturity Payments as at the end of January 2016 for perusal.Interesta,Summary 01 Company wise outstanding paymentsancll interest accrued for delayed period. at the end of January 2016 la aa menttoned below:O lngTotaliCompanylt.' \IIntereJtl Maturity. .P .NameIAndhra Pradesh Power Finance CorporationLtd.212.891.00,!Punjab State Industrial Oevlopment.2.795.237.43Co /8,567.044.42i Ltd. iJ:''\'1·Jr'7/1 .\ ./.,.244.523.14.---782,087.24I11.575.172.85, \ Grand Total, . ;/.4769. ,I Punjab Anancial CorporationIACcrued DelayedInterest Amount.In.case you need any further clarification, please c "ctThanking you"'-'Yours faithfully.For Sdard Chartered Bankthe undersigned.".\PrabhakarnekarEnet: As above\ TJI. ill.9' \2216115 7181.91 !221 1)7"i 7.')0.8.'91.031.379.74

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(NISM) established bySEB It was further decidedthat CRISIL would coordinate the meetings and present recommendations of the saidExpertGrouptotheFIAC. The Terms of Reference of the Expert-Groupwould beasunder: 1. Allocation to equity and related instruments·for the nextfinancial"year. 2. f1-i

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