Retirement fund body EPFO is likely to extend the tenure of SBI Mutual Fund by three months till June 30 for managing its stock market investments.
"The proposal to give extension to SBI Mutual Fund for managing Employees' Provident Fund Organisation's (EPFO) equity market investment for three months till June end is likely to be approved by the Central Board of Trustees' (CBT)," a source said.
"The proposal was listed for discussion and consideration for last meeting of the EPFO's apex decision making body the CBT held on March 29.
But it could not be taken up. However, the advisory body Finance, Audit and Investment Committee (FAIC) has already recommended to extend the term of SBI Mutual Fund till June 30," the source added.
Earlier, the EPFO had constituted a committee for tendering the job of managing its equity market investments, which will finalise the bid document and conduct the entire auction for the purpose.