Web Circular oral afar PR wot (oe ssrora er =A) Employees’ Provident Fund Organisation (Ministry of Labour, Govt. Of India) 2 wrafera/Head Office fen FAT mes, 4A pr he, = ff 10000 Bhavishya Nichi Bhawan, 14- BI Cama Place, New Delhi - 110066 File no. HO/IMC/132/Pattern20: 57 Date To 4° The all Additional CPFCs RPFCs In-charge of RO/SRO, EPFO Pattern of Investment for EPF Exempted Establishments. as-anona ~ 9 JUN 2016 The Ministry of Labour & Employment has notified a Pattern of Investment 2015 vide $.0. 1071 (&) dated 23% April, 2015 applicable only for EPFO. Thereafter, the new Pattern of Investment of 2015 for EPF exempted establisnments has also been sent separately to the Ministry for notification. The Ministry has forwarded the said Pattern to the Govt. of India Press for publication ‘on 29.05.2015. A copy of the same is forwarded herewith for information with a request to bring it to the notice of all exempted establishments under your jurisdiction. It shall be informed to them that the revised Pattern is applicable w.ef. 29.05.2015. Yours faithfully, a Encl: As above. \ \s above. We (AbHby Ranjan) Regional PF. Commissioner-I (IMC)To be published in the Gazette of India, Past {{(Extraordinary), Section 3, Sub Section(ii) MINISTRY OF LABOUR AND EMPLOYMENT New Delhi, the date NOTIFICATION $.Q.___. In exercise of the powers conferred by clause (a) of sub-section (3) of section 17 of the Employees’ Provident Funds and Miscellaneous Provision Act, 1952 (19 of 1952) and in supersession of the Notification of the Government of India, Ministry of Labout No. $.0. 2126 dated the 09th July 2003 the Central Government hereby directs that every employer in relation to an establishment exempted under clause (a) or clause (b) of sub-section of (i) of section 17 of the said Act or in relation to any employee or class of employee exempted under paragraph 27, ‘or as the case may be, paragraph (27A) of the Employees’ Provident Fund Scheme, 1952 shall transfer the monthly provident fund contribution in respect of the establishment or, as the case may be of the employee or class of employees within fifteen days of the close of the month to the Board of Trustee duly constituted in respect of that establishment and that the said Board of ‘Trustee shall invest every month with in a period of two weeks from the date of receipt of the said contributions from the employee, the provident fund accumulations in respect of the establishment or as the case may be, of the employee, or class of employee that is to say, the contributions and interest a5 reduced by any obligatory outgoings in accordance with the following pattern, namely:- (Category Category/Sub-Category Percentage No. amount to be invested |G) | Government Securities and Related investments || Minimum | 45% and Up t0 50% | (a) Government securities | | (b) Other securities (as defined in Section 2 (h) of the Secusities | Contract (Regulations) Act, 1956) the principal whereof and interest hereon is fully and unconditionally guaranteed by the Central Government or any State Government | | | ‘The portfolio invested under this sub-category of securities shall not be in excess of 10% of the total portfolio of the fund. {6) units of mutual funds set up as dedicated funds for investment in |__| Government securities and regulated by the Securities and |Exchange Board of India: Provided that the portfolio invested in such mutual funds shall not be more than 5% of the total portfolio of the fund at any point in time and fresh investments mage in them shall not exceed 5% of the accretions invested in the year - Ty i) | (©) Rupee Bonds having an outstanding maturity of at least 3 years Debt instruments and Retated tavestments (a) Listed (or proposed to be listed in case of fresh issue) debt securities issued by bodies corporate, including banks and public financial institutions (‘Public Financial Institutes") as defined under Section 2 of the Companies Act, 2013), which have a minimum residual maturity period of three years from the date of investment. (b) Base] III Tier-1 bonds issued by scheduled commercial banks under RBI Guidelines. Provided that in case of initial offering of the bonds the investment shall be made only in such Tier-[ bonds which ate either listed ot | are proposed to be listed | Provided further that investment shall be made in such bonds of a scheduled bank from the secondary market or from subsequent placement only if the existing Tier-I bonds are listed and regularly traded Total portfolio invested in this sub-category, at any time, shall not | be more than 2% of the total portfolio of the fand, No investment in this sub-category in initial offerings shall exceed 20% of the initial offering, and further, the aggregate value of such bonds held by the fund shall not exceed 20% of such bonds issued til] that point in time by that Bank, } ! issued by institutions of the International Bank for Reconstruction Minimum | 35% and Up to 45%and Development, International Finance Corporation and the Asian Development Bank, (4) Term Deposit Receipts of not less than one year duration issued by scheduled commercial banks, which satisfy the following conditions on the basis of the published annual report(s) for the most recent years, as required to have been published by then under the law Have dectared profit in immediately three preceding financial years, ii, Have maintained a minimum Capital to Risk Weighted Assets Ratio of 9% or as mandated by prevailing RBI norms, whichever is higher, iii, Have net non-performing assets of not more than 4% of the net advances; iv. Have minimum net worth of not less than Rs.200 crore (©) Units of Debt mutual Funds regulated by Securities and Exchange Board of India Provided that fresh investment in Debt mutual Funds shall not be more than 5% of the accretions invested in the year and the portfolio invested in them shall not exceed $% of the total portfolio of the fund at any point in time. (O The following infrastructure related debt instruments. ied (or proposed 10 be listed in case of fresh issue) debt securities issued by body corporate engaged mainly in the | business of development or operation of infrastructure or construction/finance of low coast housing, Further this category shall also include securities issued by Indian Railways or any of the body corporate in which it has majority shareholding. This category shall also include securities issued by any Authority of the Government which is not a body corporate and has been formed solely with the purpose of promoting development of infrastructure|__ Ttis further clarified that any structural obligation undertaken or letter of comfort issued by the Central Government, a State Government, Department of Railways or any Authority of Government, for any security issued by a body corporate engaged in the business of infrastructure, which notwithstanding the terms in letter of comfort of the obligation undesteken, fails to enable its inclusion as security converged under category (i) {b) above, shall be treated as an eligible security under this sub- category, (i)infrastructure and affordable housing Bonds issued by any scheduled commercial bank, which meets the conditions specified in category (ii) (d) above (iii) Listed (or proposed to be listed in case of fresh issue) securities or units issued by Infrastructufe debt funds operating as a Non- Banking Financial Company regulated by Reserve Bank of India (iv) Listed (or Proposed to be listed in case of fresh issue) units issued by infrastructure Debt Funds operating as a Mutual Fund regulated by Reserve Bank of India It is clarified that, barring exceptions mentioned above, for the purpose of this sub-category (f), a sector shall be treated as part of infrastructure as per Government of India’s harmonized master-list of infrastructure sub-sectors. Provided that the investment under sub-categories (a), (b) and (f) (i) to (iv) of this category No. (ii) shall be made only in such securities Which have minimum AA rating or equivalent in the applicable tating scale from at least two credit rating agencies registered with Securities and Exchange Board of India (Credit Rating Agency) | Regulation, 1999. Provided further that in case of sub category (f) {Gii) the rating shall relate to the Non-Banking Financial company and for the sub category (f) (iv) the rating shall relate to the investment in eligible securities rated above investment grade of the scheme of the fund. | Provided further that if the securities/entities have been rated more than two rating agencies the two lowest of all the ratings shail be | considered. Provided further that investment under this category requiring @ minimam AA tating, As specified above, shall be permissible in | securities having investment grade rating below AA in case the tisk of default for such securities is fully covered with Credit Default |Gi) | Swaps (CDSs) issued under Guidelines of the Reserve Bank of India and purchased along with the underlying securities. Purchase amoutit of such swaps shal] be considered to be investment made under this category For sub-category (c), # single rating of AA or above by a domestic | or international rating agency will be acceptable. It is clarified that debt securities covered under category (i) (b) above are excluded from this category (ii). Short-term Debt Instruments and Related Investments | (a) Money market instruments i Provided that investment in commercial paper issued by body corporate shall be made only in such instruments which have minimum rating of Al+ by at least two credit rating agencies registered with Securities and Exchange Board of India Provided further that if commercial paper has been rated by more | than two rating agencies, the two lowest of the ratings shall be { considered, Provided further that investment in this sub-category in Certificates | of Deposit of up 10 one year duration issued by scheduled commercial Banks, will require the bank to satisfy all conditions mentioned in category (ii) (4) above. |) Units of liquid mutual funds regulated by Securities and Exchange Board of India, | Ue t05% (c) Term Deposit Receipts of up to one year duration issues by such. scheduled commercial banks which satisfy all conditions mentioned(iv) in category (ji) (4) above. | Equities and Related Investments (@) Shares of body corporate fisted on Bombay Stock Exchange (BSE) or National Stock Exchange (NSE), which have; (i) Market capitalization of not less than Rs. 5000 crore as on the date of investment; and (Gi) Derivatives with the shares as underlying traded in either of the two stock exchanges, (b) Units of mutual funds regulated by SEBI, which have minimum 65% of their investment in shares of body corporate listed on BSE or NSE Provided that the aggregate portfolio invested in such mutual funds shall not be in excess of 5% of the total portfolio of the fund at any point in time and the fresh investment in such mutual funds shall not be in excess of 5% of the fresh accretions invested in the year. (©) Exchanged Traded Funds (ETFs)/index Funds regulated by Securities and Exchange Board of India that replicate the portfolio of either BSE Sensex Index or NSE Nifty 50 Index (d) ETFs issued by SEBI regulated mutual funds constructed specifically for disinvestment of shareholding of the Government of India in body corporates (e) Exchange traded derivatives regulated by Securities and Exchange Board of India having the underlying of any permissible listed stock or any of the permissible indices, with the sole purpose of hedging. | Provided that the portfolio invested in derivatives in terms of contract value shall not be in excess of 5% of the total portfolio | invested in sub-categories (a) to (4) above. Minimum 5% and upto 15%.Ww Asset Backed, Trust Structured and Miscellaneous Investments | (a) Commercial mortgage based Securities or Residential mortgage j based securities, (b) Units of securities issued by the Real Estate Investment Trusts regulated by Securities and Exchange Board of India, (©) Asset Backed Securities regulated by Securities and Exchange Board of India (@) units of Infrastructure Investment Trusts regulated by Securities ‘and Exchange Board of India. Provided that investment under this category No. (v) shall only be in listed instruments or fresh issues that are proposed to be listed Provided further that investment under this category shall be made only in such securities which have minimum AA or equivalent rating in the applicable rating scale from at least two credit rating, agencies registered by Securities and Exchange Board of India under Securities and Exchange Board of India (Credit Rating Agency) Regulation, 1999. Provided further that in case of sub categories (b) and (d) the ratings shall relate to the rating of the sponsor entity floating the trust. Provided further that if the securities/entities have been rated by more than two rating agencies, the two lowest of the rating shall be considered. Up to 5%2 Fresh accretions to the fund will be invested in the permissible categories specified in this investment pattern in a manner consistent with the above specified maximum permissible percentage amounts to be invested in each such investment category, while also complying with such other restrictions as made applicable for various sub-categories of the permissible investments. 3. Fresh accretions to the funds shall be the sum of un-invested funds from the past, receipts like contributions to the funds, dividend/interesVcommission, maturity amounts of earlier investments etc., as reduced by obligatory outgo during the financial year. 4. Proceeds arising out of exercise of put option, tenure or asset switch or trade of any asset before maturity can be invested in any of the permissible categories described above in such a manner that at any given point of time the percentage of assets under that category should not exceed the maximum limit prescribed for that category and also should not exceed the maximum limit prescribed for the sub-categories, if any. However, asset switch because of any RBI mandated Government debt switch would not be covered under these restrictions. 5. Tum over ratio (the value of securities traded in the year/average value of the portfolic at the beginning of the year and at the end of the year) should not exceed two. 6. If for any of the instruments mentioned above the rating falls below the minimum permissible investment grade prescribed for investment in that instrument when it was purchased, as confirmed by one eredit rating agency, the option of exit shalll be considered and exercised, as appropriate, in a manner that is in the best interest of the subscribers. 7. On these guidelines coming into effect, the above prescribed investment pattern shall be achieved separately for such suecessive financial year through finely and appropriate planning. 8. The investment of funds should be at arm’s length, keeping solely the benefit of the beneficiaries in mind. For instance, investment (aggregated across such companies/organizations described herein) beyond 5% of the fresh accretions in a financial year will not be made in the securities of 2 company/organization or in the securities of a companylorganization in which such a company/organization holds over 10% of the securities issued, by a fund created for the benefit of the employees of the first company/organization, and the total volume of such investments will not exceed 5% of the total portfolio of the fund at any time. The prescribedprocess of due diligence must be strictly followed in such cases and the secutities in question niust be permi 10, le investments under these guidelines. i. The prudent investment of the Funds of a trust/fund within the prescribed pattern is the fiduciary responsibility of the Trustees and needs to be exercised with appropriate due diligence. The Trustees would accordingly be responsible for investment decisions taken to invest the funds. ii. The trustees will take suitable steps to control and optimize the cost of management of the fund. ini ‘The trust will ensure that the process of investment is accountable and transparent. {i will be ensured that due diligence is carried out to assess risks associated with any particular asset before investment is made by the fund in that particular asset and also during the period over which it is held by the fund. The requirement of ratings as mandated in this notification merely intends to limit the risk associated with investments at a broad and general level. Accordingly, it should not be construed in any manner as an endorsement for investment in any asset satisfying the minimum ptescribed rating or a substitute fer the due diligence prescribed for being carried out by the fund/trust. ‘The trusvfund should adopt and implement prudent guidelines to prevent concentration of investment in any one company, corporate group or sector {f the fund has engaged services of professional fund/asset managers for management of its assets, payment to whom is being made on the basis of the value of each transaction, the value of funds invested by them in any mutual funds mentioned in any of the categories or ETFs ot Index Funds shall be reduced before computing the payment due to them in order to avoid double incidents of costs, Due caution will be exercised to ensure that the same investment are not chuined with a view to enhancing the fee payable. In this regard, commissions for investments in Category (iii) instruments will be carefully regulated, in particular [F.No,G-20031/1/2007.S8-II Vol.ll] (Manish Kumar Gupta) Joint Secretary(Ake & Was F ST TL, ara as 3, 3783 2) 4 ware} ae Ue USI AAT aafteagaer wat. , wea afte RY vd gant sudy wie, 1952 (1952 AT 19) # em 17 AY sow (3) & soaeT (H) ENT Fee erie AT way aed BC CE SINT EER, aT Harr AL af eT Wasi 2126 Tenis 9 ars, 2013 ar SIT aX BU See BCH Caeare Hea A ORT 17 FT STURT (i) F Soares (A) Ha SoaTeY (a) F sievla Yewrs FATT S sais Hear seqeda 27 sade gems averhtal seat astaritat ft seh @ Aaite oede Prater, gerar Star sf arrear gf, Feta sfaca fai ator, 1952 aT seqede (27h) Bruen w day A aarantt sera aateritat St Act ar anise afave fe secer are AY wen Wz 15, fea & shee se Pure & Hau 8 nfss Rnfsel & als a stoRa ater ser aft ar ag aS aetahtal & oe iver At ofa A fae a a wee & afay, Sa au a aetartt geet wateftal Al aol a afte sfeem afl, arerd afer wd cart Aa airord co at eer ge Raafehea oehT & sige Prefer we, er: | Aon | eer st ae | fete ore] | aver yfereret | _ — | a () | aRaRY vieaeat cer daft eer | RT 45% () acer sfaafeai, a (@) seq sfaefaat qwiaafa dita (faa), 1956 AY er 2s) Hr sRanfe saa HER Ato ate See ea | Te an fear ad ake ee aan aera deat HER are & | arth | | giafat a ga saAot a sinter Rafat aouteed BR ae oeeiferat & 10% sitar sagt sta(ii) (7 Foe Fs A aire wart wiaaeat A Rede & fae aa muita fai@al a apqen eerta Ft ret cer ger feast amare sfesifa ud fuer at err far sre! aad fw Fase Set A fae fear ger aeatiaat fee at ware go veetfest a 5% 8 aftey set eta HR get far arar ara fader at ahr aS HBG 5% A ake ag erm aor fret cer Bate aT (@ alae (mr aw Pein & mad A hae Bu wa & Ae urate) det cer aeat eds senst afta faiha farah err sit ager sfasyaat (Sve sfBfee, 2013 Ar nr 2 a stots wer oRenfta aan) Becdte deer), Bet apierr safe oRoager aafty fraer fr ata & ctr at 31 (@ sepgfae afttisaa dat are snecte Rod dae & Renfree & siete ont ertar-lil Rael ais: aad & ais & arf years & ara H Pde daw WS eae aig & fear orem faré whee fear cet wemfea 31 aert fa fet sepyfda afetisen teh & OY ais F ator arene @ fee ast far smear aa WY feacl ais hag ef ay fare efsar afer oa a eter et feet of art ge staf A fae av fade ar aa aiemifaat fate & usr aewifeet a 2% B adeH wet aay se atari A anika seca A ats fader ania wear 20% & afte af sar) sae seta, feet a aaa Fe ant ta Bret dar a eal ais ar arr apa sa aa grr oT BIS 20% B aide wel gary @) gemea dH oe Ravacret ws saacde, ex ama orga arehent cer Ufa arate da Sah dewalt arr ont soar ais fret oRuaaar aa Y ma dle ad ay at (3) seqghea afiioaw day er ont Pred er wie, fred \sraft ve af 8 aa a a of oe & aot & da A ae FARA 35% aT 45% a | |lsat Sa ant satita fae ort aq gente vail after PORE & sree ox farafea at at qh at ar | (i) fer ate facdrer ast at ant etter far a (il) Sar enfta safes seyret Ht qe H rapa GSH 9% aT amass & alge Arsh ent Hea sure, at shh sa &, ware war el, | (ili) frac arrcte anita frac af & 4% B arferen at et, (iv) 200 ag wae A aa eaeaH fae safes a er | sree eh kB AE ene een Ra er yaaa hs Fy SHIETT aed fe ta Hse ws A fader fer wey seowlferet ft sh wae Hea stewie & 5% B afta ae Mh ste gee fear wr aren fader of & chat ab oifgt H 9% a Hee ae em (@) fasafafea seater deg aT Tree: @ saan & fator a dues a wee a ea aa are arora & fate ar eadaer & cuca A a aha Cr av fas & are A ached fae ont & fae meanfea) arte rare ert art aor sfasyiear| sae srerat, Se Aeh a anccite tor ar fae sew arse fray (ert sot gee actertt et, arr ont afaaifeai at gach ena eh ge ooh A ana ea & fash wag ot ante Mare 7 8 atk freer sior Ruae: variteen & daisy wd fare} fae fear aren & & ere ont weayeat st enter getty ae ah eee far arar & PH saa cate A ad ate Tarr ant ong fret vieafe & ade a Se ace, atte i ar ae war & Pet oer en at AS waite afaea or afaer oa, at afeer a ar fare ae after Fr et aay g8 sudga Ach (i) (&) & sevtar waa H av A ania a A SARA Weel Gs Th ge STAR slarls Sosfeeyfe ser STE) (i) Prat sepehta afhisas te arr ath srawtean ae TT sland ais, oft sea (ii) (@) F farfése erat at ar aRaT 81 (ii) HeeeaeT aT Fafa st aeRa Reta sue & ay F worse oar sine fort te ane fafeataa a am ot agieg (ar we fia & aaa A ages fav ont # 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Sft-20031/1/2007 ETE GSM | (aie SAR ARM) wap afte