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--EMPLOYEES'PROVIDENT FUND ORGANISATION

NEW-DELHI

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90t Meeting 0f the
\ -

FINANCE AND INVESTMENT

COMMITT~E
[CENTRAL BOARD OF TRUSTEES, EMPLOYEES' PROVIDENT FUND]
(

On

21/01/2008 at 5.00 PM
Conference Hall,
3rd, Floor, EPFO
Headquarters,
Bhavishya Nidhi Bhawan,'
14, Bhikaiji Cama Place,
New Delhi-ll-O 066.

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o EMPLOYEES' PROVIDENT FUND ORGANISATION
()

o AGENDA BOOK
n 90th Meeting Finance & Investment Committee
o
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Date: 21.01.2008 INDEX OF ITEMS Time: 5.00 PM
[;
r=.
I Item Description Page No.
i Ng. ,
11.
I
Confirmation of the Minutes of 89th & Special
I Meeting of the Rnance and Investment
i 3-13
Committee held on 19-11-2007 & 01.12.2007
I
at EPFO HQI New Deihl.
l 1
:

\2. Action taken 14-40

3 Review of Investments in respect of Provident

1 . 41-99
Fund, Pension Fund and EDU Fund.
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14.
I Appointing Consultants for selection of Multipfe
I Fund Managers. . 108-167
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15. I Appotntrnent of Auditor for the year 2006-07.

100-107
I
I Recommendation of rate of interest to be
1
6
. I credited to EPF members accounts for ~he ye.r
168-171
! 2007-08
Any other item with the permission of the Chair.
7. , (

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Item NQ. 1 Confirmation of the Minutes 9f 89th Meeting of-
0 the Finance and -Investment Committee held
c . on -19.11.2007 &. Special meeting held on
01.1~.2007 at N-ewDelhi.
0
C 89th & special meeting heldon 19.11.2007 &
Minu_tes:.-of
c 01.12.2007 of the Flnance and Investment Committee were
C'- circulated vide Ietter No. Invest.l/1(89th) Mtg.!FIC/2007/16603to
C 16661 &-Invest.l/1(89th) SpI.Mtg.AC/2007/17903 to 17911 dated

C 12.12.2001. No comments have been received on the minutes of

the above said meetings. Copies of the same minutes are
C
c) enclosedas Annexure -A ~ B (Page No.3 to I 3 ).
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c:
o DRAFT MINUTES OF 89th MEETING OF THE FINANCE ~l'iD lNVESTME~T
(F &1) COMMniEE, CENTRAL BOARD OF TRUSTEE&, EMPLOYEES
c PROVIDENT FUND, HELD IN THE CONFERENCE ROOl\I, 3rd FLOOR, EPFO,
c HEAJ) OFFICE,NEW DELffi AT 11.00 A.M. ON .19.11.2007
o
c The 89
th
meeting of the Finance and Investment-Committee, Central Board of

r Trustees, Employees' Provident Fund was held on .<t'" November, 2007 in the Conference
Room, 3rd floor, EPFO Head Offic-e,New Delhi, at 11.00 AM. The meeting was chaired by
r Shri Rajesh- Venna, Joint Secretary &. Financial Advisor, Ministry of Labour and
r Employment, Government of India
(a) The following were present in the meeting:
r-
1.- II Ms Gurjot Kaur Joint Secretary (Social Security) ---,
'- 2.
-

! Shri W.R Varada Rajan Member, (Employees' Representative)

--"7-- - -- -r
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3.-- !
I Shri A. Venkataram Member, (Employees' Representative}
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4. - i Dr. Ram Tameja Member, (Employers' Representative)
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---i
r! 5. I Shri J P Chowdhury
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Member, (Employers' Representative)
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6. i Shri M P Mehrotra
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Member, (Employers' Representative)
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(b) Special Invitee(s)

Shri RajeshwariPrasad, DGM (PMS &. CS), SBI

Shri Parag Hangekar, Auditor, Batliboi and Purohit

(c) The following were also present in the meeting:

Shri A V Singh. Director (Finance), Ministry of Labour and Employment

Shri S D Xavier, Under Secretary. Ministry of Labour and Employment
Shri V P Ramaiah, RPFC (F&'A)
Shri S C Goyal, RPFC (Investment)
Shri B K Mishra, APFC (Investment), EPFO (HQ)

Shri G Sanjeeva Reddy could not attend the meeting.

Shri Abhay Kumar Singh, FA & CAO, the convener, also could not attend the meeting.
 c
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c
At the outset, the RPFC (F&A) introduced the new Chairman to the Committee, The c
Committee members extended a warm welcome to the Chairman, while appreciating the
contributions made by the previous Chairman.
c
c
The members raised a point that the meeting should be convened with.greater frequency so c
that important agenda items can be taken up for discussion without inordinate delay. c
The Chainnan agreed with the suggestion of the members and stared that generally the (
Committee should meet once a quarter, while for discussing any important/urgent matter, the c
meeting could be convened more frequently at short notice.
c
(
Item No.1 Confirmation oCtile Minutes of 88tb M~ting of the
Finance and Investment Committee held on ·11.04.2006 at
New Delhi.
c
(
The minutes were passed While incorporating the observations furnished by Dr. Ram (
Tarneja, Member, Finance and Investment Committee.
c
(
The minutes were accordingly approved.
(

(
Item No 2: - Statement showing the actions taken on the recommendations of the
Committee in its ss" meeting held on 11.04.2007 .(

1. Regarding the appointment of an external technical expert to investigate and (

analyse the investments made by SBT in TORs during the financial year 2006- (

07, the members expressed that all the proceedings. of the bidding process (
including formation of a committee, analysis of technical bids, financial bids
(
etc. should also have been provided. The RPFC (Investment) informed that
the details. of the procedure adopted would be placed before the Committee in
the next meeting. Shri M P Mehrotra enquired whether SBIcould be asked
to compensate for any loss so quantified as the data related to the past period, (
i.e.,2oo6-07. The RPFC (Investment) informed that the matter could be taken (
up further with SBI only after the submission of the investigation report. ~

4 2
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c
Shri Varada Rajan said that the action taken was not in conformity with the decision
r
of the FIC because the work had to be given to a financial analyst and not to an
c auditor. It emerged from discussions that as action taken was delayed and also not In
c conformity with the decision taken by the FIC, the whole process may be annulled.
c The Chainnan agreed with the views of the members and further suggested that

c Concurrent Audit could be considered for future.

2. Regarding the Approach Paper on Appointment of Multiple Fund Managers.
c
the Commiuee noted the contents and decided to further discuss the matter as
( \

a separate agenda item

(
3. Regarding SRF. Shri Varada Rajan informed that as decided by the CBT
( during discussion on rate of interest for the year 2006-07, the remaining
•
( surplus couJdbe transferred to SRF. The matter may be taken up further in the

( CBT as and when required. The Committee agreed to the suggestion of Shri
Varada Rajan.
(
4. Regarding 'idling of fund by S8r, Shri J P Chowdhary said that the whole
(
exercise ofSBI writing to RBI for giving Savings alc interest was an eyewash
( EPFO never requested for Savingsa/c facility, rather it .was offered by sm
( itself. EPFO's concern is basically to get its legitimate share from the income

( earned by SBI when EPFO's funds remain idle in their accounts. Dr. Ram
Tarneja also supported the views expressed byShri Chowdhary. DGM (SBJ)
(
remarked that they have to examine whether passing of such benefits is
( ,
within the purview of SBI and as per the agreement with EPFO. He further
said that as a portfolio management service provider, they have to follow the
l guidelines of SEBI as well. Shri Varada Rajan said that as the issue is

( between EPFO, the depositor, and SBI. the fund manager, there should not be
any objection of RBI if sm decides to give some benefits to EPFO. SBI
should come out with a defmite formulalmechanism through which they can
pass on the benefits earned by SBl on EPFO's idle funds. He suggested that a
three member committee be constituted from among the members of the FIe
to visit SBl in Mumbai and take up the issue with them. The Chainnan
agreed with the proposal and asked S81 to come up with a concrete
proposal within three weeks in this regard and tbereafter a Sub-
Committee having a member each from EPFO,- Employers' Side could
visit SRI, Mumbai to finalise tbe same.

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Item No.3 Review of Investment in respect of Provident Fund, Pension fund and
theEDLI Fund. (

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Shri Varada Rajan stated that it was difficult to comprehend the reports submitted by the
(
SBI and put up before the Committee in fine prints without any ana1ysisdone thereon. He
(
further stated that this work of analysis should not be held up pending establishment of the
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Investment Monitoring Cell. The other members also voiced the same concern.
(

The Chairinanagreed with the concern of the members and instructC«J' the Investment' (
Cell to prepare a gist of these reports along with an analysis and place the same before (
the Committee. The reports sent by SBI cculdbeenclesed as arinexures.
(

(
Item No.4: Appointment of Multiple Fund Managers
(

Shri J.p Chowdhary said that the monopoly presently held bythe SBI over EPFO funds (
needed to end and competition must be introduced so as to .jmprove upon the present . (
scenario. more especially so, when there are many good fund managers available.
(

(
Shri Varada Rajan said that even as appointment offund managers might take some lime.
establishment of in-house Investment Monitoring Cell was a must. He further said that
though he did not have any objection to constitution of the proposed committee, the bids for (
appointment as consultant should also be invited from financial analysts along with proposed
credit rating agencies. (

The Chainnan explained that the task of the proposed committee was to draw the terms of
(
reference for appointment of the consultant who will assist EPFO not only in selecting fund
managers, but also in assisting the ~PFO in establishing its Investment Monitoring Cell. (

Shri Chowdhary suggested that as CRISIL has already done such kind of work with CMPF· -,
and PFRDA, and as CRISIL is a thoroughly professional organization, the work could be'
straightway given to CRISIL to save time.

(
Dfrector (Finance), Ministry of Labour & Employment, explained that whenever the.size of
contract exceeded Rs 5. lakhs, it was advisable to invite tenders as per the government norms.
Limited tenders. could, therefore, be called from all required credit rating agencies.

. (
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c-
o Shri Varada Rajan said that his only concern was to see the task of appointment of fund
c: Managers is taken forward speedily. He reiterated the need for setting up of the Investment

~/' Monitoring Cell expeditiously.

c The agenda as presented was accordingly passed. The Chairman further advised that

c the CPFC may set up the Investment Monitoring Cell immediately.

c Item No.5: Report on the Investments of EPFO's Fund for the financial year 2005-06
c by the portfolio auditor MIs Batliboi and Purobit.

c Shri Parag Hangekar, Partner, Batliboi and Purohit explained the salient points of the report
c briefly to the Committee.

c
Shri M P Mehrotra advised the - auditors to indicate the -financial impacts of their
c observations and to provide the compliance certificates.
c
c With regard to sos. interest to the tune of Rs.4000 crores received in the month of January,
( Shri J.P Chowdhary suggested that as SBI is already aware of such inflows, it should make

( proper planning before hand to invest such moneys in appropriate instruments rather than
resorting to panic investments such as short term TDRs or T-Bills. DGM (SDI) explained
(
that as suitable investment opportunities may not be available as and when this fund is
{
received, at times investments in short term instruments are made so that investments in
( better instruments, such as investments in G-secs through auctions, may be resorted to at later
( stages. The Chainnan advised SBI to chalk out a proper plan of investments as they are
( aware of the timings of SDS interest and apprise the Investment Cell of EPFO about the

( same.

(
Shri Varada Rajan quoted certain portions of the audit report containing
(
incongruitiesfmaccuracies and ex-pressed his displeasure with the Finance Wing of EPfO "lor
( having sent the audit report to the members without furnishing its remarks on the "
l observations made by the auditors as well as on the comments received from SBr thereon.

The Chairman also concurred with the views expressed by Shri Varada Rajan and
instructed the Finance Wing of EPFO to furnish its conunents on the audit report and,
place the same in the next meeting of the Finance & Investment Committee.
v
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Item No.6: Implementation of Concurrent Audit on Portfolio Management by SBI
(

(
'. _The item could not be discussed due to paucity oftimeand hence deferred:
c
.Item no. 7: Suggestion from SBI forenbancement of returns on the Invesrmentsmade (
bySBI
(

Dr. Ram Tarneja requested the members to go through the 'g,i~tof the SBi's proposal (

presented in tabular form. The same was discussed as follows> (

(
ill Investment in CBLOs
(
The Committee decided that the recommendation-to invest in .C"LOs to avoid ielling of (
funds is all right. In fact, the CBT hasaireadYI1!C~)fn~ended investments in CBLO, but
(
it ts yet to be notified under Para (51) of the ~PF scheme.
(

ili.l Investments in Liquid MutualFunds (

(
SBI has s.uggestedfor investments in Liquid Mutual Ftinds.TheRPFC (Investment) enquired
from SBI whether NAV of Liquid Mutual Fund~ may.80 down if resorted'to for short-periods, (

DGM (SBI) replied that rate generally does not godown, The Committee then decided to (

recommend to the CBT for inclusion of tbe "Liquid Mutual Funds "(LMF) in the "\
investment pattern.

(Hi) Trading in Government Securities

As regards tradingin Govt. Securities, though allowed in the recommended investment

pattern by CDT, it is yet to be notified under Para (52) of .the EPF .scheme, Once
notified, the modalities as suggested by SBI may be discussed.
\ (
(iv) Investments in HDFC and IDFC

The RPFC (Investment) informed that at present investment in only private ~tor banks in
the residual category (private sector investments) is permitted as per the guidelines. Shri
Varada Rajan agreed to the suggestion of SBI regarding investments in HDfG Ltd. and
IDFC. The FIC agreed to consider investments in HDFC Ltd. and IDFC as
recommended by SBI.

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c:
n Item No.8 A: Regarding CBT EPF delayed receipt of Part & Final m~~rityproceeds
o of Rs~6crores off 13% BondMJs Bangalore Mahanagar Palike (BMP)
Cj/-
c: The Committee agreed with the proposal to file a suit against BMP. The Committee

c also agreed that in case of exlgencies, suits may be filed with the approval of ttle - -- --
Chairman, which may later be ratified by the Committee.
o
o Item No.8 B: Non-receiptor periodical interest and redemption proceeds of
c Richardson & Cruddas Ltd. ll.50%unsecured non-convertible
redeemable Bonds issued by MIs Richardson & Cruddas Ltd. (RCL)
c
c The Committee agreed to refer the matter to the Committee of Disputes (COD) as
proposed.
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C'
[tem No.9 : Proposed changes in the Investment Pattern by the Ministry of Finance
C
c: Shri Yanda Rajan suggested that the minimum total quantum of investmentsIn GO\-1.

r Securities (Central & State) should not be reduced to 35% and should remain at 40% as State
Governments may be adversely affected. He further said that the category wise norms should
C
only be indicative in nature and not mandatory. The Chairman enquired from SBr the kind
C'
of returns generated by this 40% block and when informed accordingly,he observed that the -
(
investment in Govt. Securities was pulling down the overall return of EPFO. In view of this
( observation he enquired why the proposal of the Ministry of Finance should not be accepted.
l However, ShriVarada Rajan reasoned against it and reiterated that minimum prescribed

( quantum of investment in Govt, securities should remain at 40%. The Committee finally
decided to recommend maintenance of the status quo i.e. keeping the minimum total
C
quantum of Govt. securities at 40% only.
C'
l As regards investments in securities guaranteed by multilateral funding agencies, the ' -,
l Committee observed that further clarifications are needed regarding the nature of these
instruments/their guarantees. It was, therefore, decided to not to accept the proposal of
allowing investment in securities guaranteed by multilateral funding agencies.

9
7
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(
Regarding trading of government securities, the Committee decided that the word "at
least" should be replaced by "up to" to pl"Ovideoption for trading and not make it (
mandatory. (

(
. The Cemmlttee-agreed to t~ proposed i~vestments in TJ>Rs of Private-Sector Banks.
c
As regal'ds the investments in equities, tbe Committee recommended that the same (

should be clubbed with the 'PSU/PS}i'ICategory' as in the previou~ pattern issued by (

- .

the Ministry of Finance and accordingly it should be made optional up to 5% only, (

(
It was also decided to recommend -allowing investments in POTDRs and NSCs as
(
decided by the CBTpreviously. :
(

.The Committee further recommended treating the category-wi$C percentage nonns as (

only indicative and not mandatory, -and fordoing away with any floor in any single (
category as also recommen~ed bytbeCBT.
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Item to: Ratification of SBI Transactions wi~ the Associates of SBI
(

Shri M P Mehrotra enquired whether

. .
better yielding
. ~opportunities were available- on the
: -.
(
dates mentioned by SBI in April 2005 , SBi representatives replied in negative. (

(
RPFC (Investment) proposed that the issuecould be taken up again while preparing the
(
compliance on audit report to be placed in the next meeting,
(

Slni Varada Rajan said that as investments were made without breaching 'the pattern, the (

same may be ratified. (

(
The Committee accordingly ratified the investments made by SBI in its Associates in --'\
"-
April 2005 and recommended that the same may be placed before the CBT for
ratification. "-

"-

The meeting ended wtth a vote of thanks to the Chair. l

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(' .-

0/ DRAFT MINUTES OF Tf-iE SPECIAL MEETING OF THE FINANCE AND

INVESTMENT COMMITTEE, CENTRAL BOARD OF TRUSTEES, EMPLOYEES' ._
o PROVIDENT FUND ORGANISATION HELD IN THE CO~(FERENCE-ROOM, RD
3 _
FLOOR, EPFO, HEAD OFFICE, NEW DELHI AT 12.00NOON ON 1ST DECEMBER
o 2007.

(1 A special meeting of the Finance and Investment (F&I) Committee, Central Board of
Trustees, Employees' Provident Fund Organisation was held" in the Conference Room, yd
c floor, EPFO, Head Office, New Delhi at 12.00 noon on 1st December 2007. The meeting-was
C chaired by Shri. Rajesh Verma, Jt, Secretary & Financial Advisor; Ministry of Labour and
Employment, GovernmentofJndia ".
C
The following members of the committee were present in the meeting.
c . ::
( 1. Shri. Rajesh Verma It. Secretary & FA .Labour and Chairman,
F&I Committee . .-
C 2. Ms. Gurjot Kaur Jt. Secretary (SS) "
3. Shri, W.R. Varada Rajan Member, (Employees' Representative)
C 4. Shri. A. Venkataram Member, (Employees' Representative)
5. Shri: O. Sanjeeva Reddy Member, (Employees' Representative)
C 6. Dr. "Ram S. Tameja Member, "(Employers" Representative)
( 7 Shri. M.P. Mehrotra Member, (Employers' Representative) "
8 Shri, Abhay K. Singh Convener, F&I Committee and FA& CAO,
( EPFO.
She A. Viswanathan, CPFC attended the meeting as a special invitee.
(

( The following officers were also present in the meeting;

( }. Shri.S. K. Verma, Director (SS), Ministry of labour.

2. Shri. V.P. Ramaiah RPFC(FA)
( "3. Shri. R.W. Kapai APFC (Budget)
4. Shri.R.K. Kohli APFC (Balance Sheet)
(

( Shri J.P. Choudhary Employer Representative sought leave of absence.

.
l At the outset, FA & CAD, welcomed the Chairman and the members of the Finance and
Investment Committee to the special meeting of the Committee. Thereafter; the AgendaItems
were introduced and taken up in seriatim. .

Item No.: 1. Revised Estimates for the year 2007-2008 and BudgetEstimates for the
year 2008-2009 for the Employees' Provident Fund Scheme 1952,
Employees' Pension Scheme 1995 and Employees" Deposit Linked
Insurance Scheme 1976.

Shri. W.R. Varada Rajan wanted to know the reasons for separating a few budget heads for
~ormal as well as BPR for the first time and also highlighted the increase in "budget estimates
in respect of the Budget head "Consultancy Studies" and "Publicity" in comparison to the
actual expenditure of the previous years. FA&CAO explained that as per decision of the
Secretary, Ministry of Labour and Chairperson, EC on 1st Aug. 2007, the BPR is to be
implemented in all offices of the organization and therefore, in order to identify the expenses
under the project the bifurcation has been made for the first time in certain heads. To a query
 (

(
from the Committee as regards the expenditure incurred under the 'BPR' ason date, it was
explained that such details have not been classified so far. Since the implementation .of the - (
Project has been proposed.at aJI the offices, it is felt necessary to.allocate separate amounts for
(
BPR under the relevant budget heads to. the field offices as well as to the divisional heads in
. the Headquarter for appropriately mentioning the expenditure incurred from now onwards.
. With regard to the previous period, the details will be ascertained from the concerned
-c
officers/offices, (

(
CPFC intervened-in the matter and informed that as per thesuggestion received from the
Finance Division, consistent with accounting system, the classification of the allotment ofthe (
budget under certain heads "for BPIt purposes have been included in order to. find outthe
.expenditure being incurred for BPR activities. He further explained that domain experts from (
·thefi~ld· are being called frequently which is resulting in increase in the traveling expenditure
and likewise other expenditure under other headsare also involved, (

(
Sh, Varada Rajan informed that there may be some confusion in the filed offices to. classify
the expenditure under BPR in certain heads. He, therefore, suggested that the budget may be (
. shown asaconsolidated amount under each head with a footnote indicating the amount_-
an~ted under BPR in the· respective heads and expenditure details may be obtained (
accordingly from the field offices.
(
.. It was clarified to. the Committee by F.A. & C.A.O that suitableguidelines have already been (
issued to. all the Regional Offices! ASD in Head Office as well as to IS Division & Physical
Facilities Division ·in· Headquarters and others concerned, Separate allocations have been (
projected in certain heads for the considerationof the Co.mmittee/CBT so that.the approved
allocations will be communicated to. the respective offices for booking the expenditure (
accOrdingly.' . ..
(

With regard to the increased allocation under the budget head 'Publicity'jShri. Ram Tameja '(
mentioned that the _same may be due to. the increased allocation during the previous years
(2004) and perhaps EPFO has taken that as a reference. Sh. Varada Rajan also raised the issue. (
of negative expenditure in the Publicity head during the year 2004-2005. It was informed to.
(
the member. that this will be verified separately and placed before the board through a
supplementary memorandum. (

Itwas informed to the Committee that projections under 'Publicity' have been made keeping (
in .view the requirements submitted by the field offices and Publicity Division in the
<..
Headquarter keeping inview the BPR requirements. The Committee felt that the projections
are on the higher side as compared to.the expenditure incurred in the previous years and in the -, <..
firstsixmomhs of the current year. It was suggested to revise the estimates for the year 2008-
09 to the extent of the revised estimates for the year 2007-08. <-

With regardto the increase under the budget head 'Consultancy Studies', it was informed that c
keeping in view the decision of decentralising the NSSN work to. the respective regional
offices, the field offices have projected their requirement in this head as they have to engage a <-
consultant vendor, To. a query from the Committee regarding the booking of the expenditure
<-
for SSN -work in the previous years, it was explained by the CPFC the.said expenditure was
booked under the budget head 'Computerisation' maintained by the IS Division in the <..

Headquarters Office. _The Committee felt that such amounts projected in the consultancy <...
studies may be transferred to.the Computerisation head as was being done hitherto. -
\.
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C/
/
After detailed discussion on the agenda item, the Chairman summed up the discussions and -
C the Committee resolved as tinder: - -
(
• The Expenditure Budgetary Heads in the Revised Estimates and Budget Estimates
( shown separately for BPR 'may be -clubbed together .under the relevant heads and
indicate separately In the footnote, the allocations proposed for BPR activities out of
c the said estimate. -
C • The amount projected tinder the 'Consultancy Studies' head for the purpose of NSSN
work at the field offices may be transferred to the budget head 'Computerisation'.
(
• Keeping in view the actual expenditure under 'Publicity' for the previous year, the
(
Budget Estimates for 2008-2009 may be maintained at the level of Revised Estimates
r for the year 2007-2008.
'--.
With the above mentioned- modifications; the Committee resolved to reconunend the
Revised .Estimates for 2001-2008 and Budget Estimates for 2008-2009 to the Central
Board of Trustees, EPF. . . -

Item No.: 2. Impleme~tation ef Coneurrent Audit.on Portfolio Management by SBI.

FA&CAO introduced the item of Concurrent Audit on Portfolio Management by SBI to the
Committee. .
-
Sh. Varada Rajan mentioned that the terms of reference be properly informed to the
concurrent auditor on various portfolio management issues such as pattern of investment
financial implications and the impact/deemed losses, if any etc,

Sh. Ram Tameja and .Sh. Mehrotra desired to know the date by which the concurrent audit
report for the previous month will be finalized by the -concurrent auditor. It was also
mentioned that the date by which the analysis and comments on the concurrent audit report by
the Investment Cell of EPFO Head Office shall also be specified.

The Committee discussed the issues and desired that the concurrent auditor should submit the
audit report by7Sb of the month for the previous month and investment cell of EPFO, Head
Office shall finalise their views and submit to the Committee before the end of the month and
also take follow up action in the matter.

The Committee enquired about the selectionprocess of the concurrent auditor. It was
informed that the selection process will be done as per the GFR provisions and in consultation
with the C&AG for supplying the list of suitable audit firms,

The Committee approved the item as placed in the memorandum.

The meeting ended with a vote of thanks to the Chair .

.
 Item No 2: - Statement showing the actions taken on the
recommendations of the Finance & Investment Committee.

S.No./ I Recommendations Action Taken

Item No. i
i fRegarding 'idling of fund by
IS8I' -- The DGM,SBI was aware of the decisionas he
attended the Finance and Investment
It was deeded that 581 should Coo'inittee meeting and the 581 was supposed
come up with a concrete to submit a comprehensive proposal within
proposal within three weeks in three weeks.A letter was issuedon 10/12/2007
this regard and thereafter a SUb- from EPFOregarding non-submission of the
( Coomittee having a member proposal. The reminder was sent on
each from EPFO,Employers'Side 14/12/2007. A letter from 581 has been
(
could . visit •.581, Mumbai to received on 04/0 1/2007~ wherein they have
finalise the same. expressedtheir inability in sharing the .income
on -idle funds. In the meanwhile, a three-
.:
l
member committee was constituted vide office
letter dated 20/12/2007. The Finance and
Investment Conmittee may take a view
accordingly.

ii Review of Investment in
respect of Provident Fund, AnalysiSof the investments.made in the three
Pension Fund and the· EDU .schemes has been attempted in a simplified
Fund. form and is put up along with the item no. 3.
However,for the detailed analysis,the present
The· Chairman agreed with the structure of Investment wing is inadequate,as
concern of -the members and the number of officer required and the
instructed the investmentcell to infrastructure needed for a proper monitoring
.prepare a gist of. these reports are lacking.
and place them :before the
committeealong with the reports
sent.by5BI as annexure. .

iii Appointment of Multiple
Fund Managers
a) The agenda as presented
for appointment of a
consultantwas passed.
b) The Corrmittee further
advised the CPFC to
initiate setting up the
Investment Monitoring
Cell immediately.
iv Report on the Invesbnents
of EPFO's Fund for the
financial year 2005-06 by
the portfolio auditor Mis
·8atliboi and Purohit.
The Chainnan instructed the been receivedas on 08/01/2008.
Finance wing to prepare the
.commentsof EPFOon the audit
report and placethe samein the
next meeting of the Finance &
Investment Committee. He also
instructed the auditors to make
all the amendments!corrections
appearing presentlyin the report
.submitted by them
v Implementation of
COncurrentAudit on
Portfqlio Managementby
.. 581
Vi Suggestion from S8I for
.enhancement of Retums on
the investments made by
581
,~
.-
.. - ,
a) The Bids have ~en called from the
credit rating agendes and .the bidders
were to submit their bids by 03/01/2008.
The technical bids were opened on (
03.01.200S. The committee analyzed
( .
the technical bids on07.0i.200S and
MIs. Crisil were found to be eligible for
opening the finandal' bid. A separate
item is placed before the Finance and
Investment Committeeon finalization of
the bid process for selection of
consultant.
b) A proposal for creation of the
Investment Monitoring Cell will be
placed before the ExecutiveCommittee.
EPFOhas already sent the comments on the
(
audit report to the auditorS to take further
action and submit the fina1 audit report
accordingly. Conments of EPFOare put up as.
annexure-CoThe reply from auditor has not
The item is being placed before the CST for
approval.
The proposals were placed before the CST.A
separate item regarding investments in HDFC
and IDFC was placed in the lSOthmeeting of
the CSTand was deferred.
C
r
c:
vii Delayed receiPt of Part &. 5BI has been advised.to file a legat suit.
c Final Maturity proceeds of
c: Rs.6 crores off 13% Bond
- MJ.s Bangalore Mahanagar
( Palike (BMP)
(-
Non-receipt of periodical 5BI has been requested to furnish the details
( Interest and redemption about the terms and conditions of the
proceeds of Richardson & investments to complete the proposal for
(
Cruddas Ltd. 12.50% submitting to the MinIstry of Labour.'
( Unsecured non-convertible
redeemable Bonds issued by
Mis Richardson &. Cruddas
Ltd. (RCL)

viii PropOsed changes in the·

Investment Pattern by the The decisions weteplated before the CBTand
Ministry of Finance communicated to the Ministry of Labour.
ix Ratification ..of S81
Transactions with the An item was plaCedin the "180th meeting of the
Associates of S8I CBT for ratificatiQri and was deferred. -,

The committee ratified the

investments made by 58l in 58I
associate in April ;lOOS and the
same may now be placed before
the CBT for ratification

J6
 (.
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5I!.~d Post
Cf>qT4lil ~ Afir WJo;r c
(~~tRtnt ~.~.~)
EMPLOYEES' PROVIDENT RJND ORGANISATION I

(Ministry of labour & Employmen~ Govt. ofIndia)

~ ~ I Head Office
~ AN 1:fZfit. 14-~ ~~. ;ri~-11O 066.
Bhavishya Nidhi Bhawan, 14, Bhikaiji cama Place, New Delhi - 110066.

Ale No.lnvest-I/1{S9'" ) FlC/2DO~') Date 10.12.2007

To, <,
Shri Mian Barua,
Chief General Manager,
Treasury Department, Corporate Centre,
State Bank Bhavan
P.O. Box 12, Madame Cama Road .
Mumbai 400021

Sub: 89th meeting of the Finance and Investment Committee

Sir,
h

This is in reference
.
to the decision taken in the 89th meeting
.
of the Finance and
Investment Committee held on 19/11/2D07 regarding submission of a comprehensive
proposal from S8I within three weeks for passing on equitable share .of returns on idle
funds.
A reply in this regard is still awaited from SeI. The same needs to be submitted
at the earliest so that a meeting may be fbeed with the three-member committee as
decided by the Finante and Investment Committee.

Yours faithfully. "

(5 C Goyal}
RegionalP F Commissioner (Investment)

~4'{;,~~'"
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11-
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(: ~ !Tdephone:261S9061
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E~'WLOYEES' PROVIDENT FUNDORC,\:'\ISATJOX'

t> (Ministry of Labour &-Emptoyment, Govt. of India;
( t~lf.l~~ ~Vc,;p:). ~~-flr IHead Office
~~, t~,.••
1:JCR, 1q:;1I!;fflq;prr~.:u~-~~<),,~~
I Bhavishya l::iidhiBhawan,14, Bhikaiji Cama Pla~. New Delhi -110 066 •.

.
.NO.lnvest.I/1~9S)/Idle fund/200S-06/Vol.I/ I}SO,/l{!) Dated.- 14.12.2007
(
To .~ ,
( Shri Anjan Barua,
Chief General !4anager (PM & CS),
.- .. -. _~c' - ZiJUI
tt},
-.

- '.~
State Bank Of 'india, Treasury Depts.,
Central Office, Post Box No.12,
( Madame Cama Road,
MUMBAI - 400 021.

Sub: Action Taken report on the decision of the Finance & Investment
Committee taken in its 89th meeting held on 19.11.2007- Reg.
Sir,

This has 'reference to the decisions / recommendations 'of the Finance

and Investment Committee in its above cited meeting .. You are requested to
take the requlstteactlons and inform us accordingly on the following:-

1. Idle funds;

The Committee desired from 58I to come up with a concrete·

proposal within ~three weeks for passing on equitable share of
returns earned enuninvested funds in this regard. You are therefore
requested to submit the same.

You rs faithfll!ly,
~/Uv-L
(S.C.GOYAL)
OMMISSIONER (INVEST.)

1 a.---- ~:
Dl, , -. Q.! ,~-:
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W llit. sr;. 12. ~ CfiPIT lIPf, ~ - 400 021:
Global Markets, QlrporateCentre. State Bank Bhavan ('
StatcBank of India PostBox No. 12.~ Cama Road, Mumbai -400'021.
~: + (91)(22) 22891011 ('
~ : + (91)~} 22891111
r,
Shri S.CGoyal, GfI'. ~iNo. ( ,
Regional Provident Fund Commissioner
(Irivestment), .
~'/Diltp
Employees Provident Fund Organisation, TRlPMS/.2b15"A./ -
Bhavishya Nidhi Bhavan,
14, Bhikaiji Cama Place,
New Delhi 110 066. 31-12-2007.
(
Dear Sir,
(
TH
89 FINANCE AND INVESTMENT COMMITTEE MEETING HELD ON
19-11-2007- PROPOSAL
. .. » -
FOR GUARANTEEINGRETUNRS ON IDLE FUNDS. -

Please referto your letter no. Invest.Yl(95)11dJe Fund/2005:.061V01.Y18020dated 14-12-

07 and Invest"'Yl(89)FICI20071l8337datoo 10/18-i2-2007aSking us to isubmit, the ( ,

proposal for sharing of returns.

(

02. We have examined the matter. In this context, the guidelines on Portfolio
Management are clear and do not permit us to do so. In thisconneetion.rwe enclose
extracts of RBI master circular noRBI12007-2008/54 - DiJOD No. BP. BC.1S' /
21.04.14112007-08 dated 02-07-2007 and SEBl's regulations for Portfolio Mariagers.for
your perusal. Your attention is drawn to the highlighted para nos (a), (c)ofRBI's circular
and 3(a) of SEBl's regulations. Under these circumstances, we regret our inability to
share returns. ' . ,"

02. The short term retention of funds in the account is minimal and has the purpose like
participation in auction etc. Nevertheless, the return on (widS should be optimized and
therefore, other possibilities for better returns must be explored. We have accordingly
suggested investment' of such funds in Liquid Mutual Funds and'. Collateralised
Borrowing and Lending Obligations. The detailed proposals in this regard have been ",
submitted. We request you to expeditiously convey appropriate approval in this regards.

Yo~ faithfully,

~~A.~qy V~~
.1 ' . Deputy General Manage,
(PM & CS)
(

EXTRACT OF RBI GUIDELINES:

The fonowin~ ?onditions are to be strictly observed by the banks operating

PMS or Similar s~.!11~ _. with _.~~.. specific prior approval of .RBI:

(~) PMS s~~ld be entirely at the customer's risk. without guaranteeing. either
(/ directly or Indirectly, apre-determined return. -
(
(b) Funds should not be accepted for portfolio manage~ent~or a period less
.&.'--- --- ..._--
U leu f VI IV. y~ell • .
(

( (c) Portfolio funds should not be deolQyed for lending in call/notice mone'L
inter-bank term d . bills rediscountin markets and lendin
I

. placement with corporate bodies.

(
(d) Banks should maintain client wise account/record of funds accepted for
manageri'\ent and investments made there against and the portfolio clients
should be entitled to get a statement of account -.

(e) Bank's own investments and investments belonging to PMS clients should
be kept distinct from each other, and any transactions between the bank's
investment account and clienfs porttolio account should be strictly at market
rates.

(I) There should be a clear functional separation of trading and back office
functions relating to banks' own investment accounts. and PMS clients' .
accounts. -

iii) PMS clients' accounts should be subjected by banks to a separate audit by

external auditors as covered in paragraph 1.2.5 (i) (a).

iv) Banks should note that violation of RBI's instructions will be viewed
seriously and wilt invite deterrent action against the banks which wifl include
raising of reserve requirements, withdrawal of facility of refinance from the
Reserve Bank and denial of access to money markets, apart from prohibiting
the banks frDfll undertaking PMS activity. .

v) Further, the aforesaid instructions will apply, mutatis mutandis, to the

subsidiaries of banks except where they are contrary to specific regulations of ...
,
the Reserve Bank or the Securities and Exchange Board of India, governing
their operations.

vij Banks/ merchant banking subsidiaries of banks operating PMS or similar

scheme with the specific prior approval of the RBI are also required to comply
with the guidelines contained in the SEBI (Portfolio Managers) Rules and
Regulations, 1993 and those issued from time to time.
/ c
(

EXTRACT OF SEal GUIDELINES C

t:
. CHAPTERII1
r
GENERAL OBLIGATIONS 'ANDRESPONSIBILITIES .u:
Code of Conduct

.13..Every Portfolio Man~r shaH abide by theC~of·CQnduct as specified

In SChedule III. .' .' .' . . . •

7 [Contract with clientsaild 'disclosures

14. (1) (a) EveryportfoJio manager shall before taking up an assignment of ( ,

management of funds or portfolio of securities in writing on behalf of a client,

(
enter ~!lto an agreement in writing with such client clearly defining the interse
.relationship. and setting out their· mutual· rights. liabilities and obligations
relating to management .of funds or portfOlio of securities containing the
details as specified.in Schedule IV.

(b) The agreement betweenthe.portfolio managecandth.e client shall, inter (

alia. contain:" .. '.' .... ....
(

(i) the investment objectives· and the services to be provided;

Jii) areas of investme~t.andr~strictions, if MY.'

imPosed by" the client with
.regard to the investment ina particul.~r com~nyor lr:edustty;

(iii) type of instruments and proportion of exposure;

(iv) tenure of portfolio investments;'

(VI ierrus fur €:arly withdrawal of funds or securities by the-clients:

(vi)attendant risks involved in the managementof the portfolio;

:;.-- .

(vii) period, of the contract and provisionqf eady termination,if

. -. . .
'. .
any;

(viii)amount to be invested subject to the restrictions provided under these

regulations;,

(ix}procedure of settling clienfs account including form of repayment on.

maturity or early termination of contract; .

(x)fees payable to the portfollo rnanager;

(xi}the quantum and manner of fees payable by the client for each activity for
which service is rendered by the portfolio manager directly or indirectly (
whp-rp- such service is out sourced) ;
 (

c
r/
cl
c . (xii)custody of securities;
f
.I
( - (xiii~in case of a discreti~ary portfolio m~nager a condition that the. liability of
./
a ~_I~ntshall not exceed his Investment ~th the portfolio manager; .
("

(
{~ivj- Ult:: l';;f.iiS of ac~nts and audit and furnishing of the reports to the
chents as per the provisions of these regulations; and. ..
(
(xv) other terms of portfolio investment subject to these regUlations.
(
(2Xa)The portfolio manager shall provide to the client, the. Disclosure
C Document as specified in Schedule V,alongwitha certificate inFormC as
specified in Schedule I , at least twQ days prior to entering mtoan a9reem~nt
(
with the client as referred to in sob- regulation (1). ... . -
C (b)The Disclosure Documentshan inter alia co~tainthe following-
C
. (i) the q"uantum and manner of payment of fees pavable by the client for each
( activity for which service is rendered by the portfolio manager directly or
indirectly ( where such service is out sourced); - .
(

( (i!) rnrtfnJio risks;

( (Hi)complete disclosures in' respect of transactions with related parties as per

the accounting standards specified by the Institute of Chartered Accountants
of India in this regard; ::- .

(iv) the performance of the portfolio manager;

Provided that the performance of a discretionary portfolio manager shall be .

calculated using weighted average method taking each individual category of
investments for the immediately- preceding three years and in such cases
performance indicators shall also be disclosed.

(v) the audited financial statements of the portfolio manager for the
immediately preceding three years.
~"

(c) The rcontents of the Disclosure Document shall be certified by an

independent cnartered accountant
\
(d) The portfolio manager shall file with the Board, a copy of the Disclosure
Document before it is circulated or issued to any person and every six months
thereafter or whenever any material change is effected therein whichever is
earlier, along with the certificate in Form C as specified in SChedule I.

(3) (a) The portfolio manager shall charge an agreed fee from the clients for
rendering portfolio management services without guaranteeing or assuring,
'"' either directly or indirectly, any return and the fee so charged may be a fixed
fee or a return based fee or a combination of both.
 (

.I

(b) The portfolio manager may, subject to the disclosure in terms of the
Disclosure Document and specific permission from the client. charge such
_ fees ~om the client for _each activity for which service -!s rendered by the _
is
. porttouo manager directly.or.indirectly (where such service out sourced).)

General r~ponsibilities of a Portfolio Manager

- -

15. _(1} .The discretionary pofttolio -manager shall individually and

independently manage~the-funds of each dient in accordance with the needs-
of the client in a manner whiCh -does not partake _character of a Mutual Fund.
whereas the nc:>n-discretionarypOrtfolio. man-ager-shall manage the funds in
accordance with the directions of the client.

- 8[(1A) The portfolio manager shall not accept from thecHent, funds or
·.securities worth less thanfive.lacs rupees.]

_(2)The portfolio manager shall act -in a fiduciary capacity With regard to the
clienfs funds.

9[(2A) The portfolio manager shall keep the funds of all-cliel)tsin a separate
account to be maintained by it in a5cheduled Commercial Bank.

explanation : - -For the purposes of this sub-regulation, _the expression It

Scheduled Commercial- Bank" means any -bank included .in the Second
Schedule to the Reserve Barik of india Ad, 1934 (2 of 1934).)

(3) The portfolio manager shall transact in securities within the limitation
~!~~~d by- It)~ cJ.ienthimself with regard to dealing in securities under the
r

-provisions of the Reserve Bank of India Act, 1934 (2 of 1934);

(4) The portfolio manager shall not derive any direct or indirect benefit out of
the client's funds or securities. .

10 [(4A)
The -portfolio manager shall not borrow funds or securities on behalf of
the client.]

[(5) ThepirtfoliO- manager shall not lend securities held on behalf of clients
11
to a third person except as provided under these regulations)
\

(6) The portfolio manager shall ensure proper- and timely handling of
complaints from his clients and take appropriate action immediate:ly.
 r .

<? ,\.
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.
,

~ /Telephone :26189061
Telegram: "KENDRIYA NlDHI' New Delhi. . Fax No: 26189078
(
C6"''illfl . ·,..fcttll f.Ifu ;94Id~·.
('
EMPLOYEES' PROVIDENT FUND ORGANISATION
(Ministry of Labour &.. Employment. Govt of India)
(
(lJIJt~~~ 'tmtmcm). ~C6ltd~q IHead Office
c ~~. ~ tgo, 'tj)Cf)fl~dilcfiJ1tr~, ;;rt ~t'~oo~~
(

(
.
No. Invst .I/1(9 5}/ldle Fund/200s.06~'J/"
.'~'
BhavishyaNidhi Bhawan, 14,.Bhi.kaijiCama~, New ·Delhi -110066.

"Dated:-19.12.2007
(
. \ .'. 20~ZU.~
c
.v ~.
(
Sub: Constitution of a Committee for 'idle fund- Reg~ .'
"
While discussing the item relating to idle fund.during sff'meeting of Finance &
(.
Investment Committee held on 19.11.2007, it was decided that a three member
committee be constituted from amongst the members of the F~nance & lnvestment .
Committee to visit S81 in Mumbai and take up the issue with them.' Accordingly, the
Chairman, Finance & Investment Committee, has constituted a committee with the
following members: .. ::-

1. Sh. W.R.Varada Rajan, Member (Employees' Representative)

2. Sh. J.P. Chowdhary, Member (Employers'Representative)
3. Sh. Abhay Kumar Singh, (FA & CAO, EPFO)

". " .." " (ABHAY ~GH)

FtNANCIAL ADVISOR & CHIEF ACCOUNTS OFFICER

To

1. Sh. W.R.Varada Rajan, Member (Employees' Representative)

2. Sh. J.P .Chowdhary, Member (Employers' Representative)
3. Sh. Abhay Kumar Singh, (FA & CAO, EPFO)
. ,
 )
c
C r
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t:
Comments of EPFO on the audit report for the year 2005-06
(~

Detailed comments of EPFO were sent to the auditors vide letter dated 17.12.2007. /~
I
The same are placed as under: '-- --- -
.('
SR Reference
No. Para in the~ EPFO's Remarks ..
Audit Report
. . ... (

Co
General On examination of the audit report, it is .seen that the scope
Remarks of work dealt with: in eachchapterhasnot been mentioned
to ascertain whether the point mentioned in the scope of
work has been adequately covered. (

Whether the auditors have verified the compliance by SBr /

of all the observations made in the audit report of2004-05.

The same should be reported-point wise to EPFO.
(

The members of the Finance and Investment Committee

advised the auditors to indicate the financial impact of their
observations and to provide the compliance certificates. (

It has also been observed that the audit observations have

not been categorized separately for each of the five funds as
per the.terms of reference. The audit report on Pension fund
wasto be bound separately.
1 3.1.1

Auditors should report whether the month ..wise distortion in

achievement of the investment pattern has not resulted in a
loss to EPFO.
(

(',

c'
r 1 In the draft audit report it was pointed out tlL'l' securit-i~~
I .

t: i worth Rs 590 Crores werepurchased at a very low yield of ,

1 ;

('
! 5.9% to 6.25%. The final report has omitted this point. i
I ;

c: i 'Auditors should quantify the loss, if any, on account of such i

! I

iI purchases.
.
{';
i
c •
·!
·1
I.
Auditors should also mention whether the securities
.!
C j
i purchased were the ones. yielding maximum returns in all
( i
· I1. the months as per the terms of reference
( 2 3.1.2 1
I i
( i.Auditors should report whether the month-wise distortion ill !
( '" achievement of the investment pattern has not resulted in a :
I . . !
.! ,,'
( .i .. loss to EPFO. .i
I
I
·I
Auditors should also mention whether the securities
·1
I purchased were the ones yielding maximum returns ill aU

3 3.1.3 I the months as per the tenus of reference.

In the draft audit report, it has been pointed out that the
I. residual category of 30% was freely used in the PSU!PSF1
II category by investing in TDRs at very low yield of 3-5%.
'j
Out of totat Rs 6~ 109 Crores,Rs 28,216 Crores were

invested inTDRs of SBI and its associates at a very low

yield as compared.to the rates of other banks for a similar
1 period causing loss to EPFO. Further
I
it was also pointed out
.
I
,
· r·, . in the draft report that investment of Rs 9738 Crores in !\
'

i! 1))Rs ofSBI were made at a very low rate of 3-4%

I
!resulting in loss of interest of'Rs 29.29 Crores. The
i investment amounting to Rs 57,702 Crores out of the total
.I
i
I Rs 62,109 Crores were made for.a very short period ranging !
:
I . from 7 to 52 days fetching very low yield. It was further I
 C
t:

- -- ~------- ---'
observed in. the draft report, - ... had the P~[O taken prop.;;r
r
steps/planning to invest the funds even a,period of 6 I'
months/IZ months, there could have been a huge additional C'
revenue to the EPFO. It is true and agreed that at all the (

times the PMO would not be in a position to place lite (

. surplus in FD of9()/] 80/360 days, But from the factual

position of the investments made in TORs it is feJt that thei
P~'IO of the status of SBI could have planned the
investment of funds; in a better fund flow (the inflow was
(
definite and is 1m0M} to P1vIO in advance) ", It also
reported, ..... out of the total transactions of the P~10 during i
. ,
the year 60 to 700/0 transactions are for IDRs terming P?vIO I
!
as "SHORT TER..f\1DEPOSIT INVESTOR". we request ,
the EPFO to kindly see the total transactions of the year of !.
theP}VfO "lira-vis the transactions in the IDRs". It means (

auditors have suggested further verification. of the

investments in TD4 (

The above, mentioned important points have been entirely

't.
omitted in the final report without incorporating the reply
(
from SBl. Auditors should certify that there was no loss to
EPFO because of low yields. i
i
j'
•. f
Auditors should also' mention whether the securities I
j
purchased were the ones yielding maximum returns in all !
, !
the months as per the terms of reference I

3.1.4
Auditors should also mention whether the securities
purchased were the ones yielding maximum returns in all
the months as per the terms of reference !
i

3
 5 3.3.0 : In the draft audit report, it has not been accepted thatSBTis :
I 'lot in a position to deploy the receipt of Rs 4000 Crores of !
I
I SDS interest within a short period across various securities i,'

I
I without causing significant long-term loss in theyields to I.
t -!_._-
r- I EPFO.ln
--0_-
the auditors' had further opined that the portfolio I
I ,
! I ' I

,Ie,manaser of the status of SBl is aware of the fact of resular

~
i

Ii
t-
II !
I
,i receipt ofRs 4000 Crores every year in the first week of
I I
I
i
I
i .1 January and should have planned in advance. The auditors i
I
I
!
-I
I
i
,I have accepted the reply of SBIin the f~1 report, they ,I

t should certify that later on the ~ss due to low yielding

(
t 'I
I
TORs has be recouped through better investment.
I
I
t I
( I I
1 6 I
,
(
i
!
!
f
I
I
! l1daft audit report contains a paragraph on page 18, ~I .

I Low yield on I the overall yield on investments during 2005-06 is only,

I '
( I
( I I
i Investments 16.510;0. The PSU category has fetched only 6.37% as.per
I ! I
,i the report, whereas the PSU category otherwisegives better
I
! . ,-
I, , i
I
j
i returns than CTG/STG/SDL categories. It is not clear why

I
I I the Para does not fmd a mention in the final report 'The
! '

j
I
l audito~s are required to clarify.
I

i
3.4.0 I j
I-
I
I
lf I The draft audit report quantifies ~ loss ofRs 21.32 Crores I
I ! i t
I ! on account of investments in Treasury Bills during January I
f I
I
I
I - March 2005. The final report is silent on the
i
i'
I
i
I-
!
i
quantification of the loss, but indicates that the treasury
f
I
I I
I
bills were purchased to meetthe investment pattern
I
I I -
~.,,: "
.. ..•..•... I requirements in Government Securities, It means the 1 '\
I I i ~
I ! investments in T -Bills may have caused the loss to EPFO J
;
1-, )

I on account of distress purchase and lack of proper planning ;

t
t for achieving the investment patrern, Auditors are required
~I
I to clarify the position.
I
I Auditors should also certify that the T-Bills have been kept
-t
 r
......:.-Li r
as per the policy of 'Hold till maturirv',
W I J r:
~8~~--~3~-~O~~~--~------~--------------r,
--~----------~
- .). ,

!
\'
The auditors should verify the position of exceeding the
r
: limit of 5% of brokers' turnover Wtth reference to RBI ,
! guidelines. and the compliance positicr relating to the same. i - (
9 3.6.0 I
!
I The auditors, in the draft auditreport] have pointed out that
1 it was not a judicious decision to ~uylarge number of
I, '
I report, it has been
securities at pre-mium. In the final' ·-ll~!
I mentioned that. the securities were purchased at premium I
!i
i from the secondary market to meet the. investment pattern. I
I -' _. - ! -
iThe auditors should certify that the afhievement of pattern I
I without proper planning bas not resulted in any loss to
!
I EPFO and the securities were purch~ at maximum yield I_
i
i after considering the premium paid.
!
10 3.7.1 I !
I !
! The percentage indicated in the Para is not correct in the . !
i !
! sense thatRs 2081.23 Crores divided by Rs 14010.14
I
I Crores is not equal to 28.16%. The: given table and the I
I percentage are not matching with the total investment ofRs i
I, 14010.14 Crores. This needs to be further checked and Ij
reported properly. I
j
I I
II In the draft audit report, it was pointedout, " ... thesebonds, II
i

-:. ~
-.-. '. I in our opinion, willbe redeemed bythe issuer at a much I
I earlier date than the maturity date resulting into not only i
II losses (notional), but also creating distortions in the cash II
1,-

flow of the fund. l" -II;,

I
'
I
I
t
I EPFO ~bserves that the proper mark-up should have been ~
I
I! availed wlUle purchasing the bonds having call options, if i

5
 --~------
--~---------------------
-------1------_· --------------.-----
-_
..

t: any. Auditors may verify thF same and report.

11 3.7.2 .
I
I The draft audit report indicates tba~ low coupon bonds were I
i
i purchased through KOOlkrvtah~ -Battle-and un Bank to i.
! I

(. I the tune of Rs 495 Crores, whereas, in the final report, only

I '
I Rs 300Croreshave been mentioned.
I
I
I
I' Nothing has been mentioned in tIle final report regarding
(
I low yield in these investments. It is not clear why low yield I
I on this issue has been omitted in the observation; otherwise
( I
I,. the purpose of having this observation in the report is not
( clear. The reply from SBI mentioned in the report is also
'

( riot relevant to yield.

12 ·3.7.3
, i
In the draft audit report, it was mentioned that bonds of SBI !
I

and SBI subsidiaries were purchased at low yield compared ]

to other bonds in the market

Nothing has been mentioned in the final report regarding

j
low yield in these investments. It is not clear why low yield I
on this issue has been omitted in the observation; otherwise
the purpose of having this observation ill the report is not
clear. The reply from SBI mentioned in the report is also
not relevant to yield.
13 3.8.0 and 3.8.1
The draft audit report indicates tlhat the high yielding . '\
investments in the bonds, which ,have been redeemed
earlier, were improper investments, by the P~'fO.TIle final
I
J audit report has c-Ompletelyomitted this observation and
I
! instead the guidelines have been mentioned without any
I
I relevance with the matter of pre-matured redemption.
I
'"'

30
 . --- .i.:
.'.----'.----
r,
'-'""·'1

l
r
Auditors to clarify.:
f
14 l 3.9.0 and 3.9. J i
('
i
I 'The investments in TDRs ofSBI were Rs 17183 Crores and I
1 (~
I of its associates were Rs 11033 CroresitotalingRs 28216
Crores representing 45.42% oftheto~l investments in l c-
(
TDRs. The draft audit report pointed out thatthe I·
, , " ',I '
investments in TDRs of SBI were at verv low rate, ! ' ,(
- . -. ".. ," 1-. . .J- ,". __ . . .

I
I

I
-compared to rates of other banks (or' similar ~iods ), 'r
I
i resulting in losses to EPFO. It was a~~ pointed out-that SBi I,
I
I has preferred to invest in SBI at~JO\'\f
.
rate of 3%'-55~Q,
'
I
I
I
I even though, at the same time /day/\Veekifortnig\l~ higher !
,
I , " I
I ! rate of interest was available with other banks and the Joss 'I,
i i i

I
I
I was quantified to the tune of Rs ~.29Crores. i
! f
(
I
1
I
i In the Final Audit report, only the ~actualpositi? n~of ,
i
! !
investments in TORs has been mentioned, withoutgiving I
I I
I I
I
!
any observation. Auditors should forward the reason for I
I , " ' , ,' I
I
I
omitting the earlier observation
, " on-short
oflow returns - . terml r
I fiRs with SBI. Auditors should also certify that 'there is no I
I I.
I loss to EPFO due to suchjnvestments, i ,\
I.
I
I----f--------r------'--------_-----------\\
15 3.9.2
I
I
I The factual position regarding purchase of securities cas
I J
at yield ranging from 7.12% to 7.65% amounting to Rs 5901
I, !
t Croreshas been mentioned in the FinalReport, No i
I
I
I
I
I,
I
observation has beenmade regarding any deviation or low I
rate. It is not clear what for this observationhasbeen made
i , I

, (

I I
! . -.
.~"'!;

and there is no comment from SBI.

i r
16 3.9.3
The fixed deposit for a period of3i6i12 months were only
, .,

Rs 4407 Crores fetching interest of 6.2~%.to 7.35% per I

~I
, I
annum and the balance Rs 5770i Crores' were for a short j
I! duration having the difference in the rate of not less than 3-
, i
'!!
I ,

7
 (

c
C I
I
.1% pel" ;mttutn. This.: \V~ pointed out in the dr!l-t~!lud~

c: I
report, In the :fIDaIaudit report, the probable explanations
have been given for such investments in short term TDRs. !
C
-- The-reply should, however, have come from SOl, whereas
C
SBI has not offered any comments.
C --------------------j
11 3.11.0
r- i
The purchase of government securities from subsidiaries of !
(:
SBI exceeded the cap of investment in April 2005. The
(
aucuors should certify that the purchases of government
,"

( ,
securitiesfrom SBI associate had fetched the maximum
(. return available in the market.
( 18 3.12.0
( What observations were made after verifying the dealt
," tickets and Investment Notes have not been clarified? What :,
types of observations were made on the verification of
investment notes and deal tickets should have been clearly
mentioned here also. As per the terms of reference.jhe
investment transactions are to be scrutinized on day-to-day
basis and it was to be insured that the same areas per the
pattern as well as guidelines. Auditors should report that
though the investment pattern is to be achieved at the year-j
end, whether the deviation during the month with reasons
thereof were properly documented.

19 3.13.0
Whether the auditors have verified that the Investment '\
Committee of SBI has overruled the holes prepared by the
dealing section and the proper reasons for overruling were /'

duly documented and auditors were satisfied. Whether the

comparative position of the rates was also available in the
investment note and investments were made
'-" "
at the highest

8
 rates. The auditors:lilhould alao ;~ort whether r3tea of other
.
!
f

banks were also obtained. and compared while making the

.. I
- (
investments in TDRs. The auditors should also report
whether adequate system of internal control commensurate ,_._----
I
- ---
i
with quantum and value of investments exists.
Moreover, the SBI reply given does nQt pertainto the Para
mentioned.
20 3.13.2

The investment transactions are to

. -. . ..
be scrutinized
.- . - _... -..
on day-to- I
i
! day basis and it was to be insured thatthe same are as per I
I ._. _. I
I the pattern as well as guidelines. Auditors should report that !
I - . !
I though the investment pattern is to be achieved at the year- I
• t !
i
j end, whether the deviation while making the investments I
I . . -J
I with reasons thereof were properly dOcpmettfed. It should I
I
I also reported whether the auditors are satisfied with the

I reply ofSBI and the separate report as mentioned inthe

reply has been verified bythe auditors.
21 3.13.3 .j

The reply of the SBI is contradictory to the observation

made. Auditors should satisfy themselves with SBI's reply
!
I and report whether proper planning exists for investments
I
! in various categories for short to long-term periods.
I i
i 22 I 4.0.0(Sub Para !
I .! I
I : 1 and 2) Idle fund has not been defined iit the Act or the Schemes. I
i
I ! As per the terms of'reference also, the auditors were
I .
advised, -, to verify whether the capital was invested
promptly. If the capital remained uninvested for a period /

i
I then to' verify that income/capital gain on delayed
~ !
I investments has outweighed pre-investment incomeicapital
t
I loss together with income for uninvested period. ,.,However, 1
I

9
(

r
('

r: _ the meaning of idle fund can be derived from the t~s of

r- reference that any fund available for investment on a

particular day, which c-ould not be invested on that day can
r' _. __ . - - ...
be called idle fund. EPFO desires that the investible fund -1-
r- i

r: should not remain uninvested-even for a single day as far as

-
i
I
:

possible. ,!
C
c The Auditors must have checked the idle fund statements I-
(: - I
submitted by the SBI.
( r
I
( The observations made in Sub Para 2 is not clear. however.
- . .I -r
(' the meaning derived has already been incorporated in the i--
I

( observation given above. I-

!
r:
\

i23 .4.1.0 "

( l I
I
It is not clear from the observation whether the auditors _ !
i
have recommended for change in investment pattern. I
j
otherwise investments in call money and repo are not I_
I
allowed as "per the existing investment pattern.Moreover, I
the matter regarding the factual position on equitable share I
1
of return is under the active consideration of the Finance j
and Investment Committee. j
i 24 5.0.0 to 5;20.
I
I The auditors have neither made anY
.-" --'.
observation on the
I
I purchase price of the securities at ~imal rate nor verified
I
I all the transactions. Auditors have only test checked a few
I
1
! transactions. As per the terms of reference, the auditors
were required to ascertain whether the investments were - /
always made at the optimal market rate.
25 6.1.0 and 6.4.0
The EPFO has advised SBI as per the recommendation of

10
 t:

r
j, _"tbe'Nfin.istry to make immediate step to invoke the r
I guarantee clause. The ~uditors should report whether SBI t:
j'has taken steps to invoke the guarantee SQ thai the Ministrv (
:i -' .
, ! could be informed accordingly for taking further ac lion. ('

, As -per the records of EPFO, the proposal from

! Tungabhadra Steel Products Ltd. is not readily available in
(
I, this 'office regarding acceptance of lesser amount than the
i'1-' amount claimed bv SBl .
(

J
! 27 ! 6.3.0 i
i I I
II I
I
I The matter is under active considerationofEPFO
!
and it is
1' being referred loCoD. ,- !
I I
1
28 6~5.0 i
I -.' !
I i As per the records of this office! the SBI's view regarding I,
I !
I I escalating the issue to the Ministry Level for recovery of
i I
i -,i dues is not available.
I
!
I I
I
!
!
6.6.0 - ! .
The matter is under active consideration of EPFO.
,30 7.0.0 I
I I
I Asit does
j per-
- .the orovisions of the Income Tax Act, it seems that
Y&

I
not fall within limitation clause. The auditors may
I
extend their views in this regard. The Auditors should
I I
j 'any further
I
_verify whether course of action has been
! suggested by SB!. Moreover, the auditors' suggestion
I
I !
regarding taking up the matter with Ministry of Finance, it
is not clear how this matter could be taken up with the
,Ministl"y-ofFinanee.

8.0.0 to 8.2.0 -
, As per the terms of reference, the auditors were to verify

11

'-
 .......:::.:.

whether the incentives, wherever. receivable from the I

institutions are collectedpromptly and to bring out the case I
of undue delay in thereceiptof .irtcentives. The report does ~
i
not indicate whether the-auditors themselves have verified "
I
the receipt of full incentives and there were no delays in .. ' I
such instances. The auditors should verify. and report' I
accordingly, . I
.
I
;

i 32 9.1.0
I
! The auditors should certify that. the bank and transaction
I . ,
! charges were levied as per the.·agJI"eementand no splitting of I
I transactions were made and charged. separately during this .~
I
.
period. t
I
I
10.0.0 I
I
I As per the terms of reference, dle auditors are requiredto
I
I verify whether the interest are collected promptly and .
i
I invested as per thepatteinof invesnnent and also.to point
i out delay, if any. The r~ does not indicate that the
j auditors have verified the timely receipt of interest andonly I
I the position of the ~ outstanding, delayed period I
I interest and short period interest have been reported. The' I
I auditors should. report about dte !in>elyreceipt of interest in. i
I
I
f allthecases.·. .I
I.
I
iI 34 10.1.0 The a~ should report whether SBI has,~ken suitable
Ii /" action in an such cases. . . . I
I -.' .~~

j 35 10.2.0
i The auditors should verify the exact amount due from the
!
issuer and also verify whether the action as per the advice
I
!
I
I ofEPFO has been takenby SBI,~ifnot, then the reasons
~I
I thereof should be reported.
I
t
'" I

12
 1
r
r
The auditors should verify the exact amount .due from the
r:
issuer and also verify whether the action as per the advice r
.. -~ - ... _.! ofEPFO has been taken by SBI, if not, then the reasons
I I
I ! thereof should be reported.
i ~ . i
137 10.4.0 ~ .(
!
I,. The auditors have not reported whether the timely action (~
ij against die defaulter has. been taken. If tte timely action is
not taken, then the recovery becomes difficult.

10.5.1
The matter ~ under consideration.

j 10.5.2
I The SBI has been asked to submit a list of all such cases
!
! I
! where the outstanding dues are due to postal delayS and are
{
!
I I
I! ! meager amounts to take further approvals. 111eauditors.
I
j
I
i j
i should verify and report accordingly. . (
I I
i I I The auditors have further suggested that interest payments i
! .! I I
!
I I I
I . I should be made by the issuer under RTGS orECS scheme I
I'i I to avoid delay in collection of interest. The auditors should I
II I report whether SBI has taken positive action for recov-ery of I
Of I I
I I interest through RTGS or ECS as suggested. I
I

I I
140 13.0.0 !
I
1. II The auditors should report whether the matured cases/or
I maturities finalizing in very near future were not accepted.
I !
14.0.0 -,
The specific deficiencies in the Internal Control System
under this paragraph should also be mentioned in one place
/

in this paragraph.

42 15.1.9
The auditors have stated the factual position only and have .

13
 not given the specific observation for not sending the
securitiesfor maturity proceeds in time.
! 43 15.1.12 I
I !
I . Regarding ?ICUP
i
I
!
I I -.The reply of SBlmay be verified and reported.
I I
I
I
I Regarding ~IPSJDC
I1
Asper the records of this office, the SBI's view regarding
Ii I. escalating the issue to the Ministry Level fos recovery of
! I
I
i ! dues is not available. As it is reported as an acceptance I
f
!
1 case, it may further be Verified whether the securities, when i
!
! received for acceptance, were ~t due for maturity I
1 !. imminently.
I
144 15.2.0 ,I
!
I Whether the auditors are satisfied with the reply of the SBI
i
,I· and the auditors have verified the records available in the
Strabus or their observations still exist.
15.4.1
! . .
II Whether the auditors ate satisfied with the reply of the SBI.
.
I Whether the Face Value arid units are now available in the

'I·
records for each ofthe Security and the auditors have
I
J verified the records or still the audit observation persists .

. \
I
i The auditors should report whether the maturity proceeds in I
respect of the mentioned securities, which have been
removed from the NSDL list, have been realized .
. 15.6.0
The auditors should report whether SBI has advised the
~--~----------~-------------------------------------~

14

'.
 r
t:

issuers to get the securities transferred appropriately. r

15.8.0 r
Whether the auditors bave got the differences reconciled (

and thesame were verified, (

149 (
i
I Whether the auditors have verified the concurrent audit r-
reports. of the portfolio manager and whether the (
deficiencies pointed out by diem have since been set right
and if any approval/ratification is required from any
(
authority. whether the same has been duly obtained.

The comments are .placed before the committee for information.

15
 (

('

C: r
0/,
C '~'"
C ".#

(-

r
l

r
c
c
(

(
NO.' I~vest.I/1(112)/M/2007/ II r O .l() Dated:-14.12.2007

(
To ,1 7 '~t::'~{ lOD7
MIs. Batllbot & Purohit,
,-
, National Insurance Buildi09,
,-, 204, Qadabhoy Naoroji Road,fort,
Mumbcii -400 001.
SUb: . Comments on the Audit Report submitted by Mis. BattibolB,
Purohit, Chartered Accountant, fo~ the year 2005-06 -- Regarding.

Sir,

Please find enclosed the comments/observations of EPFOon the

audit 'report submitted by you regarding the audit of the investments
made by the portfolio manager of EPFOfunds.

2. You are requested to forward the Audit Report after in

incorporating the proper reply 'on the comment of Employees Provident
, Fund Organization withi n 3 weeks.

3. You are also requested to let us know the name of the leader of
the teamwhc carried 'out 'the audit.

,- ,"

, , '
Yours faithfully,

Ends: As above
(S:C~YAL) \
REGIONAL P. F. COMMISSIONER (INVEST)
'/
(jI;., &;.
& V- 'irr..:'" ~~tn
k ISSUED
\~\\vl~
 -, - \.
....• ----. '") ,--." --: -.
'1 1 !

.MtJ· :~C-..2.1-1,.~2dtj~
"',

~ .
q.o~
-----........-::: -.--
----
Item No. 3 A Review of Investment in ,.espect of Provident Fund. The details of Inflows and outflow are as given below:- P~ovjdent Fund
Irwestment (Alc No.5) During 01.04.2007 to-30.11.2007
'.' ,
, .~.
, ..;.,;;.=:.....
Finantlal__ Year: 20.07-08
.....,..---.-
----,- "-_._-- ~ •• ___ M __ .• ___ ~ _____ • ____ •••

_ _-- --.--
"

-:--------_._..-
Source : An\OUnt Applic.tion A'l1ount

----_. -
.•.
1....
~1.!,,~·~.

.£~".'
.
.....•..
---------
-- __ -:-" '''--.---~-.•- -,---_._"
.,.. ------,.....----~ _._--"_.
Opening aalance
-_._._---...--- --_.- -- ---.--.-_._- -------.---.-.. --- ,--------_._.-
3,1%1,3%3.74 INVESTMENT MADE
-,",-_._ .-.
_._-_.- _._._---;-_._. __ ._- ._ _._----_.- .....-_.- --_ .._._- .. .

Fresh Accretions 55,110,050,000.00 <;:entral Govt. 35,895,132,940.00

. ~---. r"""'-'-'--- ..•.. ..
MATURITY
1'----- -~.--
..
Stille Goilt./GuarantAKJ
. - f.- .
--
Treasury Bills
._._- 21, 044~,115;OOO.OO
.,
Stzlte Develop. Loans
.i----
27,538,227,459.50
-- -----
Others 111, 031.,415,900;00, I·"" :I:I2,O~5,5S0,.OO.00 I
PSU PSFI (lit) 143,244,703,435.00 '%07,6: 13,834.50
INTEREST
---- .' .'

\},'
,.
i, Tre •• ury illl.
------- -----
. 2· 80,710.00
.- -- '.
" •.. (yo

, I
--,--
Central Govt. 10, 930 ,738,858.78
-
.
382 ,697,408.72 I' .1
i.
I
Accrued Inbtre.t .
. .. _--
1,01 31,25'.53
~--.-"- ... '\'
SbJte Govt./Guaranted Tr.".fer to ••aln Br. 1,31 00,000.00

_ ------
i

SbJte Develop. loans 7,040 ,359,807;15 i , SDS Depo.tt

1----
psu I PSFI 7,200 ,372,419.48
i "

( ,.,. "

Inco •••e tu Deducted - ..

- 15,•• 4,18.,4.4.13 lANK CHAAGES
1--.
SOS INTEREST

-
Refund of Income Tax 71,'38.00 Traltllac:tJon FeGe 3,653,106.00
-
"

~. '- '.
'_.-
Incentiv ••
~---~
Refund of Appl. Money
.'-

,
3,.72,8%8.00 Income Collection

Service Tax
3,791,561.00
918,481.00
.-
1---._---
R.efw1d of B.nk Charge.
- HI.'c, Charge.
-- ----
8,3 '3,754.00

_ .. __ ._ _.
Other receipts
..
- . .f--....;.~--
.5,211~4,3 Current Account
--.--- 1------- 7,312.00

'-'
- . 1--''' .
2,444,8 '1,427.41
-
Total
.. _._--, ... _._ _,,_ ..•...._-.-
.•.. L-._ •.__ .._
.---.-:.--'-----.-~-.----'--.---.-- _.
212,746,880, 272.44 Tot.1
__ ..._ _._._ ...•..-.._ _- -.-~---- -~-
... ... - -.----.~.--.-
22.%,74',' 80,272.44
.. .• ..

.(1
,,/ ...
4J
 "

Item No. 3 I) Review of Investment In rllpect of Pension Fund. The d.tails of Inflows Gnd outflow ar. as giv.n below: - Pension F"nd
Il'IVestrnent (Ale No.ll) During 01.0".2007 to 30.11.2007

Fi,"!~nda!'Y~~~_~.Q~-Q~
source
--------.-.-AAio;--nt

=.-==:=-==.=.=T-.
-------,--.-.-.
--:=:------=.===_:..
r------'--.- --.--~.-.-.-.-~.---,
. ._.
__ ..
J==~~~:_~
-.-"---'-.

..
2"',203,695.38
'-. ..- ._.-.. '--AP~lIcati:n---

INVESTMENT MADE-'
-.•~. '.'-- ..----

__... -~=;-=~_..
. '
...-. -. --;rno;;--··----·-·····--·-··--

..
_--.&.w_ ...._ ..__ .._._._.
=::=:=~'-
.._._ ....__.
r: ______ ._._. .i'. .
..•••..
:..:.- 27,562,300,000.00 . eel'ltralGovt:.
._. __ ._. ,,__ ,,_. -. 23,080,944,578.75..
.__ . ._.J,. ._..._._.". ._.
Stste Govt./GIJsrllnt'2d

_,.-'~::::::::: .•~,. o:: :~<O~;_--- J._..•.'::::'-l:-:-::::f-.-.-;;~-;~;:1S~'.

Treasury Bills· .'. . .., 24,,180,7S0.()O
-+-------_._-_.- -.---.--~-.---.
12.,434,514,206.50 ACCl"\JedInterest
------.---.- . "~";"'----"---
737,783,172.9.'
1-------+-----.-.---- ..
--_·-·---,--·---1----·_·-· --.-.-.--.-- ..
-.--
.--.-----t-..
- ..-.-----------.-+---- -_ - _..- -_ --.
281,272,5QO.16 Transfer to Mall' Br,
--.---- .. --.-I---------r---.--.- .. -.- .
State DevEoI(lP. Loens

PSU I PSFI
7,220,667,742.30
7,514,710.188.67
\ .
. ---1-----_..-.-...,....-~----
50S Deposit
..-.-.-.-.--
Income Tlll( Deducted
....•..
...,..---
. ,...,.-~.-----.-
.
-.------.--+--------------+-----.-.--.--4----.-.------ ... ----.-_.-._._
..
_._.__
SDS INTEFI.EST , 27,451,154,72t.65 BANK CHARGES
. -.---.~.------~-----+--------.~.-'- ..
---
-·-+------~-----h..
\
-·-·--·-·---· ·__
·'__.·_.
Trenssctlon Fe4s'
__--.t-- 2,816,172.00
._. __ ._. 4

Incentives 1,1.1,748.00 I1icorroe Collectlol:,' 3,898,008.00

~Refood of Appl,Money;
~,------------.--~------------------~--.-.--------.-.-
Service T4lC ~27,091.00 7,5·41,271.00

Refood of B4rlk
Charges - ·1 Misc.Charges ".. .. I -------.:-
I
Other receipts I .. ··;i • 17l,U',"'8.00 C;u.rrent AccOunt -
----t.-------.---- 1,2SO,1U,70S.28

....•.._-_._._------
Total \'154,747,075,815.0) 110t.a1 154,747,0751815.03
----~----------....----~--------~.---------.-----~.---~----~~---

'.1

".

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Item No. 3 C Review.of Investment In r8.pec:t of EbLl Fund. The detoQs of Inflows a.nd outflow Clre as given below: - EbLI Fund
, Investment (Alc No. 25) 'burlng 01.004.2007 to 30.11.2007
,.1 .

Fi"!!fl..@~r: ~7-08
-;
Amount
.-~------~--.~,---- Application Amot,lnt -------------------
\------_._._-
Source
------:;:;r ~..:...=.:::.~---
~ - I --'. -r--=--·----:
Openino Balance /1',' Sl15,139.S7 INVEST~ENT MADE

Fresh Accretion,
.~--~~4-----.--------.------ .1,7 •••••lt35,OOO.00 Central Govt. 413,127.003.75

MATURITV
.-- State Govt./Guaranted
.--+--.---------+----------
---~~----------------~--~------.---- Stete Develop. Lo.!r"ls
.-+-- ----.I
10,000,000.00 1,613.123,655.75
.-.
___ .-. .....•...
__ ......--.0-- _
5,778,806,000.00 5,7",.OtS,000.00 IPSUI PSFl (*) 6,336,432,046.00 8,362,681,705.50

----_. ._ .....- __ Treasurv Bills

--.- ._-----...•
---------.. . - -~.----.--- --_.__ ._--_.-- -
18,758,781..22
-,---- .. .•. ..

-.-.---.-.--.-.--- ..~-
" . 150,000.00
._-------_.--._. .•.-----
..---.~
.-.."--.-.-- .•.. -~-.,--.-
..--.--.-.- -------- .--_._. __ ._._--
------
.. ---,_._- ---------:"--
..
-----~.--
_._._._
..-.'-.-"--_i_- ..
..•.. _._'_ ...•..

'_.--..-'-'--_._"_.--
_ _ _.,-- --------.-_;~
.. .. __
....
t95,Sl48,743.3S'

.'
._--:-.__ ._---
31,800.00
-- - 194,383.00
--------.-
---------_ _--,
._---_.__ ._._-..•.
...--~
.•

I- ----.~-.- ..
-.-- _ ..
_._-_.
•
..-....•.....
-~
-------- -
41,542.00
-.-------.....1
~Z'L~90.00

Refund of Bank Charges. 2.,22.0.00 I

;;=.-~~.~-_---~-.-J=~_~_====..-.::::: T~~______ _ __~ - =-i-:-~-~:-·.~-5~-::~

/ 43
",
.......
()

n
n
n
o INVESTMENT CORPUS- UNEXEMPTEt)$EqtQR
(All rlfll.lres in Cror"es of Rupees)
!

n -. - .-.
A. l"KU" ,UI:R I FUND I •••.
y IC;;» I •••1:... ~

-
-.- - _. "'-_._- -
n S~N. h--on 31.03.04 31.Q3.05 31.03.2oQ6 31.03.2007 30.11~2007
. -
(j; Central Govt.
1 6,613.31 9,188.77 13567.16 18146.22" 19695.58
Securities
() - . .
2(a) State Govt. 5,419.75 6,918.46 8915.75 11970.43 14383.83
c: I

-
Govt. Guaranteed 385.77 1345-.06
(b) 533.58 1497.32 1500.76
('. Securities
Special Deposit
3 51,954.77 52,096.15 52167.06 52232.23 52287.64
Scheme -
,
Public Sector
Financial
4 Institutions(lncludi 7,317.19 11,175.33 14443.33 19991.16 23810.58
n9 Private Sector .
Bonds/Securities)

Totlll 71,838.60 79,764.48 90,438.36 103,837.36 111678.39

(,

.I

/
 ..
0

"'-;r
c
r
I (':
- ..

f I
INVESTMENT CORPUS- UNEXEMPTEb SECTOR
[
.
I . I
o
, 8. PE.SIOft FUftD INY£S1'N£.TS
('
I I . I I I
(AlH#1J ~ In Cn:tres of RupeeS}
Aso. -. 31.03.04 31.03••05 31.03.06 31 ~.D07·· °30.n~'2007
·n
1 Central Govt. secunnes 9,640.54 12,37D.8O 14,iJOi.64 .. 7,950.73 19170.17 n
t:
2(a) rslate Govt. 4,426.61 6,735.82 8,160.37 0,068.05 11545.74

Govt. Guaranteed
.. t:
(b) 496.1.5 . 391.24 1,454.49 1,636.08 1625;95
SecurftieS

3 Special Deposit Scheme 1,339.36 1,400.52 1,400.52 1;400.52

C
1400.52
PUl)llc sector RnandiU ,
(
InstJtutlons(lndudlng
4 13,~.14 14,423.92 16,715.48 ~7,616.01 20242.35
PrIVate Sector (
In. .,,,,,. "H. _, :

5 Public Account 23,333.07 25,989.93 :.29,016.63 ~2,934.83 33,774.83 ,(

Total 5~743.87 61,318.23 70,749.13 ~1,~.22 .87.760.16 (

! '(

; (

I(
I (

(
,- ".'"\.

,i. ""
~""" -~-
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,

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i;
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C.
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n INVESTMENT CORPUs- lINEXEMPTEl) SECTOR

n c. INSURANCE FUND INveSTMENTS

.- (All fifluresin Crores.of Ru~sJ

....:..,. 31.03.04 31.03.05 31.03.06
As on 31.03.2007 30.11~2Q07
.

1 Central Govt. Securities 288.73 380.27 43Q.26 477.77 512:54

.2(a) State Govt. 134.~4 222.86 231.51 360.7 504.9

Govt. Guaranteed 31.7

(b) 15.24 7.21 29.85 .29.65
Securities

3 Special Deposit Scheme 2.50 2.50 2.5 2.5 2.5

Public Sector Anancial

-
'r
.:o...C_-':.....-.-
Institutions(including
4
Private Sector . 401.55 440.22 61'2
.-
751.77
"!' •.
'830.34
lRonrlc;/~cl JriHpc;\

5 Public Account 3,061.87 3,322.13 360S:~02 3910.95 '3910.95

-

TOTAL 3,904.23 4,375.19 4,918~99 5~533.54 - - .5790~88

"

.-- ..... ~~--.:....~.- ... -..:.

;
 D
- '

r
f
I ()
()

- -, I:

Corpus under di.fferent schemes lying IrIvmed

in the securitie$ ClDOrovedby the Centra' 6qvt.
I
I
.
o
r
r,
(AI/Ill ,ures '"cr"l;~,pfa
As on ~ . 31.03.04 31.03.05
_ .....•. _..
-~...,....- - -.-
31.03~06
---._-.----- 31.03.07 30.11.2007 n
i)- Provident Fund :71,838.~,- -]9,76:4'4EJ '90,438.36 103,837.)6 1116]8.39
-
n
Ii) Pension fund 52,743.87 61,318.23
....
70,749.13 I
I 81,606.22 87760.16 n
Employees' Deposit Unked I
Iii) 3,904.23 4,375.19 4,91~.99 '5,533.54 5790;88 (')
Insurance SCheme "

I
Total 128,486.70 145.457.90 166,1oC;A8 ,
190.977.12 205229.43
n
"
r"
Break-. of iIMstatem ill cfitt.rot sec:uritia .
(,

:
(\
(AllII§UfJ/JS III ,a.res of I
.'. -~

,MOB ~ 31.03.04 31.03.05 31.03.06 31.q3.oj 30.11.2007

e'
;

,
I'
I) , Central Govt. ~urltles ,16,542.58 , ~1,939.&4 27,~.0Ei 36,1574•12
I
39,378.89
e l

I
StateGovt I Govl
"

14,667.36 ~S'~2.43 .t. (

II) 11,025.67 20,144.88 29, S90. 83'
Guaranteed Securities
,
- .-.-.
I
r\
Spedlll Deposit Scheme I

1tI) 53,296.63 53,499.17 ' 53,570.08 S3,63.5.25 5,3,690.66

of Central Go,vt. I
I
(
PublieSector Rnane/a! I

Institutlons(lnc!udlng (
tv) 21,226.88 26,039.47 31,770.81 38,~S8.94 44,883.27 I
Private Sector I

Bonds/Securities \ ,
, '(
v) Public Account 26,394.94 29,312.06 32,621,65 36,'45.78 37,685.78
(
Total 128,486.70 145,457.90 166,106.48 19O,~77.12 205,229'.43

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DETAILSOf INVESIlIENTS
IIADf0lIl1~ TIlEPWOO 01-10-2001 to 31-10-2001
"'t""., .
~l- .• ,
i Ale No.OS "
Letter No.' dt Cat COOl CouIJQIl Part leu lars 0.1. Interest Date IfatIIrlty far.e Value Rite Cost Prle. ,Accrd.lntarest bit. CliarJ8 _Its Illy High f.ly lOll YIeld

141 01-100-2001crG 110238 8.3B GS,2038 1842 01-.111101-!£C 01-06-21116 20,00,00000 19.0000 11,80,00000.00 51,15666.61 20000 01-GH1:28-OH1(114ICJP:S8I !If ~.4i11
CTG1102388.33 GS,2036 1848 01-JliN 01-iJ£C01+2016 ~,OO,OOOOOIt.0850 '.31,83,_.00 1,05,$1333.33 20000 0I+OI:28-GH1(114)C/P:S81 !flU l 8.4131

Total: eo,OO,OOOOQ 51,43,41)i)1lO.00 1,$1,21000.00 40000

PSll102338 5.O!IPNBFDFOR1 ~YS 1103OHICT OHCT 08-10-2001 24,1e,e5000 100.0000 24,16,65000.00 lIAr INT RS.2,3I,I33j- CP/f'NB 5.0000

148 03-100-2001PSU902339 5.00 PN8FDFOR1 OAYS 1106·10-«T - 14-14-2001 158,81,15000 100.0000 1$1,89,15000.00 IlAT1KTRS.I623614.oo;C/P:PN8 5.0000
(.
149 04-14-2001 PSU102~OUO PN8FDFORllOAYS 1116 15-OCT - 15-14-2001 5,40000 100.0000 5,40000.00 IlAl IN'! RS.!4300.00,C/P:f'NB 405000
( ISO 05-14-2001 PSU400155 1.85 R£CLID DOS 2011 1120 2a-uP - ~8+21111 10,00,00000 100.0000 10,00,00000.00 1,88904.11 20000 2Ht-OI:04-1G-OI(I)C/P:AXlS II LID
PSU102343 4.15 PN8FDFORI1ll'YS 1921 IHCT - 16-14-2001 58,09,00000 100.0000 58,00,00000.00 IlATm Rs.801144.oo,c/p:PN8
I~'
'" Tatal: 16,00,00000 ",00,00000.00 . . 1,88*04.11 20000
\
151 orlOo-2001 PSU102345 C.50 Pll8FD FOR, OAYS 1135 I5-OCT - 16-14-2001 30,10,00000 100.0000 30,10,00000.00 IlATlIITRS.3W3.oo,~P118 . 405000
( ::.'};~::·~\·'~~~r·'.fl
' I
152 08-IOo-200lPSU102~ 5. tose INIXH FO1 DAYSIW ~ - 08-111-2001 39,00,00000 100.0000· 39,00;00000.00 IlAYlIlT RUII452.00,C/P:S8 1Il00II£. 5.1000 .
( 153 01-111-2001CTG110238. 1.33 GS,2036 1131 07-.•• 01,m 01-06-r036 . 25,00,00II0il 11.1000 .24,12,50000.00 10,513e1.\I 20000 01+01:0I-IH1(122)CJP:fIIImTIAI. '.4*

C
CTGn023V8;afGS,203S 1142 OhUl01-!£C 01-06-2031 10,00,00000 ta,1OOO ';81,00000.00 28,U~.4t 20000 01-GH1:06-IG-Ol( 122)C/P:~IPAl
•••
Total: 35;00,00000 ' 34," ,60000.00 11,10306.55 40000

PSO102i41 6.10 sa 11lOOR£All ~YS11Sa If<<T . _. 16-14-2001 5,00000 100.0000 5,00000.00 .IIATlIlT RS.4If.oo,C/P:S8 IQ .. . 6.1000
(.'
', SIX.12W8 I.~ W8SIll 2011 IIC80HCT QHf\I. ot-I0-.2011 20,00,00000 100•• 20,06,60000.00 20000 C/P:IlUT .ow. 1.3124
154 14-100-2001PSU102350 4., iteFD RlR 10AYS 1ft! 11-«T - tl-IG-2001 154,10,00000 '100.0000 154,10,00000.00 IlATlarRS.IS36IC5.oo,C/~:f1t8 ,U(~ ,

155 11~111-2001PSU102353 4:to PII8 FDFORlIiAYS 11101~ - 1'-10-2001 54,31,OOOOOlf!O.oooo 54,31,00000.00 IlATm .RS.«aI03.oo,C/P:1'II8 .' ,4.5000
158' (5-111-2001CTGt10131 7;1$ LOAII2032
CTGUOl31 1.15 lOIK 2032
11142HE8 2HOO 21-0&-2032 250,00,00000 fi.oooo UI,&O,OOOOO.OO2,51,41111.00
1916 2HE8 2HOO 2H8-2032 2110,00,00000 14.1000 1~,IO,OOOOO.oo 2,01,61333.00
20000 2H8-2OO1:13-11I-2001-.clC/PR8I ..
20000 21+2001: IJ-III-2001-.cIC/P R8I .- ... :::
',". Total: 450,00,00000 '421,30,00000.00 4,11,06250.00 40000

STG511021.t1.~ n STATEE 8 . IHAY IHW 15-111-2OOt . 100.0000

•..

15t16-14-2001 PSI!1023eII.&O (QUI BUD 55 OAYS Il9nG-O£C - 111-12-2001 35,42,00000 100.0000 15,42,00000.00 IlATlar RS.mm •• OO,C/p:;QlRfIII 1.&000
110 11-14-2001 PSI!102362 6.~I/)8l 8K'FDFOR56 OYIHI IHIe - 12-12-2001 120,00,00000 100.0000 120,00,00000.00 IlATm AS.tll61123.00,C/P:liIi 8K 6.5000
PSI!102383 6•• UCOII FD Fa! 57 DAY2000 IHEC - 13-12-2007 120,00,00000 100.0000 120,00,00000.00 lIAr Iar RS.121808t2.oo,C/P:ID81 BIt •• SOOO
PStJ902364 6.10 !DIP Bl FDFOR51 OY2005 12-11e - 12-12'-21101 8,15,00000 100•• 6.15,00000.00 IlATINT,RS.•613151.oo,C/P:1DIP 8K '.5000 :,
Total: 246,15,00000 246,15,00000.00

161 18-10-2001 PSU102366 7.00 CORPBl fD FORIt Of 2004 l1-JAII - 11-01-2008 21.C4,30000 100.0000 21,44,30000.00 IlATI.T RS.3142244.oo.C/P:~.P BI 1.0000
PSI!102361 1.00 lOBI BIt FD9t OAYS 2013 IhJAli - 11-01-2008 15,00,00000100.0000 55,00,00000.00 IlATIIIT RS.l1343836.oo,C/P:ID8I 1.0000
PSUIOms l.qo UCOBI FDFORII DAY20IC Ihl.lll - 17-01-2008 55,00,00000 100.0000 55,00,00000.00 IlATm RS.II343536.00,C/P:UCOBI 1.0000
Total: 151,44,I0000 151,44,30000.00
162 19-111-2001PSIIt02361 6.50. FDFOR46 DAyS 20IUHIC - 004-12-2007 84,25,80000 100.0000 84,25,80000.00 !lAT00' RS.UOU31.00,ClP:S8I 6.6000
:!.. J •...•

163 20'-14-2001 PSUtOml 6.SO S8I FD Ft «DAYS 2021 OHJ[C - 05-12-2007 81,35,00000 100.0000 '7,35,00000.00 '- .. !lATIar RS.7155520;oo,C/P:S8[ '.5000" .
. ,""1 .•..-.
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AJc No.OS ; '_ ., .'j ;f'\'. . ,. \.. fw'~' ,

('~,t,;:;"t.~Wi"; ,'.~ No" eft cat rAIdt;. PartICUI.ri?~?:;'D.T. Intirest Data:r:.~itr. fa Value ' R.t.·;;'·F::_~CIAccRl.lntll1st 1Ink~;..-~;~r";~·'?~·;tE~~f:l!f
DayHi~·o;la,~~I~~~/'
o
1M 22-10-2001JISU 1023761.00 CAIWIA• Fe 3U DAY2026 2HCf' ';'·'»-10:-2OOl.' 2011.00_ 100;. 200,00,0000I).00 " 114t00 RS.lwonu.OO;~CIIIW. 8.3000
PIlI 102316 ·'.00 CWRA 81 FD Jel DAY2030 11-«1 .• 11-10-2OOl SI,IO,.
fl', : *.0000' 51,10,00000.011 IIA' lIT IIS.UII'i98u.OO,C/':cAIIAIIA'1II UlOO,
(:)
Total: 261,10,_ 25',1/1,00000.011

165 23-10-2001 PSI 10m. 1.00 1m III FD ~ 3aO D\' 2033 11..()CT - 11-10-200S 130,00,.,1011.0000 130;00,00000;00 114t00 1IS.11t20tHl.0II,'C/I:WI 8k 9~3OOO J
PSU 102380 8.00 UCO Br FD RlR 364 D'f 2034 21-ocT - 21-10-2008 81,53,_ 100.0000 81,53,00000·011 IlATINT RS.'1181422JO,C/p:WlIII 8.6000

Total: m,S3,. . m,53.00000.00 )

168 '4-10-2001 PSU f023I.4 1.00 S8 1M) FD Fa! 364 D'f 2046 22-OCT - 2~10-2008 60,18,00000 100.0000 60,18,00000.00 MATINTRs.56315114.00,c/p:SSH 1.3000 ., , i
i

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81 fII 3U D .20S2 2t«T 23-OCT25-10-2008' 14,03,_
161 25-IO-iOO1PSUt023fi 1.00 CANAI!A .100.0000 54,03,00000.00 MATJNT•• '000J~ __ ' MOOO
PSU to2388 '.00 ~ FD Fa! 364 Do\YS 2048 U«T 23-QCT~jO-2008 200.00,. 100.0000 200,00,00000.011 MArM.18OOOOi1OO,1-C1'
SIN 1.6000

•.•. ,.t;;&~?U.o.t.OOIlOO 254,03,00000.00

....
168 2•• ,0-2001 PSU 102311 1.00 CWRA Br f113f4
:...
oYS'~ 24-«T 24-«T 24-10-2001" 1l.1~.OOOOO 100.0000 ' . 11,14,00000.00
'.
IlATIir.l58t1OO5/~c.wRA Br '.3000 R'I
':,,';i"

16121-10-2001 PSU 102383 1.00 SIN FD Fa! 364 I!4YS 2061 25-OCT ~ 25-10-2008 31,1M(OOO 100.0000 3.1,14,00000.00 lIATINT1IS;2t061382.00,C/P:SIH 1.3000
~•.......,'.. .
, •... -..•... ,.' .' .••.....~.-,-. .. ~) "

110U-I0-2OO1 PSU I023N 1.00 1m FIl RltM DAYS 20U 21-«1' 21-ocT 21-10-2008' 200,00;00000 1011.0000200.00,00000.011 'MATOO.IW01UfJ-CIt uco t.3Ooo
PSU 102398· 1.00 SIN m fill 364 I!4YS 2061 21-OCT21-ocT 21-10-2001 55,1.,_ lOO;oGoo 55;14,00000.00 MATINT.51144458/-(JP SIt 1.6000
'~:t,;;,;t!;·. Total:: 255,14,0Q100 ' m,14,0000II.ao
D
" .:," .

111 30-10-2001 PSU 102398 '.00 S8tI FD fl1I3M I\.IY$ . 208i.2t«T 2lo«T 28-111'-2008' 15O.oo,00GQQ100.0000 150,00,00000.00 '720~OOO
PSU I023tI "00 UCOFD Fa! 364I\.1YS 2081 28-QCT 2~ .100200832,05~,OOI»O.loo.0II00 32.05,ooOoo.ooJiAr
(SIIort)
INr.28U5000/-ClPWI.
t.3IlOO
..6200
:,,1
Total: 182,05,001»0 182.05,00000.(10 , ,.'::1,
, ".;',1j".iI.,'
1-
m 31-10-2GOlPSU 102402 1.00 WIlli FD3U I!4YS 2164 2HCT 2Hcr~"10-2008 u,Ji.OOOJO 100.0000 13,12,00000.00 , lIArINT 1IS,5,1I,32,IIOJ- CPM'OBr i.3000 '" '

[ere): 545.00_ 521,34,I0000.011 1,24,I3555Ji ,~i ;

[PSU): 2414,52,toriIO 2414,52,I0000.00 1,8,*C.l1 20000

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O£TAILSIf IWESMHTS MADE IUlIIl tHE l'ERIOOOI-IHool to 31)-11-2001

Ale No.05

letter No.1 dt cat Code Cqin Partlcullrs O.T. Interest .Data llawrlty Far.e ~l.. Rata ~ Pr1~ A£cl'd.lntarestlint Chirge _Its DayMIgI! DIy LAllI Yield
o
11301-11-2001 PSU 902404 4.Jo PIi FO FOIi 11 nAYS 2210 12-IOI1H)V 12-11-1001 81.50.00000 l00.0D00 11,50,00000.00 ~f OO.I1U643/-C/P fII8 UIOO
PSU 902405 4.50 lOBI FD Fill 11 DAYS2215 12-MlY 12-1lV 12-IHool 4O.15,5OOOJl100.0000 40,85.60000.00 . lIArlHT.f5134tH/P lOBI . UOOO
it
IlATINTRS.1t1~3.oo.c/p:PQ Ulloo
I

IlATINTRSJ2012.oo,C/P:fll UOO/l'

lIAT11(1'\IS.I0358U.oo;C/P:f118 4.&000
~T lHTRS.724iOO.oo,CJP:PIIB 4.61100

IlAT!NTRS.342'18\4~00.~.w ,,' '.

IlAT!NTRS.mMUlI.oo,C/P:~ I
--------------------~~-- ". ,',
"
.,.;1.:

IlATm 1IS.71U5t50.00,CIP:CAllWIl 1.3000

IlAHIIT RS.1378WO.OO,CIP:AlUIIl 1.31100
o-. ------------------------
t- IlATm lIS.18I&1.00.C/P:a1I
IlATINTRS.lw.caou.oo,C/P:CAIIII.A 8 •••
1.31100
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180 12-11-2001 erG 110238 1.33 05,2036

erG 110238 I.~ GS,2036
2251 01.•••• o,~ 0'+2031
2252 07.•••• 07-tlEC07+2031
100,00.00000 II ••
200.00,00000 II.WO
118,80,00000.00'.11,30551.00
118,10,00000.. 7;17,10551.00
'.3841
.101.3
erG 110238 1.33 05,2036 22~Jhllll 07-:£ 07-*2031 80,00,00000 . II •• 1I,.ct,1OOOO.00 3,22,18750.00 1.3810
c -
.Total: .ctO,OO,OOOOO
" 486.11,60000.00 n ,57.3t862.oo '.,'.

(:
182 14-11-2007 PSU 802m '.00 ow B« FO364 nAYS Hit IHrlY - 12-11-2008 22•••• 00000 100.0000 12,H,OOOOO.OO 1.3000

SOL12141." I.~ lIBSOL2011 22I2IHAY lHlVI3-I1-2011 211.00,00000 100.2000 211,51.10000.00 .IJ

o • I ~.,:.,:.,('..... -,
~- -- ~- - --;-- .11112001 PSllIOt4!G '.00 1m 8l1D1R1lAlS WiiHW IHHI3-lI-*B 40,23,00000 100;0000 40,23,00000.00 1.31100
/,
( 184 1~11-2OOTPSU802431 '.00 M.I.AIII.BI.D 81(FO3140 2m 14-IIW14-IIW 14-11-2008 10.00,00000 100.0000 10.00,00000.00 1.31100
. PSU 102(33 •• 00 OCOB« FO364 nAYS 22ti 14-111llHGY 1+-11-2008 15,61,00000 100.0000
1
15,68,00000.00 Uloo
(,
Total: 106,il.OOOOO 105,51,00000.00 0;,
/:-",

185 11-11-2007PSUtG2U4 1.00 UCOIII(FD363 nAYS ,229114-1lY - 1+-11-2008 86,10,DOOOO100.0000 16,70,00000.00 . IlAT!NTRS.aoI8lO2l.OO,C/P:Wl • t.3Qoo
c (/:~
186 19-11-2007PSU901436 6.25\ PN8FOFOR14 DAYS 1215 He - 03-12-2001 100.00,00000 100.0000 100,00.«1000.00 IlATINT1IS.23t72tO.OO,C/P:PN8 6.2500
L.
fISC902437 I.OO!C.IIIARA
III(FO364 nAY 22f1 IHH - 11-11-2008 I06,I7,OOOOD100.0000 106,61,00000.00 IlATWRS.t8i40i03.00,C/P:CAIIARA • uoo
Total: 206,11.00000 206,lt,OOOOO.00
o.
"

I
( 181 ~11-2007 PSUto2~ 1.00!NOfIA 81 FO364 DAY2304 IHlY - 18-11-2006 10,00,00000 100.0000 80,00,00000.00 _ ""';';" ,.IIATIIIT.RS.74211305t.00.,C/p:AIU»RA II
PSUto2W I.oo! saT FOFOR3s( nAYS 230TI.HlV - 18-11-2008
-.;.~ 38,14,00000 100.0000 38,14,00000.00
'i',;';"~'_'';'"
-,; . :.;:f.::;;."'.:,;'~";";""_ *__
-", :::;,:,:;;."'.:;..,.;;;,'1 INTRS.35371308.00,C/P:S8T.'
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Ale 10.06 I-'~

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'letter CollI CaIIlCII Particulars D.T. Interist Datt lllturity FacaVllue Rata Cost Prlca Accrd.lnterast IIri ClIa•.•• IIIIaits ' " Day HlglI DIy lDII YI8Id· ./
"

188 21'·11-2001 ClG 110245 12.00 OOllCNJ,2008 2310 NY 0HlY0Hf-2008 25,00,00000 tU123 24,11,80150.00 .C/P:'II,JAYA III 1.m
PSUtot""' 1.00 SIT FDFOR 3U IIA~ 23121HIV
PSI to2.tA5 '.00 NOlA Bl FD364I)AY2313 IHrlY
-
-
11-11-2008
11-11-2008
1O,tO,QOOOO100.0000
",00,00000 100.0000
10,to,OOOOO.00
61,00,00000.00
NATIHTRS.itI45OU.OO,C/P:S8T·
lilT IHT RS."'38.oo,C/P:AIJfHA at.
,
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PSU to2448 I.OOCAllW IIFO 3UQAY 2318 IHlY - 11-11-2008 14,11,00000 180.0000 14,11,00000.00 IlAT INT RS.1311821I.oo,c/P:CAIARAB& 1.3000
b "
Taul: 154,61,00000 154,11,00000.00

,',d 18'22-11-2001 PSU902451 1.50 CCIlPBl FD 12DAY$ 2325 OHfC - 04-12-2001 126,10,00000 100.0000- 126,10,00000.00 lilT IHTRS.26t4140.00,C/P:CIWIPB& 6.5000
• PSUto2m 6.50 CORPBl FD 14 DAY$ 2330 06-DEC - 06-12-2001 85,20,00000 100.0000 85,20,00000.00 IlAT IHT RS.2124IU.OO,C/P:CCIlPB& 6.1000
i:,/'
o
t'"'-::~.-r 0
•••
Taul: 211~30,OOOOO.. 211,30,00000.00

190 23-11,-2001 PSU902456 '.00 LaI FDFOR 364 DA'(S 2333. 21-1«lY21-I«)Y21-11-2001 to,OO.OOOOO~OOOO to,OO,OOOOO.OO lilT INT.8341144IJ-ClP In) II( I.•
. PSlI902458 1.00 S8H FDFOR 3.3 IIA~ 23312HW 2HH 20-11-2008 ". 8O,QO,0000010).0000 80,00.00000.00 WAlIMrJ32U~ SIll t.301l0
PSI t0245t '.00 AIlII FDFOR 363 o.ws 233120-0 2HIV 20"11-2008 "'1,,:"'22,00000 IQ).OOOO 22,00000.00 lilT 1HT.203418/-CIP AIlIIII I••
PSI!t02455 '.00 CNW!A BI FD363 ~y 2338-20-0 2HlV 2O-1I-2008to;qo,00000 101.0000 to,oo,OOOOO.OO IlAT IHT.83241204I-tJP CAIWIA BI 1.3000

Total: 260,22,00000 260,22,00000.00

:) III 26-11-2001 PSU90245IUO CORP BI FD 14 DAYS· 2350 to-DEe 100DEe10-12-2001 124,35,50000 103.0000 124,35;5ODOO.00 . 'IIATINT.3100351/-C/P COIP I: '.5000
192 21-11-2001 PSlI90248 1.05 sa Of HYOfO 364 DAY2401 2HW - 25-11-2008 15,00'DOOOOlOO.OOrlO 15,00,_.00 IlAT IlIT 1!S.ltH4IISoOO,C/P:S8H t.3500
PSU 902461 t.Of UCOII FD.364. 2401 25-IOi - 25-11-2008 16,00.00000 100.0000 16,OO,OOOOD,00 IlAT INT AS.108tma.00,C/p:1n) II •• 35co
PSU 102448 1.55 PIlI FDFa! IlDAYSi 2fl0 Io-DEC - 10-12-2001 r,25,OOOOO IIIO,OOrlO 1.25,0000D.00 IlATlilT AS.161133.00;C/P:PII "U500

)
Tou!: 158,25,00000 158,25,00000.00

)
193 2&-11-2001 PSU9024(0 &.55 PHS FDFOR IIl4YS 241t He - 05-12-2001 141,99,00000 100.0000 14I,9',0000D:00 IlAT INr RS.I884121.00,C/P:PN8 ..~
ti4 2HI-2OO1 CTG 110238 '.33 &$,2036 2423 07-.lfI 01-11£C01*2031 50;00,00000 H.8OOa·· ·41,to,OOOOD.1IO 1,18,11-"'." 20000 01,.jJ6-01:25-11,.jJ1(112)CJP:PIUlOOIAl
) .$ (CTch· 565,oo,DOODO 581,81,40150.00' 1',58,31301;44 60000
8J482

!PSU): 2513,16,00000
, [STa):.
2513,81,0000Q.00
_ ------- '..t~--.-------
---- - -------------- - --------------- -lSOl/:28I,00,00DD0 281,56,20000.00 20000 o
.:r·jJ
Total :3419,86,00000 3411;23,60150.00 If,sa,31~." 8OODO

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t.·M-2007 (i -t.

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litter •••• ft Clt_ __ 'udCll." ••f. IIt••••& •••• IilIdtr '.·'d. bt. Clat Ptk. •• lIt.,.., •• cw.e...,.. a.,..... "" 1M n.u·
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002 04004-2001PS\I,02162 9.00 Q7!t un 7 DAYS 05« If·Ul • 11-01-1007 ",51._ 1110.0000 94,51,00000.00 WA1'1I'r U."U477.00.CI'IQ7!t U t.oooG I.

005 09-04-2007ere Ilona •• 33 0&,2036 I 0553 07oJ11101«17'*2036 7,00,00000 ".01)00. 6,,,,~.00. ",76461.11 "'12~ll",-7tCILOW. WUC/IIDrmcB &.51" I.
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SI!I.120410 UI II IDL 2012
0557.2H
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SIll.120C06 1.30 U sm. 2012 '0551 B-JU 2NUr. 2HHOI2 20,00,000001.00.1144 20,03,4Il00.00. 34,IJnZ.22 2000021-OI-O'llIo04-01(74),C/':SII om '.2500
SIlL12Q407•• ~ OJ SIlL2012 GMO U-J.II2I"11'ILU-01-1012 10,00,00000100.1744 10;dl,74400.00 11,06111.11 20000 21-G1oe'IIf-04"7(14),C/PISIIHII '·.25110
sui. 11040&1.30 D. sm. 2012 0561 U-J.II2NI1L UoOl-112 ',00,00000 10I.17~4. "OI,~.OO IO,~." 11IIOII2Hlo07111"06"'C"',C/,iSlI MI 1.2500
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SDL 121301 ..,OJ J«l SDL,2012 056321-JjJ ~ 2HI-2012 ',00,00000 100.1'44 "OI,~'60.oo 15,35500.00 20000 IHloO':II-G4 .••1(74),C/':SII DPII 1.2500
. .'l'ttll: '.100,00.00000 loo,17,4400!l.00 1~1O,'"I1.11 1,_'
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oft 13oM-2007ere uom I.l~ 0&,2036 a5740J.oJl107-DJC.7,*2036 75,OO;OOOOOU;(OOO 13,57,•• 00 2,II,6qSO,OO 20000.'~I%~I.j-G4-07(1J6),C/l:III 1.~5
ere II023".33iGt;2036 . . 0510Ol-.1lll07•• ,+1036 75,00,.""50.0 .73,23,.1~.,OO· 2,","~OO' 20000O1~IHfIIl-4M"'(IUI,cJP:UI ' U4Il
ere liON 1.33 01;2036 1511.,,,.,,.07+2036 . 75,00._ ,1.5Il1013,12,50000.00 2.11,"2$0.110 20000 07~U-06II1-04-07.(l26),C/P:UI 1.5m
ere 110231 Imi CS;2OH 05'~ D1-JII01« 07~2OH 75,00,_ 97.'500 ,],O&,75t1QO.00'·i,II,'.U50~00 1~1I1111'01-1~IH-04-07(12"'C/'tlll 1.$675
~ 'l'tta1i, SOO,OO,OOOIIO'
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PSl!902f6]·10.75ICAIIWII PIIlU DAY15K 10-01 •• ' . \Hi-_ 11,00,00000100;0000 11,00,00000;'" 'IIAt m~'"'o"t4.oo,ci',CAIu.U" 11.1500
PSI!'02164 IUsn' m I'D 364 am 05.7 11-m ~ .: 11004-2001' 90,00,00000100.0000 . 90,00,00000.1» '.~.~ U.100iI747t0.oo,C/i:.. • 11.1500
'l'ttal: 171,00,_" t7J.OO,OOOOO.oo
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, SII. 120410 •• 301null. 2012 0564 21-.JjJ 2WIL %W1-20t2 !tiOO~_IIIO,t.743 39.06,~1It.1. .7,UU'.1O 1OOOOJIooit-071IHW1(75)'cltlSIl DIll 1.15/10
sm. 120401 1.30 SIlL2012m 0Y5 2WII2WJI, 2H1-201l 4.00,.100.17U . 4,011,"120.. ',"",,17
~ 2Ii:J4 1I-.JI. »-ON012 '1',OO,ooaao;(do; t7U '10,01.14.,01)" . 11,2tI66,61
1_ .. 2HH." .71~7(. 75)'c/'~IIUllJ.. •. 1.2500,
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lilt. 120457.1.30Sll. 2012 . .7ZWAl,~ U"I-201l . 10,00,00000loo.m" 10.,OI,74SOO.00· n,~I66.17 _2HI"~112o$-f7(7S)',CI,,"r IfII 1.2500
SI&120406 UI" SI&2012 156I2WAlZNII. ,,1-10121.1»,_ 100.114) 1,00,17430,00 1,72111.17 .30002HH71tH4~I(7Sl.CII'ISIl DIll 1.2500
• 12/l409 '.30 ~ SII. 2012 0561.2.I-UI2NQI, %HI-lOll 15,00,00001"IOo.t7U 15,02,"'50.00· 2$,tn50.1» 1OOOO2WI •• iJI2-oH'(75),C/P:III DIll 1.2500
SIlL121115'1.30;31 SDJ. 2012 OS182.WAR~ a.ol-1OU .11,00.- loo.m)· II,OI,tl130.00 It,02OI)." - ••••• ,~IJ.OW7(75),C/',SIl DIll 1.1500
SIlL121101.1.30 •• nL,20il 05712NjJ ZNIILUoGl-201l 16,00;00000100."'3. 11,02,71110.00' 11,""';67' . 2OOIIII2HI-07112004-ot{1SI,C/':IUG~. IJ5IIO; .
- ··'l'tlIlT-IIlil,M" 106,IM7S1O.00 1,I),2116UI' 1,35000
010 1~-2007 PSI!!O,!16611.1Ul m P11364DlfS 0603 f4-Aft - ,,"G4';2001· 30,00,00000'100,0000 .30,110,l100II0.01 lIl1' mu.;U5'263.00,C/',SII . 11.6000
lSII t0211S IU5 FWJA IIID "4 BAt 0591 ,,-Aft - 14"14-. 4.4O.000IMI.11IO~0000.4,40,OOOOO;I»~f:I1t ~.4~2545.oo,C/'iCWlA 11 11.1500
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,,~ 03-10-2001 PSU10233' 5.00 PHS FO F<MII DA'IS llOIl~ - 10-10-2001 ·1.,10,. 100.0000 1.,10,00000.011 IlAT IHT RS.I~5s.o0,ClP:P118 5.0000

1.6 •••. 10-2001 PStII023010 ..so filS FD FalI1 DAYS 1m IHCT - 15-10-2001 _100.0000 «JOOO.OO IlAT lIlT RS.IBOO.OO,C/P:P118 ..s000

W 05-10-2001 Psu 102M3 •• 15 FII8 FO FaI II IlM'S 1924 I&-OCT - IH0-2OO1 .31,40,00000 100.l1000 36, •• ,00000.00 IlAT INT RS.52IOU.oo.ClP:PIII 4.1100
Psu to2UI •• 15 PIIS FD FOR 10 DAYS 1.23 I5-«T - IH~IOOI. 100,00,00000 loa.. 100,00,,00000.00 IlAT INT RS.I301310.oo;C/P:P118 U50D

Total: 13&.40._ 13&.40,00000.00.

148 06-10-2001 PSU 102301. ..so PHS FD FOR1 DAYS 1930 l3-OCT - 13-10-2001 l00,OD,OOOOO100.0000 100,00.00000.00 IlAT lIlT RS.86301•• 00.CJP:P118 UOOO
PSIJ 102345 ..so fN8 FD FOR• DAYS 1t31.IHCT - 15-10-2001 13,21,00000 100•• ~.28.00000.oo IlAT m IUI310T.oo,ClP:P118 UOOO
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Total: 113,21,00000 113,21.00000.00

149 01-10-2001 CTG110238 8.33 CS.2031 1121 01-.111101-DEC 01-0&-2031 36,00,00000 St.olOO 3•• U.15OOG.00 11,91311." 2OOOO.0I-oHl:05-IO-OI(121)C/P:STIID awtT "'165
CTG110238 8.33 CS.2036 IS22 01-.ltII01-IlC 01-0&-2031 10,00,00000 1t.05OO t,90,50000.oo 21.1ta05.66 20000 0I-o&-OI:05-10-0l( 121)C/P:kIlIAlIlAHl ••• 165

Total: .'.00,00000 ".51.15000.00' 1.25.'9125.00 .0000

PSU 1013016 5.10 sa IHIm FD I DAYS IIU 08-0CT - 0&-10-2001 161.00,00000 100.0000 161.00 ,00000.00 IlAT !NT RS.ISlUI2.0o,c/P:sa Im£ 5.1000

ISO ••• 10-2001 PSU 1023019 5.10 sa IHIM FO 1 DAYS I~I&-«I - IHO-2001 12,58.00000 100,0000 n.58.0D000.OO AATIHT RS.l01B9t.oo,ClP:sa Imf 5.1000

SOL I2W8 8.40 VBSOL 2011 1149 NT Ot-AfR Ot-10-2011 20,00.00000 loo.!300 20.06,I0000.00 t/P:W£ST BEIIGAl. GLOIALOEAI. 8.3124

~ 161 10-10-2001 PSU 102350 4.50 PHS FD FOR 1 !lAYS 1965 11.:ccr - 11-10-20(11 31,85.00000 100.0000 31.85.00000.00 IlAT INI RS.215133.00.C/P;Fte M*
152 11-10-2001 PSU 400IU 10.10 SBI IIP£RT II 2022 20-SEP 2O-S£P 2G-Ot-202! 100.0000 20000 WT .RS.~ or .III/SIOI, T.fEES CH
PSU 400154 10.10 sal UPERT II 2022 HP 2D-S9 20-01-2022 l00.DOOO 20000 IWr .AS.31m or .II/I/or, T.FEES CH

Total: .0000

155 1~10-2001 eTG 110131 1.15 I.OAII2032 illS 2HE8 lJ-AIl28-08-2032 250,00,00000 l4.l5oo 231.31,50000.00 2.5t.mll.00 2000D 28-08-2OO1:13-10-200HIC/P RBI 1.3128
eTG 110131 1.15 LOAN2032 1111 2HEt 2HUG 2HH032 100.00.00000 14.1500 14.85.00000.00 1.03.1'161.00 ,20000 2••••.• 2001:13-10-200H1C/P RBI 4.3811
eTG 110131 1. IS I.OAII2032 1118 2HEB 2I-AUG 28-08-2032 15,00,00000 IU300 11.12,25000.00 17.mlS.00 20000 28-08-2001:13-10-2OO1-.IC/P R8l 1.38301

Totti: ~5,OO,OOOOO ' "'3.~,l5000.!II .,.I.II.s'.00 60000

PSU .02356 4.00 PN8 FD FOR I DAYS 1S1. 22-OCT - 22-10-2001 20,00000 100.0000 20.00000.00 IlAT iNT RS.I534.00.CJP:PN8 •• 0000

156 16-1~2oo1 PSU 902359 6.SO UCOSl FO FOR51 BYS ItS2 II-DEC - 11-12-2007' ",10,00000 100.1000 ".10,ODOOO.00 IlAT INT RS.~1t5.oo.ClP:UCO 81 e.!ooo
PSI) 902360 6.SO lOBI FO Fa! 55 DAYS llt3 IHe - 10-12-2001 80.00,00000 100.1000 ao.oo .00000. 00 IlAT INT RS.I835616.oo,C/P:IOBI ' 6.SOOO
PSU 902361 1.50 CORP8k fD 55 DAYS 11M lHC - 10-12-2001 21.61,00000 100.0000 U.SI,OOOOO.oo lIAr INT RS.210132t.00.CJP:C<MIP II 6.5000

Total: 192.21,00000 192.28,00000.00

15111-1~2001 PSU 102364 6.SO talP 81\ FD FOR56 OY200' ',,"DEC - 12-12-2001 ao. 05. 00000 100.0000 ao.05,OOGOO.oo AATIN! RS.1S83068.00.C/P:CW 81( 6.5000

158 18-IHOOI PSU 902366 1.00 talP 81 FO fOR SI ur 201~ lhlNl • 11-01-2008 ",11.00000 100.0000 .','1.00000.00 IIAT IN! RS.8326315.oo.ClP:CMP Bl 1.001)0

159 It-IG-2001 PSU 902369 6.50 sa! FD FOR.6 DAYS 201t 04-DEC - 04-12-2.001 59.2.,10000 100.0000 59.24.10000.00 IlAT IN! RS.485Ut3.00.C/P:sal 6.5000
160 20-1~2001 PSU 102311 1.50 SB! fD f(R .6 DAYS 202.05-D£C - 05-12-2001 31,02,00000 .100.0000 3I.02.00G00.00 lIAr INT RS.3Itam.00.CJP:S8l 6.6000

161 22-1G-2001 PSU 902316 9.00 CANARAex FD 361 DAV2026 11-«1 - 11-10-2001 38,40.00G00 l00.fI1OO 38•••• 00000.00 IlAT INT RS.35313805.00.ClP:CNIARA 11K 9.lOOO
PSU 902317 9.00 UCOBI FD FOR364 DY 2031 2HeT - 20-10-2008 200,00,,00000 100.0000 200,00,00000.00 IlAT lIlT RS.185501~I.oo,ClP:UCO III 9.3000
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Total: 238, •• ,00000 238,40.00000.00
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DETAILS Of IIIVESTIOTS IIAO£WlII«l TII£ PERloo OH0-2001 to 11-111-2001 C

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Letter iii.' cIt cat r.ade CQusIcn PartleulaB O.T. laterest flltaMatllrltY----fICil Walue Rate COSt PrWa Acero.lrrtell$t Ian\; tIw'tt fIIIIttS OIy Hllft flay I.0Il Y181d ('

162 23-IG-2oo1PS11 102380 1.00 UOO 81 FO FUI 364 DY 2031 2HlCT - 21-10-2008 50,32,00000 100.0000 50,32,00000.00 lilT INT f<S."613114.00.C/P:1.I::O ~ 8.6000

163 24-10-2001 PSU 102384 1.00 sa HYD FD FUI 364 OY 20« 2NltT - 22-10-2008 30.51,00000 100.0000 30.51,00000.00 MATINT RS.l8354&«.00.C/P:SII UIOO

164 25-10-2001 PSU 102389 9.00 CAllARA81 FD 364 0 2041 23-OCT 23-00 23-111-2008 15,91,50000 100.0000 95,91,50000.00 MATINT. 663l15OD/-t/P CAIIARA11\ t.6C1OO

165 26-10-2001 PSU 101391 i.OD CANW Bl FO 364 IIYS 1051 2HeT 24-00 24-10-2001 6.28,OOODO 100.0000 6,28,00000.00 MATIN! .5824940/-t/P CAIIARA II .. 1.3000 ,'.
166 2H0-2001 PSU 102393 1.00 SBII FO FM 364 DAYS 2062 2S-OCT - 25-10-2008 39,80,QOQOO 100.0000 39,80,oaooo.oo MATIN! RS.31143320.oo,ClP:SIII 1.3000
( ..
141 29-10-2001 PSU 102395 UO SIll FO FUI 3i1 DAYS 2061 U-ocT 2HltT 24-10-2008 131,10,00000 100.0000 m.80.00000.00 IlAT IN! .1H54113A/-C/P SIll '.3CIOO . ..... ;

PSll102396 1.00 SIll FO FUI 364 DAYS 2011 21-«T 2HJCT 21-10-2008 43,80,00000100.0000 43, so. 00000. 00 MATINT.406261141-t/P S8H 1.31100

Total: 18I,4O,OOQOO 181.40,00000.00

I" 30-10-2001 PSU 102399 1.00 UCO FD FM 364 DAYS 2083 2HC1 28-«1' 28-111-. 136.20,00000 100.0000 135,20.00000.00 lilT IN! .11taoooO/-C/P l.OI '.GOO··
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169 31-111-2001 PSI 102401 9.00 CAlI Bl FO FUI 364 IIA 2160290«1 2t-OCT 29-11I-2bo8 100,00,00000 100.0000 100.00,00000.00 lilT INT 118.',21,53.823/- CP/tJM Il '.3CIOO
PSU 102402 9.00 UOO Bl FO 364 !lAYS 2165 2t-OCT 291Xl 25-10-2008 41.25,OOIlOO 100.0000 41,25.00000.00 lIAr IHT 118.4.38,48,000/- CP/UCO I I.IOC¥I
(
( Total: 141.25,00000 1(1.25.00000.00

(
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[CTG): 410.00,00000 «1,'2,00000.00 6,61.10584.00 1._
[PSUJ :1912,61.25000 ltl2.61.25000.00. 40000
[STGJ:

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Total:
20.00.00000

2462,61,25000
20.0&.80000.00

2440,65.~.00 6,11.10584.00 1,4QOOO

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01-tt-tOOl PSUIOU05 4060 IDBl FD I'M 11 DAYS 2211 I2-IKW 12-101 12-11-2001 II,IO,COOOO 100.0000 11,10,00000.00 MAl INT.256315,1"c/P IIiII •• SOOil
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- 111 02-1 HOOI PSU902408 ..so IDBI FD FallO DAYS 22~3 IHlV - 12-11-2001 100,00,0001» 100.0000 100,00,00000.00 IlAT lilT RS.1232871.oo,C/P:IOIII 4.S000
PSU902~1 4.50 PII8 FD I'M 10 DAYS 2~t9 12-10/ - 12-11-2001 10,30,00000 100.0000 10,30,DOOOO.00 11.\1lIlT RS.126986.00,C/P:P118 4.5000
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Total: 110,30,00000 110,30,00000.00

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') 113 05-11-2001 PSU 902412 4.50 IDBI FO FeR 1 DAYS - 12-11-2001 21,56,0001» 100.0000· 21,0,00000.00 MATlilT RS.II6OU.OO,C/P:[J)8I UCIIlO

1140&-1 HOOI PSU lOWS 1.00 AlLH Ilk FD 364 DAYS OHW - 04-11-2008 11,41,00000 100.0000 11,41,00000.00 MATIN! RS.ll81U31.oo,CJP:ALIJI Ilk 1.3000

115 0&-11-2001 PSI) 102421 1.00.,1 FD I'M 364 DAYS 22. OHW - ot-1Hooa II,IO,COOOO 100.0000 ",10,00000.00 IlAT lIlT RS.14012Utoo.CJP:1KlI 1.3000
PStJ 102420 1.00 AWl Ilk FO 364 DAYS 0H«lY 22r - ot-ll-200a 125,DD,COOOOIDD.OOI» I~,DD,OOOOO.DD IlAT IN! RS.IIOO21t.OO,C/P:AlUl Ilk '.3000
\ I
Total: 'i~~10,00000 "4,IO,OODDO.00

111 1~11-2001 PSU 902422 1.00 ALlM Bl FD 364 DAYS 22; OHW - 08-11-200a lDe,lO,OOOOO 100.0000 106,20,00000.00 ""T IMT RS.98504560.00,CJP:Allll BI 8.3CIl/I
PSU 102423 1.00 CA1IARABl FD 364 DAY22 0H1/ -
PSU 902424 '.00 \kit FO FOR 364 DAYS 22 1 a5-1klV -
0&-11-2001
a5-1H008
110,00,00000 100.0000
110,OO,COOOO100..
110,00,DDOOO.00
\lO,OO,OODDO.oo
""T 1111RS.10202t2oe.00,C/P:CAIIARA 8
IlAT INT.RS.10202I206.oo;C/P:"I .'
UOO
uoo
1
Total: 321,20,ODDOO 326,20,OODDO.00
I

~t,~-..,.....'.......
,.....'....""'..
I "
111 12-11-2001 ClG 110238 1.33 GS,2036 2250 OhJUII 01-IlC 01-0&-2036 160,DD,00000 tt.4AOO 15I,10,AOODO.00 5,13,8m4.00 20000 Ol-OH1:oe-IH1( ''')C/P:R8I UIO

IN , •• " •••••••••••••• ii•••• IlAT INT RS.13I08212.oo,CJP:DEIIA BI 1.3liOO y

g
.

r
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~ SOL 121m ,.41 WI SDL 2011 22, lHAY IHN 13-11-2011 281,OO,DOOOO100.2000 281,51,40000.00 C/P:R8I 8.4631

180 15-11-2001 PSU 102421 '.00 CAIIW Bl FD 364 DAY22, IHH IHlY 13-11-2001 111,30,00000 100.0000 111,30,0D000.00 IlAT lIlT. 10880D235/-C/P CAIIW BI UilO
PSU 802430 •• 00 DElIAIlk.FD 364 DAYS 2211 IHN 13-101 13-11-!008 51,20,00000 100.0000 59,20,00000.00 MATINl.5328OOOO1-C/P !lEMAIK t.3CiOO

181 16-11-2001 PSU400156

PStI 400151
PSlI902432
P6U 102433
•• 50 NABARODDS 2012
UO NA8ARIl•• 2012
1.00 CAIIARA:BIFO 364 IllS
1.00 UCOBl FD 364 DAYS
22~
22.
22~
2281
I
I

i
I
IHCl I!-OCT 15-1H012
Total:

lD-SU lD-SEP lD-Ot-2012

14-IklV 14-fI(H 14-11-2008
14-IklV lH«W 14-11-2001

Total:
116,5O,ODOOO

10,00,00000
10,00,00000
80,00,00000
60,90,00000

160,10,_
100.6881
101.1106
100.0000
100.0000
116,50,DOOOO.00

10,01,88100.00
10,11,10600.00
80,00,00000.00
6O,90,ODOOO.00

161,14,58100.00
8,_1.09
11 ,93919.01

24,,24510.16
20000 15-10-2001:15-11-2001-32(/P
. 20000 lH9-2OO1:15-11-2001-61CJP

a
MATIMT.142030511-(1P CAMARABl
MATm .541loooo/-c/P IK:i) Bl
RElIANCE
BIRlA III
U50
9.6295
t.3CiOO
t.3CiOO
lif,
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112 11-11-2001 P6U IOU34 1.00 UCOBl FD 363 DAYS 22~ 14-IklV - 14-IHOO8 31,6&,00000 100.0000 31,66,00000.00 IlATlIlT RS.34131811.01I,ClP:UCO Bl 1.3000

183 11-11-2001 P6U 102436 1.00 UCOBK FD 364 DAYS. 2~ 11-1lOY - 11-11-2008 140,00,00000 100.0000 140,00,00000.00 11.\1 IN! RS.12t856352.OO,C/P:UCO Bl 9.3000
PSU 90ml 9.00 C.\NARABl FO 364 O.IY230 11-fklV - 11-11-2008 29,23,00000 100.0000 29,23,00000.00 IlAT INT RS.211119(3.00,C/P:CNL\AA Bl 1.3000 ~)
!
Total: 161,23,00000 169,23,OOOOO.DD
,y.
184 2~II-2001 PSlI902441 ••~ C.\NARAIII FD 364 DAY:: lHN - 18-11-2008 60,00,00000 100.0000 80,00,00000.00 . ""T 1111RS.l4203D59.00,C/P:CA1IARA ~ 9.3000
PSU 902442 9.00 UCCBl FO 364 DAYS 2 18-1lOY - 11-11-2008 80,00,00000 100.0000 80,00,00000.00 IlATlIlT RS.14203051.00,C/P:UCO Bl 1.3CIl/I
PSU 102m 9.00 S8T FD FM 364 DAYS 23O~ IHN -. 18-11-2008 50,44,00000 100.0000 50,44,00000.00 MATm RS.46185021.00,C/P:S8T 1.3CiOO

Total: 210,44,00000 210,44,00000.00 "-

185 21-\ 1-2001 elG 110246 18 FeR 364 DAIS 2311101-o(C - 01-12-2001 25,00,00000 19.6123 24,,91,80150.00 C/P:VIJAVA Bl 1.5042

PSU ~2«6 9.00 CANARABK FD 364 DAY231~ 19-1klV - 19-11-2008 41,60,00000 100.0000 41,60,00000.00 IlAT lIlT RS.3858M9I.OQ,C/P:CAHARA &k 9.3000
PSlII02«1 9.00 UCCBl FO FOR364 DY231. IHlY - 19-11-2008 61,00,00000 100.0000 61,00,00000.00 IlAT IMT RS.12145062.00,C/P:UCO 8l 1.3000
PStI 10244$ 1.00 SB IIYDFD FOR 364 DY2320IHOV - 19011-!008 61,00,00000 100.0000 61,00,00000.00 MATlIlT RS.62I45062.00,C/P:S8H UOO
•
Total: t15, 60.00000 116,64,00000.00
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letter 110,& dt cat f,ade Coupon Partlcullrs D.l. Intel'1st \lite Maturity faea Value r.te CostPrice Ar.trd,lntel'lSt 8W Cbr•• AMI'*' Day "illl Day L(If , Ylelo
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181 23-11-2001 PSU

1
PSU 2453 6.50 ~ 81 fD 14 DAYS 2321 06-DEC -

2451 1.00 IDSI fD RXl36A DAYS2335 t1-IlY 21.0 2HI-2008

,..,,III.......
01-12-2001 112,12.30000 100.0000

100,00,00000 100.0000
112,11.30Il00.00

III.".•••.•
100,00,00000.00
MAT INl RUS10354.oo,CJP:(X),(P Il

MAT llI1.tt65411t}-t/P IDSI

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PSU fU51 1.00 ALLKfD RXI 363 DAYS2343 20-0 20-0 2H 1-2008 86,00,00000 100.0000 16,00,00000.00 MAT 1111.115415t5/-C/P'A/.LH 8l •• 3000

Total: 116,00 ,OODOO 116,00 ,00000.00

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PSU 1112460 1:05 1m fD f(l 364 DAYS,2344' 24-111t' 2HrJY 2H 1-2008
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lotll: 269,03,00000 269,03,00000.00

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I
190 28-11-2001 PSU $1)2410 6.55 PNB fD RXlI DAYS 2422 05-IlEC - G-12-2ool 14,11,00000 100.0000 14,11,00000.00 MAT lilt 1S.1I1HI.OO,C/P:P118 6.5500
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IlATINT• 1281OOO/-t/P UCOBk

MATIN! RS.H88I(.OO,C/P:UCO III

MAt·IHTA$.(2IW.oo,C/P:CAMARA Bl
1.3000

1.3000

1.3000
.,"'
1· .
'

( 181 20-11-2001 !!SU.to2«3 1.00 SBl FD f(J 3U DAYS 2308 1&-tIN

002«< l.oo.CAMARABk.FD au DAV1315 lHP1

18-11-2G08 42,00000 100.0000 (2,00000.00 -, MATlIlT RS.38t566.oo,C/P:S8! 1.3000 .
Ii'j

1'.r
188 21-1 1-2001 ~ - l"I1-2G08 ,a,(~,OOOOO 100.0000 1,",00000.00 IlATlIT RS.1U6t13.oo,C/P:CAIUM Bl '.3000
0
189 22-11-2OO1'F 102(53. '.50 CIIU' 81(fD lU~ 2321 He - O&-IHool... 1,01,30000 100.0000 2,01,30000.00 MATm RS.5t.c3(.oo,~alRP Bl '.5000
',' - ~
0
c
191 2&-'11-2001 r
190 2s-t1-2oo1 ,,902459

192 21-11-2001 PfU t02~

002"1
foGO AlLH FD FM l63I1AYS 2342 2HlY IK'¥

6.50 CIIU' Ilk FD 14 DAYS .2m IHOC IHlC 10-12-2001

6.65 PN8 FD f(J 13 DAYS, W3 10-1£ -

2O-11-2G08

10012-2001
3,1(,00000 too.OIl(a')

2,81,25000 100.0000

3,35,00000 .100.0000'
3,14,00000.00

2,81,25000.00

3,35;00000-.00
MATIHY.21O(1I3/-t/P

MATIN!,11615/-t/P
ALUI Bl

(ORp Ilk

MATINT RS.I8151.oo,C)P:PfIB
uao
'-5000

U500
c 193 28-11-2001 ~ 002410 U5 fNB FD FM T Il4YS . 2UI 05-I(C - 05-12-2001 2,01,00000 100.0000 2,01,00000.00 : MAT!NT RS.252G.00,C/P:P118 U500 \
lC1QJ:
( ·1 [!'Su): 10(,19,05000 10(.19,05000.90
[Sf0):
[SOl): 65,00,00000 H,13,00000.00
c Total; lit, 19,05000 "1,32,05000.00
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--,

Alc No. $ (EPF): In"es.!ments m_adeduring the yea·r upto 30i11/2007 . (Rs in Cr.)
i
i' .
.Month eTG Cumulative STGII Cum. I. PSUI' Cum. Invest- Cum . TORs Mat. Total Average
:j SOL I'.' I PSFI* msnts Before Investment .Daily
31·Mar Idle Funds
April 918 9118 100 100 322.25 322.25 1340.25 1340.25 855;17 2295.42 '11:71
(%) 68.49 68.~9 7.46 7.46 24.04 24.04 41.61
May 275 11~3 23U2 338.52 322.25 . 513.62 1853.77 870.88 1484.19 30.21
(%) 53.55 64.66 46.45 18.26 0.00 17.38 65.40
...Q
June 27 1220 442.93 1 781.45 1 822.81 .1 941.08 1092.74 29.48.51 814.05 0.91
o (%) 2.47 41AO 40.531 26 ..52 ,I &7.00 I 32:07
1708.78
35J18
July 328.87 1546.97 $88.82 I 1348.07 I . 100 I 1045.06 993.59 3940.1' 2458.47 3410;07 6.05
(%) 32.91 39J26 57.03 I 34.21 I 10.06 I 26.52 71.20
Aug. 739.1 2286.07 10.82 1358;89 893.17 I' 1938.23 I 1643.09 I 8883.19 820.34 3538.35 4.87
(%) 44.98 4OJ95 0.66 '24.34 54.36 j 34;72 23.20
Sept. 415.17 27U24 1388.89 99.9;14 I 2937;37 1414.31 I 6997.5 523.18 1937.49 8.25
(%) 29.35 38J60 o~60 19,42 70.65. I.' 41·.98 27.00 ·i
Oct. 845 3246.24 20 1378.89. 1,,8.43,. I 4422.8 2050.43 1 9041.93 989.09 3038.53 .
(%) 26.58 35188 0.98 15.24 12.44· 1 48.88· 32.54
Nov. 885 381~.24 281 1889.88 1543.87.18988.47.,. 238' ••7 . ,1.11437.8 1030.19 3419.88
-(o/~) 23.64 33[32 11.76 14.51 64.60 I 52.17 30.12
I' . '..

• The investments in tSUIPSFI category includes only those 'IDRs that are maturingafter.31/03/2008,as they only will be
.
counted for the purpose
.
of achievement of the investment pattern as on 31103/2008. . .

..,.'
,

io
j~
 Observations on the Investments

• Investments in TDRs maturing before 31103/2008 have not been included for the purpose of calculating the above
mentioned % of investments in CTG, STG/SDL and PSUIPSFI category, both on monthly as well as cumulative basis,
as the achievement of pattern is to be viewed as on 31/03/2008 and the short term TDRs maturing before 3110312008
will not be counted for this purpose.

• Since the short term TDRs are not counted, the actual percentage of investments in CTG and STG/SDL will comedown
arid will increase in case ofPSUIPSFI category.

• Theinvestments in STG are much below the required percentage of minimum 15% as per the investments made till
30/11/2007. .

-
. .0
•
. ."

The above table indicates that almost the'erttire reSidtud,~~t~g~)I"y

(
. , '
".,'..

.
. ' ",':

. .•. , '. "

.

of 300/0 is ,being used tor PSUIPSFI category.

,

• The investmentsln short term TDRs having maturity before 31103/2008,which is not 'being counted for the purpose of
achievement of pattern, varies between 23% and 71 % on monthly basis. ','

• In addition to the low yields obtained in TDRs, there is nil 'return on idle funds; which amounts to Rs 9.51 crores on
. ullVeTage-dailybasis; The-report regarding idte fond was not-received fOl"-the-months~f-October and November due to
system related problems at SBI.

9/
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.
AJc.No. 11 (EPS Fund): Investments made during the year excluding upto 30/11/2007 (Rs in Cr.}

'Month CTG Cumulative STGI Cum. PSUI Cum. invest- Cum. TORs Mat. Total Average
SOL PSFI* ments Before Investment Daily
31·"Mar Idle Funds
April 307 307 619 619 480.4 480.4 1286.4 1286.4 935.86 2222.06 1'9.54
I
(Ofo) 23.87 23.87 40.35 40.35 35.79 35.79 42.11 ' '
I
May 376 882 263.29 772.29 460.4 628.29 1914.89 ' 882.31 1&1o.e 18.7,5
(%) 59.69 35.62 40.31 40.33 0.00 24.OS 58.41
June 78 760 228.3 1000.59 880.81 1141.21 987.11 2901.8 366.07 1342.18 0.19:
..J:) I'

(%) 7.90 26:19 23.13 34.48 ' 68.97 39.33 ' 26.45
~
July 267.12 1027.12 1000.119 1141.21 287.12 3168.92 111011.08 1772.21 3.61
I !
(%) 100.00 32.41 0.00 31.58 0.00 36.01 ' 84.93
Aug. 856 1583.12 544.44 1545.03 369.74 1&10.911 1470.18' 4639.1 329.17
-
f--178UII 3.94
(%)
Sept.
37.82
156
' 34.13
1738.12
37.03 ' 33.30
15411.03
25.15
' 1911.93
32.57
2106.88 750.93 6390.03
18.29
480.22 1231.1& 5.95'
,
(%) 20.64 32.25 0.00 28.66 79.36 39.09 39.01
!

Oct. 470 2208.12 20 111811.03 188.62 3073.6 1U8.62 6846.86 1008.811 2462.87
(%) 32.27 32.25 1.37 22.86 68.36 44.89
"
40.88
':', .
Nov. 185 2393.12 287 1852.03 1139.01 501U1 ' 2411;01 ' 92117.88 ' 5110.88' 2961.69
(%) 7.67 25.85 11.90 20:01 60.42 54.14 "
18.59 c'_

• The investments in PSUIPSFI category includes only,those TORs that are maturing after 31/03/2008, as they only will be
counted for the purpose of achievement of the investment pattern
,
as on 31/03/2008. "
, ,

( ,/
12..
 QIlS\(rvali~ns on the Investmen,ts

• Investments in TDRs maturing before 31/03/2008 have not been included for the purpose of calculating the above
I

mentioned % of investments in CTG, STG/SDL and PSU/PSFI category, both on monthly as well as cumulative basis,
as the achievement of pattern is to be viewed as on 31/03/2008 and the short term TDRs maturing before 3110312008
will not becountedlfor thispurpose,
I
I

• Since the short terT TDRs are not counted, the actual percentage of investments in CTG and STG/SDL will come down
and wtillincrease i~ case of PSU/PSFI category,
I.
. ,. '. "
.: •. • "

I .

.,The above table inficates that almost the entire residual cJ.ltegoryof 30% is being used for PSU/PSFI categery,

• T.he investments inr1sbortterm TDRs having maturity before 3110312008, which is notb"lIlgoouoted forth.·purpose of ..
achievement of pat ern, varies between 18% and 53% on monthly basis.'· ...: .
• . ",' I" .: ';:-, .. . ' .'.' . . '>.... : "~I"' .• "·'~ '. .' ," . ;','1. • _ '. ,',.. " ,

~
~ • In addition}o the,l?w yields obtained ~nT:ORs,there isnilretu~~ on
Idle.funds, wbichanio.~nts to Rs 8.66 crores on .
averagedaily basis] The report regarding Idle fund was not recelV~4··(orthelll~)llthsofOcto·ber and November due to
system related pro~,ems at SBI.,:. •. . '. :,' ,.; I '. • • .,'. .' • '1' •

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AJc No. 25 : Investments made during the year upto 30/11/2007 (Rs in Cr.)

Month CTG Cumulative STGI Cum. PSl)1 Cum. Invest- Cum. TORs Mat. Total Average
SOL PSFI* ments Before Invest- Daily I
31-Mar ment Idle Funds
A~ril 0 0 31.811 31.811 1.211 7.26 39.1 39.1 47.6.4 86.711 2.23
I

(%) 0.00 0.00 81.46 81.46 18.54 18.54 54.92

I
May 0 11.3 37.111 7.211 11.3 ; 4404 ' 40.94 46.24 1.66
(%) 0.00 0.00 tco.co 83.67 0.00 16.33 88.54
June 0 24..411 81.8 111;71 22.96 40.18 84.116 ,18.61 " 118.77 0.24
..D (%) 0.00 0.00 eo.ee ' 72.85 39.12 27.15 31.67
I
~ July 4.67 4.67 61.6 22.96 4.67 89.23 82.86 87.113 0.19 I
(O/~ 100.00 5.23 0.00 69.04 0.00 25.73 94.66
I
Aug. 23 27.67 23.3 84.9 52.48 75.42 98.78 187.99 ' 19.03 117.79 1.14
(%) 23.29 14.72 23.59 45.16 ' 53.12 40.12 16.16
Sept. 27.87 84.9 37.14 112.58 37.14 2211;13 33.04 70.18 0.19 1
(%) 0.00 12.29 0.00 37.71 100.00 50.00 47.08 I
(
Oct. 111 42.87 10 94.9 121.94 234.5 148.94 372.07 112.84 199.78
(%) , 10.21 11.47 6.81 25.51 82.99 83.03 26.45
Nov. 42.67 811 1111.9 32.811 287.311 91.86 489.92 71.34 189.1.
' ..
(%) 0.00 9.08 66.43 34.03 33.57 56.89 ,~~J7

• The investments in PSU!PSFI category includes only those TDRs that are maturing aft~r 31/03/2008, as they only will be
counted for the purpose of achievement of the investment pattern as on 31/03/2008.
I
'

/
<]'1
 . ".
(

Observations, on the Investments

• Investments in T~Rs maturing before 31103/2008,have not been: Included for the purpose of calculating the above
mentioned % of Investments in CTG, STG/SDL and PS'UIPSFlcategory, both on monthly as well as cumulative basis,
as the achievemen~ of pattern is to be viewed as on 31103/2008 and the short term TDRs maturing before 31103/2008
will not be counted for this purpose. . •

• Since the short term TDRs are not counted, the actual percentage of investments inCTG and STG/SDL will come down
and will increase i, case of PSUIPSFI category. .' .

• The investments in CTG are much below the required percentage of minimum 25'% as per the investments made till
30/11/2007. I . . .' • • . ..' .

I •
I " I,

• The ~bove tableIndlcates that almosftheentire residualcategory~f30% is heingused'for PSUIPSFlcategory.·

. I '.' .
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.1
• The investments i~\short term TDW having maturity b~fore'31103/2008,which is··nofbeingeounted Corthe purpose·o~··
achievement of pattern, varies between 16% and 94% Ol)qtoo·thly:b.asJs. ' ..... ,';. ': .., ;''.' . .. .
,f·. I.' ,..'. , .... "',.';" '.:.~' .:'~;'': :'j:.', ." •• ,,:' ". ','. -',~:,>'...-;,;.. ,.,.. :' .' : ...: "'1 '"

• In addition to the-low yields obtained in TDRs,thereis nUreturo(,lfidle ftinds~which amounts toRs 0.94 crores on .
average daily basis. The-report regarding'idle fund was not received f()f th~ mQndlsorQf!~ober and Novemberdue.ro
system related problems at SBL'" . . "':, ..... . ~..' '.' '" '.. ..•. . . . . .
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AlC Nc~.8 (Staff Provident Fund): Investments made durin ~ the year upto 30/11/2007 crores)
Month CTp Cumulative STGI Cum. PSUI Cum. tnvest- Cum. TORs Mat. Total f
I
I SOL PSFI* ments Before lnvest-
! 31·Mar - ment-
April 01 0 8 8 3.1 3;1 9.1 9.1 4.91 1".01
I

. I
(%) 0.00
1
0.00 65.93 65.93 34.07 34.07 35.05
May 0: 0 0 8 0 3.1 0 9.1 2.85 2.85
-S)
~ (%) o.oo 0.00 0.00 65.93 0.()0 34;07 100.00
<J'"
Jl,.lne !
0 0.49 U9 1.32 .•••.•2 1.81 10.91 2.52 ••;33

(%) 0.00 0.00 27.07 59.49 72.93 40.51 58.20

I
July 0 o· 0 8.49 0 •••••2 0 10.91 5.91 5.91

. (%) 0.00 0.00 0.00 59.49 0.00 40.51 100.00 ~

I

Aug. 3.4 3.4 0 UI 2.83 7.05 8.03 . 18.9•• 8.82 12.88

(%) 1

56.38 20.07 0.00 38.31 43.62 41.62 53.03

~
Sept. o· 3A 0 UI 7.98 15.03 7.18 24.92 0.54 8.52
(%) 0.00 13.64 0.00 26.04 100.00 6O~31 6.34· j

Oct. 01 3A 0 8."9 U1 21.84 8.81 31.53 8.17 12.78

(%) 0.00 10.78 0.00 20.58 100.00 68~63 48.28
Nov. 01 3.4 2 8.49 ·3.41 :is.o5 &Ai 38.'" 2.58 7.9'1
(%) 0.0 o . 9.20 36.97 22.98 63;03 ' 67.81 32.29

• The investments in ~SUIPSFI category includes only those TDRs that are maturing after 31/03/2008, as they only will be
co1untedfor the purPfse of achievement of the investment pattern as on 31/03/2008.
I

/ '7:6
 i
I

.... '.

9bservations ,on the Inve,tments

)

I . ,
• Investments in TDRs maturing before 31103/2008 have not been included for the purpose of calculating the above
mentioned % of investments in CTG, STG/SDL and PSU/pSj?I category, both on monthly as well as cumulative basi~,
as. the achievemet\t of pa~tern is to be viewed as .on .31103/2Q08and' the short term TDRs maturing before 31103/2008.
will not be counted for this purpose. . -, .'. '.' .
I ". •

1 '. .

• Since the short term TDRs are not counted, the actual percentage of investments in CTG and STG/SDL will come down
and will increase i~ case ofPSUIPSFI category.
.I

• The investme~ts iq CTG are much below the required percentage of niinimum25%as per theinvest~ents made t.ill ~
30/1112007. I .
I •
. ',1 ',' .','. .' "'. '. ."'" .,' .. '" ,_. '. '::,' e,

41 •. The above table in!dicates that almost the entire residual categoryof30%
I' . ".
is beiQg used.for·PSU/PSFlcategory.
. .
I,

• The investments i.~short term TDRshaving maturity before3~/O~/100~; ~hich isnot.being counted forthe purpose of '.
achievement of pattern, varies between 6% and 1.00% on ...'monthly 'basis; which r.esults in low yields.. ' .' ..,: ". .'
'! ' '. .' .' .. ' " ' :"

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A/c'No. 9 (Gratu'ty and Pension Fund): Investments made during the year upto 30/11/2007 (Rs. In cr.)
Month CTG CUM1ulative STGI Cum. PSUI Cum. Invest- Cum. TORs Mat. Total
SOL PSFI* rnents Before Invest-
I
31-Mar ment
April ~
(%) 0.00 !o.oo
0 10
76.92
10
76.92
3
23.08 23.08
3 . 13
.13 18.82

56.11
29.62

May I" 0 8.7 18.7 3 8.7 22.7 5.24 14.84

t
(%) 0.00 io.oo 100.00 86.78 0.00 13.22 35.01
I
June . 0 5.18 24.89 1.06 4.06 8.24 28.94 12.67 18.82
(%) 0.00 iO.OO 83.17 86.01 16.83 13.99 66.19
.D
July 1.27 :1.27 24.89 . 4.06 1.27 30.21 30.98 32.24.
<X>
(%) 100.00 4.20 0.00 82.39 O~OO 13.41 96.03
Aug. 13.6 ~4.77 2.86 27.74 18.14 22.19 34.48 84.7 . 7.84 42.43 ~
(%) 39.14 22.83 . 8.26 42.87 52.59 34.30 18.71
Sept. 4.77 27.71, 74.6 28.67
4
8.8 31.99 9.8 38.37
(%) 0.00 9.83 0.00 37.23 100.00 42.94 .73.05
Oct. 27.71, ~

,
60 84.77 4078 4110.98 4129 4203.6 61.08 141.87
J%J 1.21 1.54
1
0.00 0.66 98.79 97.80 36.00
rsov. 54.77 16 42.74 19.63 4130;62 .34.63 4238.03 8.8 41.13
J%J 0.00 1.53 43.44 1.01 56.56 97.46 ---_.- 16.05

I . ,," , . . .
• The investments in ~SUIPSFI category includes only those TDRs that are maturing after 31/03/2008, as they only will be .
counted for thepur90se of achievement of'theinvestmentpattern as on 31/03/2008. ".'
I

'q8
/"
 .
Observations on the Invqtments

• Investments in TDRs. maturing before 31103/2008 have. notbeen included for the purpose of calculating the above
mentioned % of investments in CTG,STG/SDL and PSU/PSFI category, both on' monthly as well as cumulative basis,
as the achievement of pattern is to be viewed as on 31103/2008 and the short term TDRs maturing before 3110312008
will not be counted for this purpose. . . '.'

• Since the short term TDRs are notcounted, the actual percentage otinvestments in CTG and STG/SDL will come down
and will increase in case of PSU/PSFI category.
4

-D • The investments in CTG and STG/SDL are much below the teq'tii'ted percentage of minimum 25% and 15% ~
-So) respectively as per the investments made till 3011112007 •

• The above table indicates that the entire residual category of30% is being used for PSU/PSFI category.

• The investments in short term TDRs having maturity before 31/03/20Q8, which is not being counted for the purpose of
achievement of pattern, varies between .16% and~6% on ·mont~IY',,~sis,.which results.in low yields.
j' •• '•• :. ••.••

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C
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Item No.5: Appointment of Portfol 0 Auditor regarding
0 Audit of the.' Investment Portfolio managed' by
the State' Bank' of In ia,Mumbai for the
() financial year, 2Qq«i-~7." , _
C'
.:. Investment of monies belonging to Employees' Pr ident Fundls regulated
C by the provisions of Para 52 of Employe'es' Provid t fund Scheme, 1952
(" which reads as:

C "All monies belo~ging to the Fund shall be d sited in the Reserve Bank
of India or the State Bank of India or in such ther Scheduled Banks as
( may be approved' bythe Central Government f m time to time or ShaUbe
invested, subject to such dlrectlons as the Cen fa,1 Government may from
(
time to time give, in the securities mentioned 0 referred to in clauses (a)
( to (d) of section 20 of the indian Trusts Act, 1 82 (11 of .1882), provided
that such securities are payable both in respect f .capital and in respect of
( interest in India".
- I
(
.:. The work relating to investment of EPF money, liCh was being handled by
(" the Reserve Bank of India up to 31.03.95, was_ ntrusted to State Bank of
India, Mumbai w.e.f. 01.04...1995. The investrl1.entO.ffunds belonging to EPF,
( Pension Fund and EDU Fund, SPF and, EPFstaff . nslon and gratuity Fund i~,
done bv the Securities Service Branch of StateBa k of India, Mumbai.
(
.:. The investments made by the SBI on behalf of C T, EPF are, audited by the
Inspection and Audit Wing of the SBIperlodically nd also by the concurrent
auditor of State Bank of India' on day-to-day basis Apart from this, statutory
audit by the authorized Chartered Accountant fir appointed by 5BI is also
(
conducted periodically. ' .
"

.:. In spite of the. internal co.ntrot and aud!t mechanism of.the SBI it was notic~d
that there had been cases of delay In collecttori or mterest and matunty
( proceeds and other dues from the issuers. Th consultant Actuary also
I .

pointed out several cases of deficiencies in the fu ctioning of the investment

manager. Finance & Investment Committee in its' 50th meeting held on
03.02.1999, after considering the importance 'f the matter decided to
appoint an independent portfolio auditor f.or the a dit of investment portfolio
managed by the S5B of 5B}, Mumbai.·· According MIs. Bhadra & Co. were
appointed as portfoliO auditors for the period from 01.10.2000 to 31.03.2001
and also for the financial year 2001-2002. 'rnerea er, MIs Batliboi & Purohit
--". -wereappointed--the--pGl"tf'GHG.··audit~-foF.-tRefi, nGial--¥eat'"S-2002~3--to--
2005-06.' .

.:. During the discussion to re-appoint M/s Batlibo and Purohit as portfolio
auditors for the year 2005-06 in its 87th meetin held on 02/03/2007, the
Finance and Investment Committee also took decision to process for
appolntrnent of new auditor in place of MIs Batli i and Purohit for the year

fa 0
 r:
2006~07. Accordingly bids were invited from 11 Chartered Accountant Firms n
. from among a list of firms received from the CAGoffICe(liendosed). Three
bidswerefeceiVea~"'A- 'comfl11tfeeconstitOtecffo( 1:hiS pur se analyzed the \""./ ;

.techrlital and financial bids. The proceedings of the comm ttee are enclosed
for reference. ··--c)
('.
•:•. The above said Committee has. recommended MIs Chha ed and Doshi for
appointment as Portfolio Auditors for the year 2006-07 . Th CPFCand the FA r,:
and CAOhave approved the recommendation of the Comm ttee,
('

The proposal for appoillting portfolio auditor for the ear 2006-07 is
placed before the Financeand Investment CommitteeI r consideration
and the recommendation to the Exec.utive Commiee,' EPFO for
approval and financial sanction.
(

I
\", .

(~

(
'I
 c'
r/" ,
~"(f
--,
r- Proceedin2s of the Committee'Meetin2 dated 29/1llno07
c , .-
~

c
(,
Bids wereinvited-from H-Chartered ACcountant firms. Only tbre~ bids were received,
The Bidders are:
C
1. Haribhakti and Co.
C" 2. Chhajed and Doshi
3. Jain Chowdhary and Co.
(

( The bidders were called to be present while. opening the bids, f they wish. Only one
representative, Shri Ankit Saxena, from'Mls Haribhakti and (~mpany was present.
-,
(
First the-technical bids were opened and signatures were obtaiJ ed from the members.
and the representative on the bid envelopes. The Committee analyzed the three
(
technical bids; acomparative analysis is given in the table give b4 low:' .'
;.~ '. - .
(
Bidder No. of Expert Qualif'acatioa Nature of' work 1 rominent Previous Such
( EinP!C!1ed. t~") undertaken .~ Iknts Experience
Haribbakti, 25 FCA. ACA Statutory Audit, I SES. LIC, Employees'
( and Co. PartnerslDirectors Compliance UTI, Sardar Provident Fund
Audit, Tax Audit, ~~var. Audit of ING
( Tralislation of ]~uclear Power Vysy~
Accounts, 4f;orporation. Standard
~gamations, Cbartered,
Collaborations, Association of
Mutual Funds
in India, ABN
AMRO Mutual
Fund
Chhajed 10 Partners FCA.ACA Review of ~SNL. PF audit of Air
andDosbi Investment DICGC. Air India. Bharat
Decisions, ndia, LIC, Shell, Tarapore
Concurrent fIAL MMTC. Atomic Power
Audits, Statutory ~I Station. Audit
Audit, of Treasury of

... Management, Tax

Audits etc.
Bank of India.
SEBI
Inspections.
.. AuditofRB[
Jain 12 'Partners FCA.AC~ Statutory Audit, jKookan PFtrax audit
Chowdbary PFtrax Audit, Railway. of Agriculture,
and Co, Concurrent Audit Mazgaon Finance
Dock, Corporation
Container and
t--- - _____g,~fIndi4I. Mahara~s~h~t
••...
ra=-=-cr-l-_
Shipping Corp. -Siale~ Road
of India. Transport
Agricultural Corp.
Finance Corp.•
Bank Branches

{OJ....
The committee made the following observations:
.
> All the firms are Chartered Accountant -Firms and the CAG office (J
-provided the list of the firms,
audit work.
an
of them deemed to be qtialifi to undertake this
,"-- - --'" ------ r)

)-. All the three firms have got more than three decades of experie ceo
(;
-)- It has been, however, observed that the two finns, viz. Hari i and Co. and
Chhajed and Doshi have directly relevantexperience in ding the work-of "
I

Portfolio Audit. . . (~

-> Senior Partners of MIs Haribhakti and CO. and Mis Chhajed d Doshi have held - ('
the position of President of the Institute of Chartered Accou ts of India in the ( :
past. , L

)- The committee found that on the basisof informatioidilmish by the firms, MIs
Jain Chowdbary and Co. has n()t.~ed a sipificant audit of portfolio
management as required by EPfO.' .. -, . -. -

- The Committee, therefore, 'co~d~red_the - opeDingthefin bids of Mis - , (~'

Haribhakti and Co. and MIs _Chhajed and Doshi. , .
, I

.The Financial Bids of MIs Haribhakti and: Co. and ..rWsChbajed Doshi, were then
..opeaed again in the presence- of the. representative of ¥'~
'Harib ',.tiand' Company .
_Signatures of the members and the representative were taken on t bid envelopes.

Following are the details of the financial bids:

.:. MIs Haribhakti and Company -Rs 12,00,000 (Rs welve Lakhs Only)
exclusive of out of the poc.ket expenses,' which will be reimbursable on
actuals and service tax and .education cess, whi h will be charged
separafely as appliCable.

•:. MlsCDhajed and Doshi - Rs 2,50,000 (Rs T~o "":Fifty Thousand

Only) plus service tax @ -12.36% or as applicable if m time to time, plus
actual out of pocket expenses, if any, in case of traver g outside Mumbai. '.
"-

From the above, MIs, Chbajed and Doshi has quoted the lowe
2,50,000' plus service tax and out of pocket expenses. The C
selecting-the lowestbidder. Submitted to the Competent Authori

(P~
~ff-c.~t.p)
--
 .' .• '. c ----" '- f _
I;. ,

.
• I

, \lffiI ir. ~-~fTR_{"«l'l:f;J':.N."I •• ·:t.l4rtilf .

10, ihS'OS <~"E ""!it 11nT.

";f{~ - 110002
OFFICE OF THE
MPlROLLER&AUOfTOR GENERAL
OFJNOIA
10. BAHADURSHAH ZAFAR MARG •.
" NewOelhi-110002
~./ DATE 1'5'· t· 07:

To,

The Financial Advisor and Chief Accounts Offi r

Employees' Provident Fund Organisation
Bhavishya Nidhi bhavan,
14, Bhikaji Cama Place,
New Delhi - 110066

SUbject: List of Chartered Accountant firms

Sir,

I am directed to invite a reference toyour lett r No: Invest.IJl(02)/Auditor

(
•.... ~.-
. .
Appttl2007/13488 dated 01.06.01 on the subject cited and to enclose a list of 16
-
(sixteen) Chartered Accountant firms. The names final selected and fee payable to
, - ..

the auditors may please be intimated to this office for r ference and record. It is also
Clarified that this office doesn't accept any responslbilir for the performance of work
done by the Chartered Accountant firms .

•j
Yours faithfully.

'~i -'"-
.,.. .
. (Vatsala Ramakrishnan)
S .Administrative Officer/CA V
'\.;f !Nto~
I I

";:':

~o mo' Phone: 23231440. 23231.761 aT{ 'Tel gram: ARGEL NEW DELHI
~ 'Telex: 03"1-65981. 031-65847 ~ I Fax: 91-11-23235446.91-11-23234014
r_. List-of Chartered Accountant Firms

Mis V$ANKAR A1¥AR&'CO

2-C·COURT CHAMBERS,
35 NEWw,RINE LtNES,
MUMBAI
400020 •
Telephone 022-22071080 , 9820016619

!
(J

2 Mis CHHAJEO & DOSHI ._(.1

516.WESTERN PAABHAOEVI COOP_
HSG.SOCIETY 1
VEER SAVARKAR MARG,
PRABHAOEVI,
MUMBAt.
400025
Telephone 02224373464 9820514929
(

M/$ CHATURVEOr& SHAH

714-715, TULSIANleHAMBERS .
212, NARIMAN POINT,
MUMBAJ
400021 .
Telephone- 022-40090500 "

- (

Mis KALYANIWAllA & MISTRY

KALPATARU HERITAGE, 5TH FLOOR.
127, M.G. ROAD,
MUMBAJ
400023
Telephone 02200346020 9620056503

5 Mis CVK & ASSOCIATES

2,SAMARTH APTS., O.S.BABREKAR
MARG,
OAOAR(W),
MUMBAI
400028
.
Telephone 022-24468717 9820187110

'M(lIIi1o.v. JUlie 18,1(107 Page 10/3

n
6 Mis KHANDeLWAL JAIN & CO
(1
12-8, BALOOTA SHAVAN. 5TH FLOOR,

n / -- 117, MAHARSHI
CHURCHGATE
KARVE ROAD,

n MUMBAI
4()()(j2O

n Teleptlone 022-22032656- 9820087168

... -.- - - .-.
n
7- Mis SARPA & PAREEK
()
MAHAVIR APARTMENTS. THIRD FLOOR

o 598. M. G. ROAD. NEAR SUNCIlY

CINEMA-,

o VILE PARLE (~1)

MUMBAI

o Telephone
400057

022-261°1124 9819078061

8 Mis .K S AJYAR & CO

# F-7, LAXMI MILLS

SHAKTI MIlLS LANE. (OFF OR E
MOSES ROAD)
MAHAlAXMi.-
MUMBAI
400011
Telephone 022-56551770
r'
'-
"Mis Aj SHAH AND COMPANY
9
r>. C-BLOCK, FORT CHAMBERS
65. TAMRIND LANE
FORT
MUMBAI
400023
Telephone 022-22650834 9821069696

10 Mis BORKAR & MUZUMQAR

.",
235/23.'1, PENINSULA HOUSE. DR.D.N.
ROAD
FORT,
MUMe.t.1
400001
Telephone 02226691254 9821041810
"- ""

11 Mis ~\{AT & CO

2A, KITAB MAHAL.
192. OR. D.N.ROAD
FORT
MUMBAI
400001
Telephone 022-22071581 9321071582

Monday, JUIII! J8, 2001 Page 10/3

 ", .
('
12 Mis HARIBHAKTI & CO
42 FREE PRESS HOUSE.
!
FREE PRESS JOURNAl ROAD.
215 HARIMAN POINT t:
MUMBAl
400021 ("
Telephone 02256391101 9821142227
(
:
13 .. (
Mis FORO,RHODES,PARKS & CO
SAt COMMERCIAL BUILDING. 3RO (
FLOOR,
3121313, BKS DEVSHIMARG,
. GOVANDI (
MUMBAJ
(
·400023-·
Telephone 022-61979819' (
9821019545

(
14 Mis JAIN CHOWDHARY & CO
.104. MODELREstDENCY, B.J.MARG, (
JACOB CIRCLE. MAHAlAXMI,
MUMBAI (
400011
Telephone 022-23002921 9820150286

I
1S MIs M:MNISSIMAND CO
.. ~
-. -".
B.6.RODAWALA MANSION, B WING,
'3RDFLOOR,
81, OR. ANNIE BESANT ROAD.·
WORLI "",.

MUMBAI
400018
Telephone 022-24949991

16 Mis SUOIT K PAREKH & CO

12A. SULEMAN CHAMBERS. 4-
BATTERY STREET,
APolLo ~NDER.
MUMBAI
400039 .
Telephone 22-22834187 9324383728

/t1()nday,June 18. 2(107

Page J ofJ
,>-t '(-"
r''i(.
r
r Item: 4 Appointing Consultants for Selection of M
Ma.nagers·
!.
c:
t: TheCentrai Board of Trustees, in its 100th meeting
. .'

gave its approval for constitution of a three member com

the process of selection of consultant out of the credi
('
registered with SEBI to assist EPFOin choosing multiple fu managers and
c
.
,
for setting. up the investment-rilonitoring cell.
(

(
The committee prepared the Request for Proposal and di
(
and sent the same to the foor.credit'rating agencies and n advertisement
(
was also placed on the website of EPFO.'The interested
(
the time to send in their teChnical and financial bids tiH 0 101/2008, 11.00
(
AM. The technical bids .were opened in the presence of th representatives
of the bidders at 12.00 Noon, on 03/01/2008. The commi ee analyzed the
( , technical bids and considered MIs (risil as the suitable b" er for aSsisting
EPFO in selecting multi' fund managers as well as for a istingEPFO in
monitoring the performance of the chosen fund managers r one year and
in establishing an in-house,Investment Monitoring Cen.Th proceedings of
the committee meeting dated 07/01/2008' are placed for
and information.

Now the consultant is to initiate the process of short Ii ting the Fund
Managers, the same committee may be empowered to tak the process of
selection of the fund managers to its logical end with assis nee from MIs
Crisil, the chosen consultant.

The issue of lnterpretatlon of Para 52 of the EPF

choosinq a fund manager from among the Asset Managem nt Companies
'(AMes) or Banks came up for discussion d~ring the 88th ting held on
(

c: '\ ./
~

r
t> 11/04/2007 (relevant minutes enclosed). At that time, tne committee was

r. informed that a legal opinion had been sought from ..the Ministry. The

t> Ministry has forwarded the views of the legal advisor; a (OpY of the letter
.
t: received is enclosed for ready reference. A view was earliel sought from the
.'

empanelled advocate and her advice is also enclosed. The opinion received
r
from the legal advisor is not clear; the matter was reterred to the CPFCfor
r
his views. He is of the view that carrying out the activity 0 .management of
c
the EPFOfunds is different from the deposits/investmen . of EPFOfunds,
c-
and therefore, the portfolio management by AMCscan be made as long as
(I
they chanalized such investments and investments are.meee in the name of
('
the CBT, EPFOwithin the pattern of investmentlguidelinE~ (the noting of
('
CPFC'sviews is also enclosed for ready reference).
(

(
As regards the fund size and the net cash inflow to be managed by the
prospective fund managers, the details are given as'under:
( i
(Rs. in crores)
( i
Fund Fund Size as on Net Fres h Interest
31/03/2007 at Accretion 0n Received
( Face Value* account of
( contribution·
(, EPF 1,03,837 5,843 7,467

( EPS 48,671 3,113 3,761

(
EDLI 1,623 196 113
Staff 374 20 29
(
Provident
Fund
l Staff 1,056 490** 43
Pension cum
. Gratuity
Fund
 --.~

r
r.,
"
c:
r J.
c. * The figures do not include the balances lying in the publ account, hence
not a part of active fund management
c
r: ** IncludeS transfer of arrears; the yearly contribution to is fund may be
approximately Rs 60 Crores.
r
(
t: In addition to the above, the maturity proceeds received d ring the year will .
also have to be invested as per the prescribed pattern. The information
(
regarding maturity proceeds varies from year to yea, depending on
investments made in TORs, which may be rolled over ma y times within a .
(
single year.
(

(
The 5BI, during discussion in a meeting, informed that du to bigger size of
(
the fund, many a times it was difficult to deploy the i ows in suitable
instruments.

In view of the above, the Committee may be empowered 0 select as many

fund managers as required to derive maximum returns wit advice from the
selected consultant.

The proposal for extending the mandate to the isting three-

( .

member committee to select fund managers is laced before

the Finance and Investment Committee for con "deration and
recommendation to the Central Board of Trustees, EPFO for
approval and financial sanction.
c On the outset, FA & CAO said that qualification of only one co ant through the
('\'~\F;., t~~ bid process left the committee with only one financial . id, and it did not
hav~t~ comparativebid, On fognal enquiry from CMPF~itw8s f that Crisil had -
( quoted Rs 4 Lakh for EoI and Rs 6 Lakh for processing the appoi
--
manager.

The Committee felt that the participants to the bid may be higher in number having
" regard to EPFO's fundsize, which may enhance workload for C~sil for processing

·····~~::sr~Ea~:;E,=-:E
co. ..,_ ...• the bi~. Moreover. the committee also felt that CMPF bad appoimed the consultant

reduction is reasonable. I •

(SK Verma)

~..•....

I,1
(
•
A meeting was held in the chamber of Director (SS) to di
of. MIs: Crisil in order to check the reasonableness of the
committee decided to gather the information about the amo t paid by CMPF.
(
The committee also decided to invite MIs Crisil over telepho e for negotiation
( on 16/01/2008 given the shortage of time.
~.r_t.~'4It~~Irt*;14t~~t,,<t~
.' . ' ••.• '" 't":lt,; ".
' .. ,'·".f< '."',' ~".
i'j
~",
'It:I,',r'f~l~>'I''
,:.. ' '1:.'..•......,.....
t~~'®,:t;i;;;}rl{~dj~;:;'
~; i, ~ ( ,

( ~~

112-
 Proceedings of the Committee Meetinfl dated 07/0112008

,r:
Technical and Financial Bids were invited from four Credit Rating Agencies. Only two
bids were received. The Bidders are: "

1. MIs CRISIL Ltd

2. MIs ICRA Ltd.

Director (Finance) informed that he discussed with FA (Labour) regarding his

preoccupation and Director (SS) being on tour, Under See etary was instructed to
represent both the members of the Ministry. The bidders were present through their
representatives. The technical bids were opened and signatures were obtained from the
members and the representative on the bid envelopes. The Committee analyzed the
technical bids; a comparative analysisis given in the table give be ow: .

Parameters CRISIL ICRA

1. Experience in handling Crisil has provided information Has ~ot experience in managing
.such assignments, about the similar work the as igmnents as under:
including appreciation undertaken by them in the past
letters, if any. and it includes:
-Assistance in evaluating EoIs
by interested sponsors for
PFRDA, assistance ill
preparation of RFP, submission
of evaluation report on the bids
to PFRDA, assistance in short
listing of sponsors for the
proposed pension funds of
PFRDA. Letter from PFRDA to
the effect that the assignment
was completed in time and to
their satisfaction has 'been
provided.
-Appointment of Fund Manager
by CMPF: assisted m assistance in preparation
developing criteria for selecting
the fund manager, preparation
of RFP and evaluation of the
bids and submission of report to
CMPF and active participation
in drafting agreement with the
short-listed bidders, provided
support in developing MIS and
performance evaluation of the
. fund II!anager on an on-going
- Review, Finalization and
Vetting of vanous
agreements for selection
of private players for
developing three
transmission projects in
association with the
Power Grid Corporation
of India Ltd.
- Bidding assistance for
4000 MW, ultra mega
power project of NTPC
at Sasan. This included
study of tariff based
competitive bid
guidelines and RFP,
PPA and other bid
documents and
of bid and providing
post bid assistance in
case NTPC's bid is
successful.
- Facilitating purchases of
power for railways
traction from agencies
other than distribution
licensee for the area
through open access in

"3
 basis. Letter from CMPF to the UP and Tamilnadu for
r effect that the assignment was Indian Railways. The 7
r completed to their satisfaction
and to their benefit has been
work
process
included
management.
Bid

provided. assistance in regulatory

,. -
approval. suggesting
!
- Appointment by Siemens Ltd. feasible models for
(
for portfolio performance power procurement etc.
review for retiral benefit - Development of three
schemes. Crisil reviewed. and tourism and
evaluated the Provident and entertainment projects
( Pension Fund portfolio smce through private
2002 and also reviewed the participation for State
portfolio performance of its Tourism Department of
subsidiaries for the past two Andhra Pradesh. The
years. The assignment includes: work involves the
.:. Analysis of the technical. commercial
(
exposure to interest rate and financial evaluation
risk on the portfolio of the proposal; project
.:. Analysis of the structuring. legal
exposure to credit risk documentation and
for all the asset classes negotiation support.
of the portfolio - Development of Budget
.:. Valuation of the Hotels at six locations
portfolio as of date and management of
.:. Evaluation of the auditorium, restaurants
payout capability of the and cafeteria at National
portfolio (capability to Rail Museum. The work
make a payout of 8.5%) includes the review of
based on an assumed earlier reports and
incremental inflow identification of gaps,
.:. Review of portfolio update the feasibility
performance relative to report and undertake the
an Index and work of bid process
suggestion of measures nwmagement comprising
to improve portfolio preparation of bid
returns . invitation documents,
•:•. Review of the tender documents,
adequacy of controls in relevant lease/license
the investment process. agreements and
Crisil has also mentioned about undertake selection of
the following benefits to prospective
Siemens: operators/developers.
.•:. Reduction in exposure - Financial evaluation of
.to lower credit quality bids for chartering of
papers self-unloader vessel and
.:. Investments m high gearless vessels for
yield corporate Poompuhar Shipping
Issuances Ltd. in Tami1nadu.
.:. Investments m high - Bid process
coupon cash-flow management for

!I ~
r "
r: : c·
r

f'..•. ~
r: bearing bonds selection of private
Siemens letter appreciates the players for execution of 8
t" Crisil Team for excellent two transmission
presentation, and usefulness 'of projects on BOT basis
r: - the services offered by Crisil. it for Power Grid
also states that the. analysis of Corporation of India
(- - Crisil is objective and closer to Ltd.
market realities covering credit . - Financial advisory
r- and market risk aspects. services for commercial
I- . and financial evaluation
of tenders for tugs and
r launches for Ennore
Port Ltd. in Tamilnadu
( Assistance in selection
of TV partner for
( developing transmission
(
network for Power Grid
Corp. development of
understanding regarding
C requirement of the joint
( venture partner,
preparation of notice
( inviting tender and
finalization of eligibility
cntena of prospective
bidders, preparation of
an assessment
( .framework and
development of
parameters. for selecting
prospective TV partners,
and finalization of
project agreements.
Evaluation of bidders
(
for the Cargo complex
at the New Delhi airport
( for the Airport
Authority of India. The
( .work includes study of
the proposals and
l developing the criteria
for designing the matrix
to convert all the
qualitative Issues ill
tangible numbers.
Financial advisor to
AAI for privatization of
Delhi and Mumbai
airports. The work
mainly entails
preparation of bid

3
 - _._.- - - "" - - -
r'
c: . (It\~
~r' ,

("
~,
-
documents and bid
r process, management
r: leading to selection of
private developers. "
r: ,
., Assistance m the
tendering procedure,
r: "
preparation Qf tender
document, and
r" evaluation of bids for
~
(
procurement" of" power
of 320Q MW by tariff
( based Competitive
bidding .for Haryana
( Power Generatin.8 Co.
Ltd.
(
- Consultancy service for
techno-economic
{
feasibility study 'and bid
process" management for
(
Delhi Mono-Rail
( project for Government
ofNCT of Delhi.
( - Scheme for supporting
creation of shared
infrastructure for mobile
services m rural areas
including . bid process
management for
Universal Service
Obligation Fund, Dept.
of "Telecommunication,
GoV!. of India ..
- Identifying a bidder for
a prime property m
Surat for Gujarat
Industrial Development
Corporation. The .work
included bid process
management.
- Assistance in tendering
process and preparation
of tendering/contractual
documents for awarding
the EPC contract for the
2x8 MW hydro project
located m Mandi
!District of Himachal
Pradesh for Patikari
Power Private Liniited
PPPL).
- ~election of a ~rivate

116
 -
c·
,r. t>o
r-
player for operating
r:
inland water services to
c: between Chennai and
Muttukkadu on BOT
.
I' basis for Tamil Nadu
Tourism Development
r-; . " Corporation.
- Bidding assistance for
(-I
4000 MW imported coal
(. based mega power
project in Mundra for
r- Torrent Power ABC
Limited. It includes
( study of tariff based
competitive bid
( guidelines and RFP,
PPA and other bid
(
.documents, extensive
(
financial and tariff
modeling relating to
( project.
2. The CRISIL has proposed the ICRA proposes to deploy the
( qualification/experience of following experts for deploying followipg Key Staff with the
the key personnel them in this task along with propos00 position. Details of the
their experience and profile: experience of the members are
1. K Sitharaman, PGDM, enclosed as Annexure A.
TIM Calcutta (13th 1. V Sriram, Project
r \ Rank); BE (Mech.), 5th Director, ACA;
Rank, Jadhavpur Graduate Member,
University. Mr. ICWA; Licentiate
Sitharaman is presently Member, ICSI; Affiliate
beading fund services Member, Institute of
and fixed income Management
research and he also IConsultants of India.
oversees offerings m 2. S Pareek, Project
Mutual Fund ratings, Manager; ACA; AICSI;
rankings, customized AICWA
research, risk 3. DhrubaPurkayastha, Co-
assessment service and Project Manager; PGDM
wealth management and (Finance & Economics),
desktop solutions. He 11M Calcutta; BE
has extensive (Mech), BIT, Ranchi
expenence m 4. Sanjib Sahu; Bidding
conducting workshops Process Specialist; MBA
and seminars .on retail Finance), Asian
risk, mutual funds, ~itute of Management,
BASEL II, Credit risk Manila, the Philippines;
and securitization. He B E (Hons), NIT,
has also provided Rourkela.
oversight for more than 5. Karthik Srinivasan;
50 Micro-finance inancial Instrument

5
 l'1f\.
Institution evaluations. AnIyst; Member CFA,
He has also handled USA; MMS (Finance), I\
similar assignments for NMIMS; BE (K J
CMPF and PFRDA, Somayya College).
which includes 6 Shalini Gupta; Team
development of criteria Member; Member
and methodology for ICFAI; MBA, MDI
assessing the bidders; (Gurgaon); B. Com
evaluation of bidders; (Hons), SRCC
recommendation about 7 Ranjeet Mishra; Team
the best bidder; Member; Member ICAl;
( preparation of portfolio Member ICWAl
management agreement
and designing of MIS
format to monitor .the
performance of
/
(
Portfolio Managers etc..

2. Rama Vasantharajan,
Post Graduate Diploma
m Software
Management (NllT).
( Her responsibilities
include Mutual Fund
rankings, customized
research in Mututal
Fund, wealth
management and
desktop solutions. She
is also responsible for
managing fixed income
research group, which
provides valuation
services, .benchmarking
services, customized
portfolio, analytical
services etc..

3. Parag Doshi, ACA;

AlCSI. He has
experince m handling
fund evaluation and
rating assignments for
many mutual funds,
banks and broking
houses etc. He has also
assisted in selection of
fund managers for
PFRDA. He has also
worked with Zurich
India Mutual Fund and

6
(~ -

JM Mutual Fund.

r 4. Manish Saraf, PGDBA

(Finance), Welingker,
Mumbai; ACA. He is a
key member of the Fund ~
services team and is
involved in rating and
diagnostic assignments
relating to financial
sector entities like
Mutual Funds, PMS
providers, Banks. He
was also involved m
selection of portfolio
managers for
management of
retirement :funds of
large public sector
organizations. His
assignment is the past
includes framing of
criteria for selection of
portfolio mangers, bid
analysis and the
selection of portfolio
manager, and also
framing of MIS reports
for monitoring the
Portfolio Managers'
performance etc.

5, Jiju Vidyadharan, MBA

(Finance), IMSR, Pune.
He is a key member of
the Fund services team
and is involved in rating
and diagnostic
assignments relating to
financial sector entities
like Mutual Funds, PMS
providers, Banks etc.
3. Experience in rating the Crisil has rated various types of ICRA has experience of rating
financial instruments as financial instruments and they 3792 I instruments as on
prescribed m the have over 65% market share in 3110312007, which includes
investment pattern rating the instruments rating of manufacturing
followed by EPFO mentioned in the investment compan es, finance companies,
pattern. They have provided an banking and financial institutions
exhaustive list of the and sta e level institutions. Out
instruments rated by them, of 3792 instruments, 1874
which includes banks, financial instrum nts relate to finance

II r
(

r.
c.
r: institutions, insurance co es, banking and
companies, infrastructure finan ial institutions and state
r- companies, non-banking finance level . tions, which may be
companies, housing finance within the investment
(- companies and corporate sector followed by EPFO.
companies etc. They have of 1918 instruments 9(
( varied experience in rating cturing companies, which
financial instruments falling ublic sector undertakings
(
within the pattern. may so be falling under the
c. ambit of the said pattern. The
speci c reference to the
( .es falling within the
n!lItl~prhhas not been rovided.
( desired .:. It is a public limited It is a public limited
4. Other
particulars' company listed on BSE I company listed on BSE
( andNSE
andNSE
.:.1' Registered with SEBI
I,

.;. Registered with SEBI

(
and details provided and details provided
.:. Address given in the ·:·1' Address given in the
document document
( .:. Details of the contact •••', Details of the contact
person provided ·1 person provided
( .:. Shareholding holding .:.1 Shar~holding holding
1

provided. : provided.
Standard& Poors': 51.5%
1

M~s': 28.51%
MFs: 4.52% MfsIUTI: 7.70%
BankslFIs 3.07% /FIs 23.91%
Ins Companies 6.57% ompanies 12.93%
FIls 9.14% S 0.15%
Bodies Corp. 1.89% es Corp. 6.75%
Individuals 2l. 60% Inquviduals 9.92%
Others 1.72% Trusts, 9.07%
.:. The details of the Others 1.07%
directors have been The potential bidders for
provided. m~'tiple fund managers out
of the banks having more
th 1% shareholding are
P~' SBI, ALLAHABAD
B K, INDIAN BANK,
an CBI. PNB and SBI hold
5.~5% and 10% respectively.
It [s also mentioned that the
Chairman of group ICRA is
a former Chairman of sm.
•:.1 The details of the
I directors have been
i rovided.

8
 The committee made the following observations:
, .
)-> A) Both the firms have got varied experience in pr viding services for 'bid
process management', but Crisil only have direct expe ience of handling similar
activity for CMPF, PFRDA and Siemens Ltd.

B) Crisil has provided. appreciation letters from the entities for whom they
undertook the job previously. ICRA has not provided an such letters.

>- Both Crisil and ICRA, being the two largest Credit ratin agencies in the country,
have rated varied instruments, Crisil has specificaJl given the list of the
instruments rated by them, which fall within the ambit f the investment pattern
followed by EPFO; while IC~ has only provided us thF bigger picture at macro
( level. - I

I
I
I
(
)-> Moreover, there may likely -_be -conflict of interest , SBI is having 10% of
( holdings in ICRA and presently a former Chairman of SlI is heading ICRA.

)-> From the above observations, the committee conSiders~s Crisil suitably meets
the desired criteria for assisting EPFO in selecting multi nd managers as well as
(
for assisting EPFO in monitoring the performance of th chosen fund managers
for one year and-in establishing an in-house Investment onitoring Cell.
I -~
I ,
i -~~m.I
~SK~:t<P~
I

/2\
 ~.' .. -

-
•
('

t:
1. Mr. V. Sriram
l. PROPOSED POSITION
(' Project Dire~tor

( 2. NAME OF FIRM ICRA Management Consulting ervices Limited

(A wholly owned subsidiary of I RA Limited)
('
3. NAME OF STAFF V. Srirarn .
r 4. PROFESSION/PRESENT Management Consultant / Head Banking and Finance Advisory
( DESIGNATION
I

5. DATE OF BIRTH th
16 December 1967 i
I
( 6. YEARS WITH THE
FIRMIENTITY
9 years I
(
7. NATIONALITY Indian ·1
(
8. MEMBERSHIP IN Associate Member> Institute 0rhancrCd AccOl~ntilnts Ill' India
( PROFESSIONAL SOCIETIES Graduate Member - Institute of ost and Works Accountants of
India ..
Licenciate member; Institute ofCompany Secretaries of India
Affiliate Member - Institute of ~lanagemem
,
consultants of India

9. DETAILED TASKS ASSIGNED

I

i
10. KEY QUALIFICATIONS As head of the Banking and ance Advisory group. Mr. Sri ram.
specialises in strategic ng, risk management. and
restructuring. He has wide in formulating restructuring
strategies for banks and t'n,mr.,,,, in India. He has been involved
ill designing risk manageme I strategies for a number of banks in
India and abroad. He has and international experience in
ies and systems in the fields of

strategy for a leading US Project Director Mumbai

fund
Business analysis and growth strategy Project Director
for a leading housing finance company
in India
Evaluation of investment options for a Project Director Mumbai
leading Private Equity player in the
and Financial Services Sector

Proposal for Bidding Process for Appointment of Fund Managers

/2-2
 -

(J}*
t:
' '

r-.--'~.,
t
..
• ~
!
,~,
I(

Business and organisation restructuring Project Director ~OO Kolkata

of,one of the largest Non-bankinu 0
r Finance companies in India
India Entry Strategy for a US based .-
c monoline insurance player
Project Director 200( Mumbai
Entry strategy for a leading North Project Director --
( 2001 New Delhi
American Bank into the Indian retail
banking sezment -.
(
Organisation restructuring for one of Project Manager 200' Bangalore
c India's large PSU Bank
Developing a bank risk grading model Project Director 200( Mumbai
for a clearing house dealing in foreign
(
exchange settlement. The scope of work
(
included developing a monitoring system
to measure the performance of all .
( schedule commercial banks in the
-,
country
( Developing credit risk rating models for Project Director 2005 I Colombo
Sri Lankan Bank 1
\
( Developing Credit risk models and Project Director 2005 Kolkata
implementing software solution for a 1

( large PSU Bank I

Developing Credit risk models and Project Director 2005 UAE
implementing software solution for a 1

large bank in the UAE I

Assisting a large business group in Team Leader 2005 Hyderabad
identifying diversification options
Preparation of business plans for a Team Leader 2005 Mumbai
diversified conglomerate I
Assisting a financial institution in ! Team
I
Leader 2004: Mumbai
, conducting the feasibility and suggesting I
I
I
restructuring options for a large textile I
I
company 1

Preparation of financial restructuring Team Leader 20041 Kolkata

plan for a large company in the steel I I
I
industry
Developing a conceptual framework for Team Leader 2004 New Delhi
reforming the government accounting 1
1

I
.1
system in India at Central and State I

Levels and implication for the central

budgeting process,
Designing revival and restructuring Team Leader
i
I

2004
1 1
Mumbai I Delhi
strategies for a number of Public Sector
units on behalf of the Disinvestment I
I
Commission I
Formulating tourism strategies for state Team Leader 2004! Bhubaneshwar
uovernmems and assessing the potential I

Preparing an industrial master plan for Team Leader 2003 Chennai

the Union T erritorv of Pondichcrrv 1

Valuation and structuring of Ind ia' s Team Member 2003i Mumbai

I
largest M&A deal I

Evaluating the competitiveness of the Team Leader 20031 Chennai-Delhi

--
'I
-------------------------------t------·-----·-
Proposal for Bidding Process for Appointment of Fund Managers 4
t,

(-
(' .:
---~.~.
""

\1-
. Indian Automotive and auto component
-1: . industries
.(~ Evaluating the export competitiveness of Team Leader 2001 Delhi
Indian Le~er, Textile and Engineering
goods industries
Designing revival and restructuring Team Leader 1P02 Mumbai I Delhi
strategies for a number of Public Sector
..... units
(.
Designing a strategy for an internet Team Leader Mumbai
intermediary (828) in the financial
securities sector
r:....• Designing credit risk management Team Member 1 02 Chennai
systems for a large private bank
...
(. Team leader 1 01 Cities across India

( .
c·
( - r

Designing cash management system for

l
Hindustan Aeronautics Limited
Restructuring one of India's largest
I
( .. public sector banks
Assistance to the Verma Committee on
restructuring weak banks
Evaluation of Project Profiles for
, # Investment and Technology Promotion

I - ,
Initiative of UNIDO, Vienna
Assisting design and development of
securities accounting systems for the
Union Bank of Switzerland
Feasibility study for setting up a
depository
Corporate plan for Madras Fertilizers
Limited
Corporate plan for Indian bank
TaritT Reforms study for Chennai Water
Supply and Sewerage Board
Preparing Financial & Operating Plans
for local bodies to access World Bank

11. Education:

Year ..
Decree. Area of Specialisut ion university / Institution

1995 Licentiate ICSI Company Law, Busiriess Laws and nstitute of Company Secretaries
Taxation pf India, New Delhi
1991 A.C.A. Financial Management, Accounts, nstitute of Chartered
Taxation, Company Law, Audit vccountants or India. New Delhi

Proposal for Bidding. Process for Appointment of Fund Managers 5

-
 - - ~ - - - - -

- :~:.t~
~--~: ';

.
.""""

. .. "
r

- " .

c:
r: 1988 Grad.C:W.A. Cost and Management Accounting Institute () . Cost & Works
Accounun ts of India. Calcutta
-
1988 B.Com Accounts & Finance Vivekanai da College University
of Madras

12. Employment Record:

"
r

(
Organisation Title of Positions Location of Assignments I
i: 1CRA Management Consulting Since 1998 General Manager All India
!
Services Limited (Presently) i

( Tata Consultancy Services 1996-98 Senior Systems Analyst TamilN du and Kerala
and over eas assignments
( 1994-95 Systems Analyst Tamil N, du and Kerala
1993 Asst. Systems Analyst Tamil~, du and Kerala
c 1992 Trainee TamilN, du and Kerala

(
..
13. Languages "

( Read Write Speak

English Excellent Excellent Exccllc t
( Excellent' Excello t
Tamil Excellent
Hindi Good Good Good
(

(
I
I
i:,.
;.

.~
"

.
r
'-
. ...
0

,.

- --
(,
Proposal for Bidding Process for Appointment of Fund Managers

0
 - l

2. Srfnarayn Pareek
I. PROPOSED POSITION Project Manager

2. NAME OF FIRM ICRA Management Consulting ~\lrviCC!iLimited

(A wholly owned subsidiary of ICRA Limited)
3.. NAME OF STAFF Srinarayan Pareek

4. PROFESSION/PRESENT Financial Analyst I Manager

DESIGNATION

5. th
DATE OFBIRTH 7 June 1968
( '6. YEARS WITH THE 3 years
FIRM/ENTITY
( . .• .•
~' ,

1. NATIONALITY Indian
(
8. MEMBERSHIP IN 1.
c PROFESSIONAL SOCIETIES
Associate member of The nstitute of Chane red
Accountants of India
2. Associate member of The 1~1stituteof Company Secretaries
of India ,
3. Associate member or The IInslitute of COStand Works
(
~ Accountants of India

9. DETAILED TASKS ASSIGNED

10 KEY QUALIFICATIONS He is currently working in th\! Banking & Finance Group of

ICRA Management Consulting services Limited. Pareek is a
financial analyst and specjalises in analysing financial
statements and evaluating various options for banks and other
organisations. He is responsible for implementing risk
management strategies on foreign currency. interest' and
( commodities for banking and corporate sector.

Diagnostic Study of Integrated Risk Project November Murnbai

Management System of a leading Manager
Financial Institution in India
Framing of Credit. Asset Liability Team Member Murnbai
Management. Investment and
, Operational Risk policy for a Non
Banking Finance company in
Western India

•
Proposal for Bidding Process for Appointment of Fund Managers 7
,#

"
 -- - - ~-

- - - -

-
\
. ~

Credit Financing market in -Indja lor .

a private equity firm in India
Assessment of Counter Party Credit Project April 2007 . Mumbai
Risk for foreign exchange settlement Manager August :00
for a clearing house in India ;
;
Preparation of Strategic' Business Team Member August2U07
( Mumbai
Plan for a Non Banking Financial October ~OO
Company in Western India . lor
foraying into aviation and oil rigs
financing
Framing of Policy and Manual on Team Member September 200 [)- Nairobi, Kenya
Asset Liability Management of a I
April 2007 'I
multilateral development agency in "
Africa
Framing of Policy on Investment and Project November 200 [)- New Ddhi ~
Asset Liability Management 'of a . Manager March 2007
Financia.lln~tituti·on in India'
Development of obligor's' . risk Team August 2006 - Abu Dhabi
assessment model for a bank in
Middle East countries
Member December 20 6
!
I

Development of obligor's . risk Team March 2006 ~ Murnbai

assessment model for a private sector Member June 201)7
bank in Western India I
. Due Diligence exercise for extending Team February 2UO< - I
KOlk<ttill
!
foreign currency loan for an Member March 200e
financing company 111 j
infrastructure I

Eastern India I
Development of obligor's risk Teain Member March 2006- Murnbai
assessment model
private sector bank in India
tor a leading June :2006
I
Coupon Calculations of Corporate Project Every Six !'vIO!lth I
I
Kolkaia
Bonds issued by Non Banking Manager I
!

Financial Institution I
I

Diagnostic study of EXIM Bank 'on Team Member November 20 p5 I

!
Mumbai
Asset Liability Management, Interest ,
Rate and Currency risk of the Bank !
Development
Management
of an Integrated Risk
Framework for a
Team Member August 2005 ~
November :;l 05
1
i
Srinagar .
leading private sector bank ·based in - I
I I
I
B,;gIG'1
,
j North India I I

Development of an Integrated Risk Team Member July 2005 I

I
Management Framework for a November 2( 05 I

leading private sector bank based in I

!I
South India I !

Seeping study on growth of SME' Team Member May 2005 i Kolkata

sector in the state of West Bcnu.il ! JUIIC 2005
,i
I
--
Feasibility of software solutions
applicable to the needs Of Treasury'
Team Member
I
I
September :;i ~4-
March 20U I
Mumbai

Division of Reliance: Industries i

;

" Limited I

Developed performance based Manager January 20U~- ! Mumbai I

II'
management information system 'on Februarv 2tJ J4 i --l
I
, ,
. L._ --- ----~. - ---
Pro posal for Bidding Process for Appointment of Fund Managers X

,
..
12
 Hm
- -

I
. ,

l"

currency and interest rate risk of

Reliance Industries, Limited and its
erouo companies,
Product pricing of different class of Team Member Feb 2002- Mumbai
derivatives instruments for June :W:):!
implementation of treasury module i
of SAP Software. i
Raising of foreign currency -Tearn Member ' Sept,200 1- Mumbai I
I
borrowings March:W02
Developed corporate management Manager January 2000- Mumbai
information system for copper February2000 I
division of Sterlite Industries (I)
Limited ' I

Developed risk management strategy Team Member September 199, Mumbai

for hedging copper. gold and silver December 199
prices on London Metal Exchunze.
Developed financial revival package Manager September 1991 Calcutta
with lending institutions for Emami
I
Industries Limited. - --- ------- -

II. EDUCATION ACA from The Institute pf Chartered Accountants of

India - 1996
ACS from The Institute of Company Secretaries of
India - 199) , - I

AICWA from Tne il1stlt ne ~ Cost and Works

Accountants of India - 1993
Bachelor of Commerce from Calcutta University -
f
1989 !

12, EMPLOYMENT RECORD From April 2005 tv d~'lre

Manager - Banking- ' F'iuaucial Sector
ICRA Management Consulting, Services • Illlplcl1l~lHing bt.:~ risR mana.gei11el~tpractices in
Limited , tne credit. ma-ke: tlnd operational risk under
Bil:sel II trumcv- orl" .
Development of 1j>licy framework on investment.
, and asset liab.lilYlmanagement of fi,nancial ,
institutions and n in banking financial companies.
Conducting uainipg seminar Oil management of
risk arising ou; 0 'interest rate. currency and
. liquidity risk. counter party risk asse ssrnem and
financial derivatit 'I!S,

Reliance Industries Limited From ScptembcrX'U to April 200-l

---
'"

'.
- ______________________________________ ~-_T-----------.---
-.. Proposal for Bidding Process for Appointment of Fund Managers <)

- ...,

-
 ll8

Manager - Treasury
• Managing risk management issues related to
interest rates on liabilit es and foreign currency
exposures
Reporting on borrowin 'So foreign exchung« and
derivatives of ReliHnCI:!Group
• Feusibilty of soft" Me elutions lor treasury
department,
• Raising of foreign curr 'n~~: borrowings
I "

Infrastructure Leasing & Financial Services From October :WOO to July fOO I
Limited , I
ASSistant Manager I
• Heading the operation br Loan against Demar'
Shares, Factoring product. .
To move resolution bejore Committee of
· Directors for approvallofProductS.

Sterlite Industries (1) Limited From August 1999 to o":h)llil.·r2000

Manager' I

• Managed risk CXIl\)S~r.: ur metal buvincs-. l c

Copper. Gold & ~il\¢r Ihnlll~h hcJ~il1g 01 price
risk on London i\·ktalll·.xchallgc.. . .
Preparation of BlIsillet'" Plan of Copper Division
Presenting MIS repor1s to 101' management.

Emami Industries Limited From April 1997 to Jul~ 1~9l).

Manager I

• Preparation lIr P:'Ojr:ct tcasibility reports' and

presenting before banks financial IJ)Stltullllll~
Finalisation of corpoi all.' accounts
• Representing the con puny before 'bscssmg. and
appellate aUlhorili<'s·1

Lant!.lIag~ Sp~ak ~cad Write

\3.. LANGUAGE
Engli$h Exc.:lknt \-.xcellcl1\ l.xcellent
Hindi Excellent l.xccllcnt Excellent
~ Bengali Excdknl (joud Moderate

'--r
I
I

I
10
Proposal for Bidding Process for Appointment of fund Managers
 t .- :;
J:~: 1 I?'
"~. - •• e-"

3, Dhruba Purkayastha

NAME OF STAFF Ohruba I)urkayaslha

NAME OF HIE FIRM
ICRA Management CUI1:iU ting, Services Limited
(A wholly Owned Subsidi, ry of leRA Limited)

DATE OF BIRTH April 5, 1964

l'<ATIO:"lALITY Indian

PERSONAL ADDRESS ICRA Management Cons lting Services Limited

Building No 8, 2nd Floor. rower- A. DLF Cyber City.Phase-1I
Gurgaon.Haryana
" .
TELEPHONE NOJ 0124 - 4545&00

0124-4545850

.• E-MAIL ADDRESS

EDUCATION
dhruoa,p@imacs,in

P,O.D.M. (finance and conomics).

Indian Institute of ~hil\;1 .cmem \ 11\1). Calcutta

- ;\lEMBERSHIP IN
B.E. (Mechanical). 13:'Ia Insriuue of Technology
(BIT).Ranchi.

PROFESSIONAL SOCIETIES Nil

- ""
COUNTRIES OF WORK
EXPERIENCE India. Banuladcsh, Sri anka

'--
- I
LAl'<GlJAGF.S SI'[;\I-.: RL\j)
I
DEGREE OF PROFICIENCY I

English Excellent b.c~lknl EHdlelll

Hindi Excellent Exc Ih:nl Good

-- Bengali Excellent Gool luir

-- 'v
EMPLOYMENT

From January
RECORD

2000 ToDa~ J
Employer ICRA Management c~nsuJting Services Lt (' New Oelhi
. --- Position Held and
~
""--.. Description of Duties General Manager and heads the Illti'astntlure Practice in leRA Management
COlhllitil1,g Services Limited. and has been Ie Iding InfraSlrllClllr,<: sector engag,emel~ts.
His work experience spans several areas including muuutacrurmg. engineering
projects, financial services and management c insulting.,

I
.~,-
'~

~
f- _
•
...., Proposal for Bidding Process li>r Appointment of Fund Managers
-------------
11

1'! ..•.
',';I
'd 1.--
5: 'L.:
13°
E:\Il'I.OYER

Wipro-G E Medical Systems Ltd

Position Held and Regional Manager - East
Description of Duties • CUSWl1lef Service and Sales Operations,
• Six Sigma Application in Business Process lmprovem nt -
• Credit-Worthiness Assessment for Medical Equipmen Financing.
• Hcalthcare Industry Analysis and Business Planninu for Medical Diaunostic
Imaging Equipment Industry ~ -

From Jan 9-l- To -Dl!c 1l)')S

Position Held and Positions I kid:
• Sales and Service Sales Mallllger
Business Planning and Finance Manager
• I .

Senior Manager -Mot\ernisalilJlI and QUlIlily SYSrlllS

Description of Duties •
Business Planning and Budgeting for Otis India .1Ildf\Sia Pacific Operations
• Implementing Costing and Working Capital :V1aml em:nl Systems - Oracle
t

•
FinZincials I .:
Process Improvement, Quality S) stems and ISO 90g0 I~OOO.
•
Supply Chain Management.
• Environmental Health and Safety {EH&S) S\$t~ms
I

-Implementation and
•
Compliance, I'
Marketing Strategy and Product Launches.
• I

From 199:2 To 1993

NICCO C()HI'()IUTIO~ Lm (NICCO \litO.IEe"!")
E'">I()YFl~

Position Held and

Description of Duties Assistant MllIlllgcr - Projects
:. Engineering Procurement and ConstruLlion. (U C) Busines~ in Chemical
Process Plants, water and Eftluenl Treatment Pla \IS in Steel and other metal
plants and Oil Refineries.
• Techno -Commercial Feasibility Assessment. Pric ng and Bidding.
• Planning and EPC Project Execution and Coo dination with Design and
Engineering Consultants.

----------- -----_.----
--------------- .--- -------- 12
Proposal for Bidding Process for App,)intlllt.!Htof Fund Mallag.t.!r~

Is)
 From 1990 TO 1992
E~II'I.()YEI~

.r SRF G.-oup ISRF Finance Lid:

Position Held and Executive - Corporate Planlling/Snles ,

Description of Duties
• Engineering plastics •. Specialty fabrics and Light Metal Engineering
businesses. I

• New business and capacity expansion pla~ning.

• Financial/Operational restructuring anti rehabilitation of a sick ball and
needle bearing unit. i
• Direct Institutional Sales. '

_.
""
•. Worked in retail lending operations lor fill;mcj;1!! Commercial
,
,
- Vehicles.

DETAILED TASKASSIGNED WORK UNDERTAKEN WHJCI-~ IlEST ILLUSTRATES CAPABILITY

TO HANDLE THE TASKS ASSIF~ED
I
Privatisarion and Urhan Project Name: Profiling of hlrg~ potentially bankable PPP projects in
II n frast rllctll re urban infrastructure sector in JnJia.
As a Quality Advisor and 'I'PI~ expert to the project. involved witr
formulating the project strategy. reyiew of identified projects for amenability
to PPP, estimating the Financial, and Economic Rate of Return for the
shortlisted projects and networkini with Senior Officers of the Ministry 0
Finance and Urban Devclopmcn: <Hid the client.

- Project Name Bid Process ,\lalla~~'l\Icnt

undertaken 01\ PPP format in .-\1~lIuur.
for a Solid Waste Project projec

-
Location: Alandur (Tamil :'oIadu) :~
As Quality Advisor to the project. ~\!l1 be guiding the project team in overal
execution of the project. .1/ul1",,""4'1I,',. issued
·W

Project Name: Dhaka Water SrpPIY & Sewerage Authority(DWASA

Improvement Prugrurnme
·W Location: Dhaka! !\I'W Delhi ,

-- As the Financial lixpcrt, prcparc:l it ,!~uamic financial model 10 facilitate th

preparation of short. mcd,ium ;C1J! :'Jtlg.t~rm blhin<.:s\ plan and to rneasur
uuprovcmcnt III the 0\ er,tll perl,nl, ;,,',ce 01 the I)\\; /\SA.
I

- Project Name Preparation of .\larla

I
I

plan for Baddi Barotiwala NaJagar

-- (BIlN) area and Project DC\'l'lup',Il'III.

--- Location: Baudi (Himachal Prude-h)

As the PPP expert 011 the team. ka~lllg
urban infrastructure
the module Oil project development
projects in 13~~ area through public private partnershij

- (PPP). Presently
demand assessment.
undertaking pre! tcasibility
financial Il·~tl)ilitv
for selected projects coverir
assessment. estimation of proje

--
costs, projected revenues bcnclitsl' 110111 the project.
In the next phase, projects amcr ;,t1lc [0 PPP will be structured and t
contractual frameworks tor ~lI(h j'.,ujccb will be designed Will be al
.,
Proposal.for Bidding Process for Appointment of Fund Managers
t I
I
13

...
I

- •..
t]2.
 providing Bid Process Management service

Project Name Design and lmplcmentarlon of Internet-based database for

Infrastructure Public Private Partnership (pI'I» Projects
As a Quality Advisor for the Project, involved closely in the design of the "
database. Also involved with tracking he sector wise and state wise
performance in attracting private investment both national and foreign);

Project Name: Study in water supply reg lation in comparable countries

to suggest pricing of water services in lnd a for Public Finance and Policy
1nstitute.
Location: Position: Tim' Spent: August 2002 to October
2002
As a project manager carried out the ;OIlOWlf\g tasks-Identified parameters for
analysing various regulatory models. Ass's)ed the regulation policy and
issues related to competition. Developed ,I r gulaicry framework applicable in
Indian context. Tasks Covered : AI\ Iusks

. Project Name: Status of private SCl.ttr develupm e nr, assessment of

constraints to PSI) and ldern ificution of ector's and instruments relevant
to Asian Development Balik's (ADI) Private Sector Operations
Department for ADB (private Sector Ass ssment and Strategy Study)
Location: India Timc Spent: Ian -April 2~05
As the Team Leader, involved with formulating the overall study
methodology and analyze potential for PP in key infrastructure sectors like
urban infrastructure .Water supply. Roads. orts. airports etc

Project Name: Privatization stratq~y, valuation and rccommending out

modalities of disinvestmcnts of a numh r of government owned tclecom,
oil and construction companies. I

Location: Position: Project Manager I Tillie Spent: 2001-2002.

. As a team member" project manager uIITit:U out the following tasks - Business
analysis of the concerned em erpriscs. l3l1~iness valuation of the companies,
Developing financial restructuring optionr fur these enterprises, Identifying
. the mode of divesting govcnuncnts 'la~""1 Tasks Covered: i\ \I Tasks

! 0.

..Project Name: Financial Evuluuriun lor a Water Supply Project in

Andhra Pradesh. I

Location: Position: Team Leader [limc Spent: Dee •...mber 2003

Evaluated the financial model pri.:p:II·~·dib~ project developer to assess its
~alidityin 1t:I:ms ()~. Iinancia]. :I":":l ulltil):'?' ,Itld .regulat.ury principles to be
followed, Review (II the conuactual cocumcnis. 1 asks Covered : All Tasks
I •

Project Name: E, nluu riun of \Vatc,' SlIllJlI~ anti SC\\ l·ragc Boards and
Municipal Bodics ill a South l n di ••\1 State.
Location: India Positiunr Tcam 'vl¢lllber
As Team Member. evaluated the ("pedtiLJn~ and li;:,IIK i~!i position of the
.
Municipal Corporations with a Vll!\\ to h~s....
ssin:; the debt bearing capacity /
I
I

Proposal for Bidding Process for Appointment of Fund Mall,,~ers

.J---~--.--
I 14
i
I
,,' credit
Corporation
worthiness and also to lielp in enhancing
10 access the debt markets in future"
I
the preparedness or he

Project Name: Evaluation of Public Pr ivate I Partnership Projects such

Sea World, Dream World and Mini Golf Course Projects in a South
r
lnd ia State
Position: Project Manager "Time Spent: May 200 I to August 200 I
As project manager undertook the following tasks - "Review and preparation
of final project reports. Reviewing and preparing bid documents, Evaluating
bids against bid evaluation framework. Tasks Covered :AII Tasks

Project Name: Assessment of revenue profile <lnl.!debt position of several

Municipal Corporations and Water and Sewerage Boards ill Tamil
Nadu, Andhra Pradesh and Punjab
Position: Project" Manager T'ime Spent: 1\"la) 200 i 10 August 2()(j I
Review and preparation of final project reports. Reviewing and preparing bid
documents, Evaluating bids agaillst bid evaluation framework
Tasks Covered : All Tasks

Project Name: Vision Document for Yaranusi Development Authority

Location: Varanasi (India)
Position: Team Leader Time Spent: June 2003 \0 December ~003"
"\s"a team leader - Identifying the primary reasons inhibiting economic
growth of the city. Validating the strategies Ior infrastructure development
especially through private sector participation. Formulaung the vision
statement based on the strengths and opportunities of Varanasi and identify
institutional reform initiatives to implement the action plans
Tasks Covered : All Tasks

" '"

Proposal for Bidding Process for Appointment (If Fund Managers 15

 /} ~
.~

Project Namer, Project evaluation, risk assessment and mitigation for a

bidder for a World Bank funded railwuy project in Africa.
Position: Team Leader Time Spent: October 2003 to November 2003.
Duty Rendered: As temn. leader. oversaw tile following activities _
Preparation or Iinancial model for tlnenctal pfojections and sensitivity
analyses. Identification of risk factors and formulation of risk mitigation
-strategies,
Tasks Covered: All Tasks

Project Name:. Assistance in Policy, Regulation and Flnanclal Modeling

.,
for Prrvatlsatlou of Major' Metro Airports for International Investment
Banking Company and Airports Author ity' of India.
~. • ••, ~#
Locatlon : Position: ProjectManager Time Spent: Ongoing.
Duty Rendered: Estimating theaeronautical and non-aeronautical SOUlees of
revenue for the airports based on the resultsof thetraffic stud) that will be
made available to leRA. Commenting on tlw tcusibilir, or various financing .
structures that enable privatisauon o:' the airports. COl1dUl:ling the required
sensitivity analysis with respect -to key variables affecting the, viability of the
project including cost of fixed assets, traffic, phasing, of developments.
financing costs, and levy of User Development Fees on passengers, Providing
inputs on regulatory issues pertaining 10 institutional framework for
privatisarion, Anchoring the process of appointment of Technical Advisor
(T A) & overall supervision of work carried out by the T A. Preparing the bid
documents (RFQ/RFP/Conccssion Agrccmcnt).: Bid Process Management
leading to selection of Private Developers. Tasks Covered: All Tasks

Proposal for Bidding Process for Appointment of Fund Mana~C'rs

 4. Sanjib Sahu

I. PROPOSED POSITION Bidding. Process Spcci.ilist

FOR THIS PROJECT
..,
NAME OF FIRM ICRA Munagernent Consulting Services
(A wholly owned subsidiary or ICRA Limited)

3. NAME OF STAFF Sanjib Sahu

4. PROFESSION/PRESENT DESIGNA nON Manager

5. DATEOFBIRTH 2nd June 1976

6. YEARS WITH THE FIRM/ENTITY Since June 2005

7. NATIONALITY Iridian

S. MEMBERSHIP IN Nil
PROFESSIONAL SOCIETIES

9. DETAILED TASKS ASSIGNED

I
1 KEY QUALIFICATIONS • His experience has been in t\)t' areas of formulating
I
I-

O. business strategies, dev e loping 'credit risk management.

identifying
monitoring
and designing risk mitigation
processes. project
strategies &
structuring. due-
I
!

diligence, valuations. and \-1&/\.

• Before joining 1:-"II\CS, he was with Larsen & Toubro
Ltd. India's largest Engineering, Procurement &
Construction Company where. as a Project Executive,
he was responsible 1'01' project management. process
design. commissioning technical and sale» support for
the Cement Machinery busin •...
s~ unit.

-:....

Dhaka, Bangladesh

Developing credit scoring models 11.)1' a commercial Consultant Colombo. Sri I.anka
bank in Sri Lanka for the personal loan. home loan
and rcvclvins credit cuts.
f------..:c--.:..'---'.--"'.....::..:...'--_"-"'-c:.;...:.-"''-- ·__ iI --- i
r-- -------r' -----.----
Designing a framework lor Integrated Risk \ Consultant I ~005 i India
Management System and Implementing Credit Risk I
Management Software, including credit-scoring tools \,
for various lendin and risk based internal

Proposal for Bidding Process for Appointment of Fund Managers 17

tJ. {
 4. Sanjib Sahu

I. PROPOSED POSITION Bidding Process Specialist

_FOR THIS PROJECT
-
')
NAME OF FIRM ICRA Management Consultinu Services
-- (A wholly owned subsidiary ol'lCRA Limued)

3. NAME OF STAFF Sanjib Sahu

4. PROFESSION/PRESENT DESIGN ATION Manager

5. DATE OF BIRTH 2nd JUlie 1976

6. YEARS WITH THE FIRM/ENTITY Since June 2005

7. NATIONALITY Indian

8. MEMBERSHIP IN Nil
PROFESSIONAL SOCIETIES

9. DETAILED TASKS ASSIGNED • H as to be Prcjcct Specific

I KEY QUALIFICATIONS • His experience has been in tl.~.l'areas uf formulating

o. business strategies. dev elopingcredit risk management.
identifying and designing risk mitigation strategies &
monitoring processes. project structuring. due-
diligence, valuations. and M&A.
• Before joining IMACS, he was with Larsen & Toubro
Ltd .. India's largest Engineering. Procurement &
Construction Company wh cr e. as a Project Executive,
he was responsible lor project management. process
design. commissioning technical and sales support for
the Cement Machinery business unit.

Dates Luca tion

... ~/. }~_'!'~'-:;'.: - 1 •••.'.
-;......
,.'0,.. 1"",

Consultant 2005 Dhaka, Bangladesh

Developing credit scoring models for a commercial Consultant 2005 Colombo. Sri l.anka
bank in Sri Lanka for the personal loan, home loan
and rl!v~)I\"inQ credit segments. .--l--------r---:: _--:---_-,-
..
., :---:::---;
Designing a framework for lm cgrated Risk I Consultant 2005, lndia
Managemen; System and Implementing Credit Risk i
Management Software, including credit-scoring tools
for various lending segments. and risk based intcrnal

Proposal for Bidding Process for Appoinunem of Fund Managers 17

 Independent Audit of an EXpOJ1 Import Bank's Risk Consultant 2005· India
M Framework ..
'
'.
Designed a Value At RIsk (YAR) financial model, Consultant •••. 2004 Manila. Philippines
using Historical and Monte Carlo Simulation for
estimating the Commodity and Forcien Exchange
Risk exposure for Liquigaz Philippines. -
"
Credit Risk Assessment Model for the credit card unit Consultant 20(14 ;vlaml<l. Philippines
of Rizal Commercial Bank Corp. (RCBC),

Formulating business plan. and prepare India

memorandum for a player entering aircraft leasing
business. .
Design of a Database for Government of India, for all Team Leader . India
Public Private Partnership infrastructure projects
undertaken in India from 1995 onwards:
I-:::---:~':";';"";"";"~::':'::-:':"'':'';';''~'--''--'''':':--''-..=c ---,-~- __ --t-:------f-----. -.---------1
Due-diligence and Risk Assessment I'M World Bank Team Leader 2007 India i
funded BOT contract for an Indian company
construction and operation of Beira Rail System in
Moza
Formulating a comprehensive Business plan, Human Consultant 2006-07 India
Resource plan and IT plan for India Infrastructure
Finance Co. Ltd, a dedicated infrastructure finance

Formulating a business plan for an equipment leasing Consultant 2006-07 India

to enter into Infrastructure Project

Advisory and Bid prOCt'55 design and Consultant 2006 India

management for DoT for rolling out universal service
level obli ion in I mobile
Financial Advisory and Bidding strategy for Ultra- Consultant 2006 India
Mega Power Project for a large PSU power generation
company. Includes Project structuring and finunc ing I

Consultant 2006 India

Consultant 2006 lndia

Feasibility for manufacturing and testing Consultant :::u06

facilities for 800 MW turbogenerators for a PSU
involved in be neeri
Feasibility of Liquigaz Philippines Inc. (subsidiary of Consultant September Manila. Philippines
SHY G3S. global leader in LPG marketing) entry into ::00.:1- April
~3tural Gas Market in Philippines. Study includes: :uO:,
Power Industry structure in Philippines ;lIld Oil & Gas
Sector dynamics with re to Asia-Pac ion,

Proposal for Bidding Process for Appointment of Fund Managers

 1 j
I
I
I j
I
I
(~ ~ j
I j
I
I
Governmental Pol icies and Regular iOll::s!j::n-:\Lh-:c-:n:":,:-::'s-=c---cr::":lI:-"T--------.-----+-...------------
. l•... j
I i
Natural Gas market ot' Philippines. Pricing & Trading
strategy ·of gas in a competitive market. Technical and
Opcrmionnl aspects. Valuation &. Real Option
!

i
I j
analysis lor possible investments IIplO US$540 !, '" j
Million. Project Risk Management. and tentative
. design of a Pr~ect Finance structure.
, I j
Designed a Ba lanced Scorecard -1;:o:~::r-.:-N;:e::-:w-:-;P~r-:-:::o-:;d:-u-cl-t--;:::C:-o-n-s
~uI;-la-n-t-+---=~+-i---:--:--:-:---::-:-:-c:---·-c-----;
I Manila. Philippines i
Development for Astec Power Philippines. an !
i
I
j
Emerson Electric Co. This involved the process
assessments for capturing voice of customer. project ! j
managemeni, design and engineering. materials
engineering, supply chain. and material resource j
. ~Iannini.!..
Designed a 'Strategic Human Resource Roadrnap Consultant
I
Manila, Philippines j
including Human Capital Readiness Assessment & !
Development Plan. HR Scorecard, Organizational j
Structure design. Competency Mapping & Knowledge i
Management for Vazcreic Prel-ab. a company j
involved. with production & turnkey projects lor
Prefabricated Concrete Homes and Fences. Also
carried out an Operational Audit 10•. their Prefab
j
.
B Will1eS$. I
..1
j
Designed an Activity Based Costing (ABC) lor I
Consultant
Liq~igaz Philippines for optimization of their supply I j
cham; I

I.
EDUCATION • MBA (Finance, General \'lglllt.). ASI;ln Institute of j
Management. Manila, PhilippinJs. 2005.
• B.E. (Hans). Chemical Engi,Je..:ring. National Institute of j
Technology {formerly REC). R1urkcla. Orissa. India. 1997.
i j
I·
:?.
OTHER TRAINING
Nil I
I
I
I j
EMPLOYMENT RECORD I
3.
j
ICRA Management Consulting FROM June 2005 Till date
-I j
Services (lMaCS) I j
POSITION HELD AND Manager - Banking & Financ ial .crviccs Practice. project Finance
DESCRIPTION OF DUTIES Practice ImaCS
• Part of the Banking lea n to develop credit risk and j
manaucment svsterns in Ii ie with 13asd norms. formulate
growll) and pr~fitabilit~ enl anccmcnt strategies for banks and j
Iinanci~1 services ,co.n~panie~. conduct eXl~n=i\'l'.\ aluarions ;~nd
due diligence 10 fac iluaie banks develop strategies to effective j
lI~anage .1l0noperlormill!:: aSf..:ts .7nd formulate inor~an.ic gro~:lh
Via acqursruon Slratq!lc Itfr banks. l)l."\ croping Risk j
-
M,Hl,I!.!l·m.:nt
. and Proic:t
.
I·inancc capabilities for Infrastructure
j
- Larsen 8:.Touhro LILl .. lndi:
l'rnkcts

I'ROVI S..:pklllb.:r 1997 H· ,,1)\ ember 2()O~ j

-- Proposal tor Bidding PWI."CSS

------_._._--_._----
for Appointment of Fund Muuugcrs
1-..
I

I
-----.- ...- 19
j
j

j
j
j
j
 ,
( : ~.li
i
Project Executive - Cement &. Allied Machiuery Division
• ProjectManagement - leading and working with in-house and
external team's, collaborator Fl.Smidth Cu. world leaders in
Cement Machinery supply, clients for l\lrgt-sc~le Engineering
&. Construction projects; was the lead mcniber of the team for
the Technical due-diligence for proposed! merger of Lafarge
India Ltd. with L&T Cement. :
• Process Design and Technical Evaluation ~or Cement Plant &
Machinery; was lead member of the team for Technical
Evaluation for Lafarge Bangladesh Cement iProjecl.
• Commissioning and Productivity Enhanccnient -- involved with
formulating and implementing MIS at project sites, developed
systems manual for vconunissioning or ~cement plants &
equipment, lead member of theream for: upgradation of all
L&l cement plants lor better energy efficiency: lead member
Cor developing benchmarking tools for all !l.&T cement plants
to be extended toimpkmcnt Six-sigma quality tools:
-Conversant with ISO Quality Syslenk Safety Audit.
Reliability Analysis.

Indian Aluminium Co.Tndia FROM July 1997 TO September 1997

Graduate Engineer Trainee
• Process- -Improvements- designed a Spwgi.:r tor degassing
. molten Aluminium: was member vI' the '1.',.1111 lor car:'yiJ)~ out
Energy Audit with TERI (Tat" En~'rgy research lnstinuc. India)
tor the-Aluminium Smelter Unit. .

LANGUAGE s: DEGREE OF Language ~pt!ak ~ill Writ~

-+ PROFiCIENCY English Excellent E\l:clknt Exc •..llcnt
Hindi Excellent EXl:clk-nt Ex,'dk-nt
Oriya Excellent Excellent , E.\ C•.•I kill

:"P-r-o-p-o-sa-'-t-o-r-B-i-d-d-il-lg-P-ro-c-'e-s-s-f-o-r-A-p-p-l-)i-n-t,-nc-'1-1I-0-1-'
,-:1-11-) d-M-<-II-)
,-,g-c-rs----·---------- ---. -------_. 2()
 5. Knrthik Sriuivusuu

I. PROPOSED 'POSITION Financial lnstrument Analyst

')
NAME OF FIRM ICRA Limited

"
.J. NAME OF STAFF Karthik Srinivasan
'. !

4. PROFESSION/PRESENT Vice President arid Co-Head Fin;t~(;ial Sector

DESIGNA nON Ratings

5. DATE OF BIRTH 31S1 May 1973

6. YEARS WITH THE 7 years

FIRM/ENTITX .

7. N'A TlONALITY Indian

8. MEM,BERSHIP IN Member of CF A Institute, USA

PROFESSIONAL SOCIETIES

9. DETAILED TASKS ASSIGNED

. ,
10 KEY QUALIFICATIONS • Lead role in anulysing credit quality of
Financial . Sector entities including
Banks. Financial Institutions. Non
banking Finance Companies including
securities companies, and Housing
Finance companies.
• Lead role in evaluating. the credit qua lit) .
of mutual fund schemes
• Manage S: Guide financiulscctor ratings
..J
team
• Provide inputs to tl)(: project team
rdating. to evaluating 'I:rcdilwonhincss
of financialsector entities.

II EDUCATION BE, MMS,CFA

Name of Institution Years Degree Obtained

CF A Institute. USA 2006 Chartered Financial Analyst
Narsee Monjee Institute of Management 1997 Masters in Manugcment Studies (Finance)

-- Studies. Mumbai University

I K. J. Sornaiya 199-t
....,
University
College of Engineering. Mumbai
1 Bachelor 01 Engineering (Electronics)
!

Proposal for Bidding Process lor Appointment or Fund Managers 21

-
.- I Lt,
 10. EMPLOYMENT
RECORD

Org.anisation
ICRA Ltd .. December 20011till dale !

Vice President & Co-Head FinanJial Sector Rurinus

•
'. '"
Handle. ratings of banks. rlnuncia) institution,
Mutual Funds and entities in the' financial
services sector. I

• Development of new products, deb! market

research. tra III mg junior analysts and
contribution of articles Oli: tile contemporary
issues related to the tinanciat :scctor.
Contribute towards note- a~ld outlook (or the
sector. :
• Active involvement in business development.
,
activities.

The Bombay Dyeing & Manufacturing July 1997 to December 200U

Company Limited Dy. Manager
• Continuously providing the Senior Management .
with inputs on Currency Risk; Management.
Mobilising Funds in Foreign 'Currency and
Rupee denominations at auracrive rates and
manage the day to day cash flows of the
organisation.
Ensuring. timely and systematic execution of all
the financial requirements related to Imp011s &.
EXPl>r!S.
Generatinu various Ml S re~al1s for the Senior.
- I
Management at regular imervuls.

Mastek Limited July 1994 to August 1995

Sr. Executive
Installed the RDI3MS Package "lngres" on
I . ' ••
various operating platforms. I "

• Conduct the Basic and Advanced Traininu

Prourams on "RDB:YlS" ,1I1dhn!!rcs" for'diems
~ I -

• Conducted Performance ·illll[i!l!!s. Datuba-,e

Audits. Benchmarking and 'ljn)~lbk Shooting
activities for "lnzres" application, on \ ar.ous
platforms. - :
• Developed Applications on 'rlngres" for in house
consumption.

13. LANGUAGE Lang,u<l!!.<: Speak Rea(! ~\'rllc

English Excellent Excellent Excellent
Hindi Excellent Excellent Good
Marathi Good Good Ciood
,
Tamil I
I

--------------:---------------i-------- ")")
Proposal for Bidding Process for Appointment of Fund Managers
 6. Shalini Gupta
I. PROPOSED POSITION .Team Member
2. NAME OF FIRM lCRA Management conJulting Services
(A wholly owned SUbSidrry of lCRA Limited)

3. NAME OF STAFF Shalini Gupta I

'"
'.-
'.'

4. PROFESSIONIPRESENT DESIGNATION Manager - Banking & 1;nance

.J
5 .• DATE OF BIRTH 22nd Dee 1976 I
6. YEARS WITH THE FIRM/ENTITY 2.5 years
..)
7. NATlONALrr"? Indian ,
...) ,
I
I
I
8. MEMBERSHIP IN I) Member of lnstitutel of Chartered Financial Analysts of
~ PROFESSIONAL SOCIETIES India ! I

·1 ,
~ 9. DETAILED TASKS ASSIGNED Understand the strale~ic'difection the bank intends to

:-~ lake, evaluate the same and provide the course of the
strategic direction inc~uding delivery channels and
~. products I

10. KEY QUALIFICATIONS As a key member qf the Banking and Finance Advisory
~,~' group, specialises in istrategic planning, entry strategies and
evaluation of diversi!fication options for banks and NBFCs.
~.~
She has wide experience in formulating business strategies
for banks and Non-banking finance companies in India.
r

ment Name

Conduct a market a US hedge fund to assess the ,

Prdject 2007 India

attractiveness of non-fund based financial services market in I
Manager
India •
Conduct a market study on the retail finance, particularly the non
2007 India
banking finance companies space in India and identify attractive
investment opportunities for a large global private equity firm
active in India
Conduct a process and human resource benchmarking for a I

lead 2007 India

leading four wheeler financing NBFC in India
Assess the feasibility of a proposed joint venture between a
2006 India
leading private sector housing finance player and a large public
sector bank for . ofhousin loans

Proposal for Bidding Process for Appointment of Fund Managers 23

 ~'
"
Assess the current state of home loan market in India 1
and identify tile key strategic options available for a Consultant ~006 India
leading private sector housing finance company in India i
I
Due Diligence exercise for a multilateral agency of a
leading NBFC in India venturing into infrastructure Consultant 3006 I
India
financing
Devise an entry strategy for a foreign bank into the
Indian retail banking market through home loans and a Consultant 3006 India
set of complementary products. Phase I. analyzed the
current trends. key success factors, expected growth and
feasibility of the segment. Phase Il, designed the ,

possibl~ entry mode, strategy and business plan for the

bank into retail banking.
Designing a growth and capital management strategy for
one of the largest p~ixate sector bank in India. Identify Team Member fOOS India
new business opportunities (like remittances, rural- ,
,
agriculture banking and wealth management) and
inorganic growth options for the bank to enable it to
reach its target of becoming a world class player. I
A white paper on "Indian Banking 20 10" published in ' .~
Team Member ~005·· India
external press and well received by regulators and
industry experts
Helping one of the largest public sector bank with a
Team Member f004 India
growth strategy and a complete business process
reengineering exercise to meet the growing comj>etition
Formulate an entry and growth strategy for a new
Team Member 2003 India
entrant in the private life insurance space in India
Perform a due diligence/valuation exercise on one of the
Team Member 2003 India
largest public sector aluminum manufacturer for global
aluminum giant. I
Design a restructuring plan and turnaround strategy fora
large development financial institution in India,
Team Member 2002 I
1
India

II, EDUCA nON • MBA, Management Development Institute (MDI), Gurgaon,

India, 1998-2000

• Chartered Financial Analyst(CFA), ICFAI University,

Hyderabad, India. 2004 ,
J

• BiCom (Hons), Shrira.!n College of Commerce

(SRCC),Delhi University. l.Jclhi. India. 1994-1997

13. EMPLOYMENT RECORD

Proposal for Bidding Process for Appointment of Fund Managers 24

 ICRA Management Consulting
Services (IM!lCS)
POSITION HELD AND
FROM Jan 2006 till date I
Manager- Banking & Finance. lMdCS
DESCRIPTION OF DUTIES
• ~al1 of the banking team that I~'orks on a range of assignments
II~~ developing. credit risk m~nagemcllt systems. conduct due'
diligence exercises. formlll"t~ entry and growth strategies for
banks and financial institutions.

McKinsey & Co India FROM May 2000 to Jan 2006

Senior Research Analyst- Financi~l Institutions Group

'Part of the client engagement teams working for top banks, financial
institutions and insurance companies in India on issues ranging
from growth strategy, entry 'strategy, segment strategy, capital
'.';>- .v " .110,
management, valuation to resiructuring .
Publish external and internal research reports on latest issues and
future trends for the banking sector. Part of a team that has
authored the report titled "India Banking 20 \0". It analyzes the
current slate of Indian Banking industry and develops the
probable scenarios in 2.0 ! O. :
) Conduct business and financsal analvsis of banks based • on
... 1"' ~
macroeconomic factors, Industry trends and company specific

"
~.
issues. .
Associated with the Corporate finance Practice and applied various
. Capital Market Diagnostics tools for industry/company analysis.

~ 14 LANGUAGE & DEGREE OF Language Speak Read Write

PROFICIENCY English Excellent Excellent Excellent
~ Hindi Excellent Excellent Good

~
.......-,
."'\W

C:
L:-
~

L:
I. -:..
11-'·•...
L: Proposal for Bidding Process for Appointment of Fund Managers 25

L:
F
 I
i

J
"I
. 7.. Ranjeet Kumar Mislira ,

- I. PROPOSED POSITION' Team Member

FORTHIS. PROJECT

1. NAME OF FIRM _IC.RA·Management Consulting Services. Limited

(A wholly owned subsidiary of ICRA Limited)
-]
3. NAME OF STAFF Ranjeet Kumar Mishra . !
4. PROFESSIONIP~SENT Analyst
DESIGNATION

S. DATE OF BIRTH.
~.~.r. ). '#.
01-03-1980

6. YEARS WITH THE 2007

FIRMIENTITY

7. NA TIONALlTY Indian

8. MEMBERSHIP IN ICAI,ICWAI
PROFESSIONAL SOCIETIES

9. DETAILED TASKS ASSIGNEO

Assignment Name Responsibility Dates Location

Oriental Bank of Commerce Credit Risk August 2007 New Delhi
,

Solution and Policy to till date

related consulting- I
World Bank Retail Banking October 2007 New pe lhi/Benglore
Co~n~cticut Online Computer Cel~ter and
.. ..- Deliverables - March 2007- New Delhi
I
.
Open Solution Inc. . Functional August 2007
, Specification
, ,
,
Document (FRO) • ,
,
,
Preparation of
Master Test Plan
,_TestCase I

Basel 11 AIRB Approach: Lloyds TSB UK Implementation of November Lonqon

AIRB Approach 2006- Feb
Basel II for Credit 2007
i
Risk in Lloyds TSB ,

Bank , :j

Citibank India Basel II August 2006- Mumbai

,
Srandardized October 2007

Proposal for Bidding Process for Appointment of Fund Managers 26 •i

 Administration
Exposure Exposure 2004-
r Management May 2005

}O KEY QUALIFICATIONS Chartered Accountant and Cost & Works Accountant

II.EDUCA TION:

Year Degree Area of Specialisation . University / Institution

2004 CA .'. '~ ..•. '#
Finance Accounts, Financial . ICAI, New Delhi
Management, Auditing,
Corporate and other commercial
law, Taxation.:
2004 ICWAI Costing, Accounting; Financial . ICWAI, New Delhi
Management etc
2000 B. Com (H) Accounts, Audit, Company Law Patna University, Patna
costing etc
~
12. EMPLOYMENT RECORD:

Organisation Title of Positions Location of Assignments

ICRA Management Risk Management Analyst. New Delhi
Consulting Services Consulting
Ltd.
R-System International
Ltd.
Banking and
Financial services
. Business Analyst ·New Delhi
..
related software I

development \.
Polaris Software Credit Risk Business Analyst Mumbai
Management
Induslnd Bank Ltd. Credit Analyst - Asst. Manager New Delhi
Corporate Banking
Elite Stock Exposure Risk Executive - New DelJli I

Management Ltd. Management Derivatives

Proposal for Bidding Process for Appointment of Fund Managers 27

 r-
CRISIL's Financial Bid to EPFO . CONFIDENTIAL
'-

••

CRISIL LIMITED

Request for Proposal for Appointment Q~ .:

Consultant to assist EPFO in selection of '.
Fund Managers.

Part B - Financial Bid .

Submitted to

Employees Provident Fund Organisation .

Jan 2, 2008
'.
IPC, r-~ CRISIL's Financial Bid to EPFO CONFIDENTIAL
'-

,..--
Consultanc Fees for the activities described in detall in the Te hnical Bid

S.No Activity
I Preparation of Expression of Interest (EOI)I
Request for Proposal (RFP)

2 Evaluating the Technical and Financial Bids

. "..;. i

Assist EPFO in monitoring the performance of the

chosen fund manager for one year and in
establishing an in-house Investment Monitoring
Cell

'.
1. The above fees is excluding service tax. CRISIL will char e Service tax over and
above the fees indicated above as per the prevailing rates prescribed by Central
Government The current rate of service tax is 12.36%
2. The fees is inclusive of all expenses including local convey ce
3. Out of station traveling expenses should be paid to CruSI on actuals. Boarding
and lodging expenses shall be as per rules applicable in e parent organization I
actuals whichever is less F 19 ~ . L--r: "J...
-s.r L
[) -r
 File No. __ -+ _

,~*j'~~;f.~M.j"iI1·;_1.!
'-

I have gone throu.gh the I:tter of the Ministry and the not s at pre-page.

ere below:
.
investment of monies otEPFO is governed by para 52(1) wh h is extracted

.-All morues belonging to the Fund shall be deposited in th Reserve Bank

or the (State Bank of,.!ndia) or in such other Scheduled Sa ks as may be
approved by the Central Government from time to time or II be invested,
.: subject to such directions as the Central Government may fl'1 m time to time
give, in the securities mentioned or referred to in claus (a) to (d) of
section 20 of the Indian Trusts Act, 1882 (11 of 1882), pro 'ded that such
. securities are payable both in respect of capital and in resoeer of interest in
India.
All e~nses incurred in respect of, and 'loss. if any. a . ing from, any
investment shall be charged to the Fund."

Mere reading makes it clear that the monies -can be deploy either by way
. f deposit or by investment. If it is to be deposited, it shall be eposited in the
eserve Bank of India or in State Bank of India or in such other S eduled Banks
s may be approved by the Central Government. The monies ar to be invested
ubject to- such directions of the Central Government that are giv n from time to
me.
In other words, the word "or" contained in the phrase "all m nies belonging
the Fund shall be deposited in the Reserve Bank of India or Sta e Bank of India
r such other Sc::heduled Banks as may be approved by the Cen al Government
om time to time' or(emphasize supplied) shall 'be invested " has to be

.
As the monies of EPF will be "invested" in accordance with the policy
uideJines given by the Central Government from time to time, the role of the AMC
ould be to act as an agent for making such investments. Theref re, it is felt that
ortfolio management by, AMC can be made so as Ion as they chanalize such
i vestments and investments are made in the name of Central Bard of Trustees,

ISWANATHAN)
CPFC
08.01.2008

•
 .~, J1(N\:) '" (I!-) 2--('0
r"
URGENT
"" ~'
'-
S-65025./2/07 /SS- II
\'
Government of India
MinisUJ: of Labour- & Emplo
"''1
-.;

Shr Shakti Bhawan, Rafi Marg,

New Delhi, 110001, dated the -t~December, 2007.

To

Employees.Provident Fund Organisation,

(Kind attn.Shri Abhay Kumar Singh, FA & CA )
14, Bhikaiji CamaPlace,
Bhavishya Nidhi Bhawan, '
New Delhi.

Subject:- Appointment of MUltiple Fund Managers-regar ing. ~ ') \ t <A-I

/~,.\ {.-

Sir,

The undersigned is directed /to ref to your letter

no.Invest.1I1(108)/AFMl2oo6/675 dated 6-7-2007 0 the above mentioned
subject and to state that the matter was discussed in th Ministry in consultation
with Legal Adviser(L&E) who, inter alia, has opined as ollows:-

••There appears to be no legal objection if the fund amo t, subject to approval of

the Central Government and other provisions of the Act and scheme, is deposited
in any other scheduled. banks as well and invested in th securities mentioned or

,"

~
I \\\ lP K referred to in clause (a) to (d) of Section 20 of Indian rusts Act, 1882. But no
direction can be given de hors the provisions/procedure f the Act and Para 52-54
of the EPF Scheme 1952. Accordingly with the previo s approval of the Central
Government funds may be deposited in any other sched led bank as well but such
interpretation cannot be stretched to include Asset M agement Companies and
the funds cannot be invested/diverted to any other ecurity other than those
mentioned above.
-
An opinion of a private advocate has been procure to support/strengthen the
case of CPFC. She is not an appointed Legal Adviser d hence her legal advice
is not an expert legal advice of authorized person but he fees might have been
paid to her causing burden on the fund/public exchequ r. The CPFC could have
discussed the matter in CBT and referred the. issue to he Ministry of Labour &
Employment for direction and thus saved the burden on ublic exchequer."

You are, therefore, requested to take necessary ac

Yours faithfully,

~~\Xh'/
(S.D. Xavier)
Under ecretary to Govt. of India

J S-I
~~VlKA TRIVEDI Office: I.,)~
~~ , Advocate A-194. Lower Ground Floor,
Defence Colony,
New Delhi - I 10 003
Tel. : +91 I I 41823426 .
Mo~ : +91 98100 96538
E-mail: malvikatrivedi@hotmail.com

May 16,2007

LEGAL OPINION

uerist:

Subject: Appointment of Multiple Fund Manage

The present matter has been referred to me by th querist for my

legal opinion on 16-5-2007.

The facts before me are as follows:

1. As per the decision taken by the Finance and Investment

Committee on the subject mentioned herein and as per the

.subsequent discussions, the querist is requir d to initiate the

proc~ss of appointing Multiple Fund Manag ~s.

2.' The 83rd meeting of the Finance and Invest ent Committee

. was held on 6-3-2006 and it was decided that SBI should

continue as Portfolio Manager during 2006-07 while

reserving the right to introduce competition idway.

3. Simultaneously, the Committee directed e Central

Provident Fund Commissioner to engage individual

. .

consultant for assisting. in actions to be un ertaken for

I

adopting MultiPle. Fund Managers including raWing the

eligiblity criteria ~or··seeking fresh applicatio" tendering

'.• ~. I
processes and final selection, performance me~urement of
. I
I

various managers. I
I

!
I

4. Para 52 of the Employees Provid~nt Fund SChrme states as

i
follows: I
I

I
"52.

Pr~vident Fund: (1) All moneys belonging the

I
I
I

F~nd shall be deposited in the Reserve Bank or the

•.. I
. . I
State Bank of India or. in such other Scheduled
. . I
. I
Bank as . may be approved byl the Central
I

.Governmentfrom time to time or sifll be invested,

....ubject to such directions as I the Central

Government may from time to tiie give, in the

153
 (

.r
, .
r:
securities mentioned or referred to in clause (a) to

(d) of section 20 of the Indian Trusts Act, 1882 (2 (

of 1882);

Provided that such securities are able both in

respect of capital and in respect interest in

India.

.(

(2)All expenses incurred in respect 0, and loss, if

any, arising from any

charged to the Fund"

5. In view of this, the question is whether investm nt of monies

of the Fund can be construed to be separate fro the deposit

of monies with certain class of banks.

The queries are as follows:

 (i) Whether de sit and investment c te

activit): or can be treated as one.

(ii) Whether investment can be made b e bank other

than the RBIISBI or other scheduled

-1- ..
In the light of the above, I would like to draw the querist's

attention to the Notification dated 19-6-1998:

NOTIFICATION

Investment attern to be followed b

[para 52}

Notification No. S.O. 1398 ~ In exercise

of the wers conferred b

-
of the Em 10 ees' Provident Funds

su ersession of the notification of the Gove

the Minis

the Central

accretions belon in to the fund shall

with the following pattern, namely :- .

, 1
.• ~
-c

(, ,(
(

vf'\ . r:

t
(
~
"

Investment pattern Percentage of

amount to be
invested - (

(i) Central Government securities as defmed in Twenty-five : per.

Section 2 of the Public Debt Act, 1944. cent.

(ii) (a) Government Securities as defined in

section 2 of the Public Debt Act, 1994
(18 of 1994), created and issued by any
State Government; and/or
Fif een per cent
(b) Any other negotiable securities the
Principal whereof and interest
whereon is fully and unconditionally
guaranteed by the Central
Government or any State Government
except those covered under (iii)(a)
-
"below:
(iii) (a) Bonds/securities of"puhlic fmancial
Institutions" as specified under section F brty per cent
4(a) of the Companies Act, "public

}56
 \":))>.

'. sector companies" as defmed in !

.section 2(36-A) of the Income Tax

Act, 1961, including public sector
banks and the Infrastructure
Development Finance Company
Limited (IDFC), and/or

~,- .
(b) G:rtificate of deposits issued by F0ri-~ vo-~ '.
:
Public sector banks. ,

(iv). To be invested in any of-the above

three categories as decided by the
Trustees.

(v) The Board of Trustees, subject to

their assessment of the risk-return
prospects, may invest up to 10 per
cent out of (iv) above. in private :

sector bonds/securities which have

-
an, investment grade rating from at
,

least two credit rating agencies.

:

,
 J !

L,r"',"y' 'II
,
.
,
.
r:
I

II

. .
I
I t:
~ !
2.
I
I r
Any monies received on the maturi!)1 of earlier ---
I

" i
investments reduced by obligatory outgoirgS, shall be

invested ..in accordance with the investrent pattern

"(

prescribed in this notification.

" (

,
(
3. Interest received on the Special Deposit Scheme shall be
I
I

I
r
invested in the Special Deposit Scheme itself. Similarly.
i

interest received under other categories shall be

• I

(
reinvested in the same category.

4. The investment pattern as envisaged in i the preceding

paragraphs may be achieved by the end: of a financial I • •

I

year and is effective from 1st April, 1998. "

6. I have also gone through Section 20 of the Irdian Trust Act

1882 on Investment of Trust Money. Section 20 states as I

follows:

I
I
I

"20. Investment of trust money - Where th~ trust property

consists of money, and cannot be applied immediately or-at an

I
I
 /

early date to the purposes of the trust. the trfstee is bound

..' ,- (s~ject "toany directioncontained in the ins+nt of trust) to

invest money on thefollowing securities and on ~o others:

.(a) in promissory notes. debentures, stock

i
I

or other securities of any State i

Government. or of the Central

Government or of the United Kingdom

I

of Great.Britain and Ireland:

Provided that securities, both the principal whereof

and the interest shall have been fully and

I
,

unconditionally guaranteed by any such Government,

I

shall be deemed, for the purposes dl this clause, to

securities of such Government;

(b) in bonds, debemures and annuities

I
I
I

charged or secured Dr the Parliament

I
I

of the United Kingdom before the is"

day of August, 1957, on the revenues
 (

r:
,
n-:'
\':fv r>

r
r:
I
I

of India or of the Governor-General in r

"
Council or of any Provinc~: .

Provided that. after thefifth day of Februsry, 1916. no

. I

money shall be invested in any such annuity being a

I

terminable annuity unless a sinking fu¢ has been

I
established in connection with such iannuity. but
'. I
nothing in this proviso shall apply to invfstment made
I

before the date of aforesaid;

(bb) In India three-and-a-half per cent stock; India three

I
• I
I

per cent stock, India two-and-a half pe~ cent stock or

I

any other capital stock which before tfe 15th day of

• I
,

. August, 1947, was issued by the SecretQfY of State for

. I

v , India in Council under the authority I of an Act of

I

.Parliament of the United Kingdom and tharged on the

I
,

revenues of India; or which was 'ssued by the

I
Secretary of State on behalf of the Gotemor-General

in Council under the provisions of Pkrt XIII of the

. . I
. I

Government of India Act, 1935; I

160
 · "
(c) in Stock or debentures of, or shares in.

Railway or other Com

whereon shall have been

ranteed by the
Secretary of Statefor Indi1 in Council;or by

the Centrql Government; + in debentures of

the Bombay Provincial oOperative Bank

Limited, the interest whe eon shall have

been guaranteed by the cretary of State

I

for India in Council i or the State

Governmentof Bombay;

II

(d) in debentures or other securities for

money issued, und;r fe authority of

any Central Act or prri/1Cial Act or

State Act by or on behalf of any

municipal body, port (I"W"t or city

improvement trust in r Presidency

town, or in Rangoon to n, or by or on

161
 (

I
behalf of the trustees of the port of
l,

Karachi:'
I

.- /

Provided that after the sr of March, i1948, no money (

- .' I

shall be invested ;~. any securities fsued by or on

. I
I

.behalf 'of' a. municipal body, POrlr trust or City'

I
I (
. Improvement Trust in Rangoon towr or by or on

behalf of the trustees of the port of Katachi;

(e) on a first mortgag1 of immovable

property situate in fny I

part of the
. i
. territo~ies to which thfs Act extends.

Provided that the'property. is not a I lease-hold for a

. I
I

. . I

term of years, .and .'that the. value I of the property

I
exceeds by one. third, or if consisfing of buildings
. I
exceeds by one-half the mortgage mo*ey;·
. !
,.
(ee) in units issued by the Unit Trust of dia under any

unit scheme made under Section Zl of e Unit Trustoj

India Act, }963; or

(f) on any other sectity expressly

authorized by the ins,ment oj trust,

or by the Central Jovernment by

notification in the Offi ial Gazette, or

by any rule which the igh Court may,

from time to time, prescribe in this

I

behalf: .;

Provided that. where there is a persot competent to

contract andi entitled in possession (0 receive the

-, . I

. income of the trust property Jor his life, or Jor any

I

greater estate, no Investment on any security

• I
I
•

mentioned or referred to in Clauses ~), (e) and (f)

I

shall be made without his consent in W'lng. "

• A ••••••
 \~ .r

CONCLUSION

7. A perusal of the above Sections and Notific~~tn shows that

deposit and investment are two separate activities, However, • !

I
. ,

investment can be made by the Dank other than RBJ/SBI or I ..

-
,?ther scheduled bank provided the mvestn.Ie1l:fpattern
.
. .

..
IS
.
as

per the Notification dated 19-6-1998 and Section 20 of the

, .
I
,

Indian Trust Act, 1882. Therefore, in my opinion the querist

can appoint an Asset Management Company as Portfolio

Manager while keeping the deposit/account with a scheduled

bank.

& Kindly revert back to me in case of any other query.

I

~~,.

( MAL VIKA TRIVEDI)

 .
.• r:
•
•

DRAFT MINUTEs OF 88th'MEmNG 'OF THE FINANCE A~D I,.VESTMENT

.(PaI) COMMIrrEE, CENTRAL. BOARD OF TRusTE~, EMPLOYEES
PROVIDENT FUND,' HELD IN THE CONFERENCE ROOM, ~rd FLOOR, EPFO,
HEAD OFFICE, NEW DELH~ AT 2.'30 P.M. ON 11.04.2007 !

. . I

~ . The aatt'
meeting of the FinanCe and Investment Commi~, Central Board of
Trustees, EmployeeS' Providei1t.Fu~ was held on 11~ April, 2~r_in th,e Conference
Room, 3rd fioo:r, .EPFO Head ,Office, New DelhI, at,2.30 P.M'I1he meeting was
- chaired by Shrl Shambhu Singh, Joint Secretary a financial ~sor, Ministry of
labour and Emptoyment; Government of India. '

(a) The following were preSent 'In the meeting:

1. Shrl W.R. VaradiJ Rajan. . Member, (Employees' R~tative)

I

2. Shrl A. Venkataram Member, (Employees' Re~ntatiVe)

. ,

3. Shri Ram Tameja .' Member,

. •
(Employers' Repre$ntative)
I
I

4. Shri J P Chowdhury Member, (Employers' Representative)

I

5. Shri M P Mehrotra Member, (Employers' ReJ>re¥ntative)

!

6. Shri Abhay Kumar Singh FA&CAO, Convener i

(b) Special Invitee(s)

Shri A. Viswanathan, CPFC .

Shri B. Satyanarayan, Chief Manager (PM5 & CS), 58I
..
(c) The following was/were also present hi the meeting:

Shri V P Ramaiah, RPFC(F&A), EPFO (HQ)

Shri 5 C Goyal, RPFC (Investment), EPFO (HQ)
Shri B K Mishra, APFC (Investment), EPFO (HQ)
Shri N K Singh, APFC (Banking/Budget), EPFO (HQ)

Joint Secretary (55) and Shri G Sanjeeva Reddy could. not atten~ the meeting.

At the outset, The FA It CAO welcomed everybody on behalf ofjEPFO.

Item No.1 Confirmation of. the Minutes of, 87tif Meeting of the
Finance and Investment Committee h~kI on 02.03.2007
at New Delhi. I

1
 ,"

I._ r.-. ~ As per the suggestion of the Chairman, the c;c,'mmi finaUydecided to ~ .
i: " appoint an external technical expert in fiJiandaI a lysis to investigate
. Investments made by SBI in TO" during the lina' .year 2006-07 to
find out whether the Fund Manager had judicioUsly i vested in short-term
or long-term instruments. ..
• I

Item 4 -. Approach ·PaPer on Appoinbnent of Multi Fund Manager

and Establishment of Investment Monitoring Cell I
. I .
I

Shri l P Chowdhury observed that there shou~.~ be. transparency and

accounta~lity in the operatIoOs of 58!. It ~s vital to in . Competition and do
away with the monopoly of SBI in managing EPFO'funds~ also remarked that 581
was not -exercising the modem methods of investlnentma~ement. For the sake of.
milliorls of SUbsoibers, it was imperative to
have optimum yJeId on EPFO funds with
minimum idling. While appreciating the efforts undertaken ~ the Finance Wing of
EPfO for analysing performance Qf SBI, he' ~. that iimmediate .steps should
be taken up for appointment of other fund managers •.'. '
,

The CPFC informed the members that he had eartiei' taken! up the matter with Shri
Janaki Vallabham, but he was not keen to take up the jotj). _It was better if some
collective decision. is taken -on the subject, rather than 1eavi"1' it· to him _aJone.
I

. Shri J P Chowdhury suggested that somebody Of impeccable reputation should be

appointed to guide EPFO in these matters. He suggestedj -the name of Shri M S
Ver~. Shri Tameja and Shri Mehrot;ra supported his vtews. !

FA • CAO explained to the Committee that _this niatter

w$ pending since last two
years. This is why a simple proposal has been put u~ before the Finance &
Investment Committee through this ageilda item. Para 152.of the' EPF' SCheme
provides the mandate regarding who should' be recruited ii~' managing EPFO funds.
It clearly says that EPF monies could be invested through , SBI. or a Scheduled
Bank. subject to the approval of Central Government n the other hand,. GFR
ProvisIons tell us about how the prospective fund ~ have to be short-bsted.
He also informed that for expediting the, process, the terms of reference for a
workable Portfolio Management Service are there in the agefKIa item for discussion.
,
, I

Shri J.P. Chowdhury further suggested that an advertisement ~Id be Issued in

Newspapers for short-listing appropriate Portfolio Fund Man~gers •.
,
,

The CPFC suggested that we might have four to five fi!Jndmanagers managing
equal size of funds. He further remarked that the word tdeposit' as appearing in
Para -52 may not be same as 'investment'. He, also ~id that choosing Fund
Managers from among the Schedules Banks only would pre-empt other eligible AMCs
or fund managers like UC.' ,!,
FA • CAO clarified that the heading' of the paragraph· deals with .investment of EPF
monies. He also informed that legal' opinion is beings04ght ;from the Ministry of
law for interpretation of Para-52 whether AMCs could alSO!be, handed over the task
of managing EPFO funds. ,
I 2-- 5

f6{
 r: \

the chairman was of the opinion that there seemed to be ambiguity in this
regard' as rules provide only for banks and not AMCs, which are not scheduled.
~. .
·\~o
Shri .Varada Rajan said that we have two Issues to discuss - regarding the
eStablishment of irwestment monitoring cell and regarding the rrif'lQri;:a"' for selecting'
Multi Fund Managers. He suggested that a consultant should be to guide EPFO
as suggested by Shri ~wdhury and Shrl Tameja. .

The' Committee resolved to request Shrl M.5. v~ .Shrl Porwal to .

suggest a comprehensive road map for laying 'founda~n of,
lnvesb1lent monitoring cell at' EPFO and to appoint multi fund managers
- ' and 'also to draw terms of reference in this regard. The yment of fee bas
to be decided mutually 1Ind to be paid out of Ad~nistra nAccount. '

I_m No.5 Gist of Audit Report on Investment io of EmplOyees'

- Provident Fund Or9:snisation managed by the State Ba "of India for, the
period 01-04-2004 to 31-3-2005. '

Shri VaracJa ~jan invited the attention of the Committee Page 227 of the .'
agenda book regarding audit observation; , Quotations have been obtained in
writing from all the brok~.'

Shri Satyanarayan replied that once a deal is done, an offer

is obtained and is put up along with an investment note.

Shri Varada Rajan wanted to know whether 58I was aving a system of
authenticating the telephone calls from Brokers. Shri Satya aravan replied that
earlier they' were having this faciUty,.but at present they are t having thesvstern
of authentiCation. SOon they would be moving'to a new Ioca" ~where they would
be having this facHity. .

The Chairman then thanked Shri Satyanarayan and the i

w '

Item No-6: .Special Resenle Fund -Present status for •.•••a:a

The Committee considered the item. The members expressed s on the non-
avaiiabiUty of funds in Special Reserve Fund for futore allotmen to the employees of
the defaulting un-e>eemptedestablishments. .

Sh.].P. ChowdhurY raised the Issue of extending the bene

employees of the exempted trusts also.

In response to that the CPFC replied that the ~al opinion the same has been
obtained in' past wherein the legal advjsor has informed tha as per existing legal
provisions, no benefits can be extended to the employees the ,exempted trust
from the SRF.The exempted trusts are independently managi their finanCialaffair"

, 6
.,
r

Item NO.6: Recommendation of rate of Interest to be credited to EPF

members' accounts for the year 2007-08.

1. As per the provisions contained in Paragraph 60(1) of Employees' Provident

Funds Scheme 1952, EPF organization is required to credit interest on the balance
available in the accounts of the EPF members at such rate as may be determined by
the Central Government in consultation with the Central Board:ofTrustees. Para 60(1)
of the EPF Scheme needs to be read with Para 60(4) according to which • in
determining the rate of interest, the Central Govemment shall $atisfy itself that there is
no overdrawalon the Interest Suspense Account as a resu/~ of debit thereto of the
! '
interest credited to the accounts of members".

2. Prior to 01.04.1993, interest was credited on the openi,ng balance of the year.
From 01.04.1993, the Scheme provides that interest is to be credited on monthly
running balance.

3. The amount belonging to the Fund is invested according to the pattern of

investment prescribed by the Central Government (Ministry of Labour and Employment)
from time to time under Para 52 of EPF Scheme, 1952.

4. To recommend the rate of interest for the year 2007-08 to the Government, the
position of estimated amount to the credits of the members as: on 01.04.2007 and the
estimated yields from the Investment holdings are taken into conslderatlon. The
investment holdings as on 31-12-2006 have been taken as the basis for making
projections. To project the interest during the financial year 2007-08, the holdings as at
the beginning of the year are required. To arrive at this figure, the estimated increase in
the corpus during the period from 1.1.2007 to 31.3.2007 has been added to the actual
holdings as on 31-12-2006. EPFO follows single entry system of accounting and in
case of Un-claimed Deposit Accounts of EPF members; interest liabilities are computed
at the time of settlement of claims only. No provision for interest is made on accrual
basis in the books of accounts. Accordingly the surplus of income over liabitities is
overstated to that extent.

5. For recommending the rate of interest to be credited to the members' PF

accounts, the total of liabitities on account of balances avalilable in the members'
accounts and total of assets on account of investment holdings of the CBT, EPF are
taken into consideration. Payment of interest to the members is expenditure for the
trust, which is to be met out of its earnings. Thus, the rate of interest should
commensurate with the total estimated earnings of the Ttust. The major factor
 !
I

influencing the earnings is the interest on the investment hOld~r,lgsof the Trust.
I

I
6. . The investment holding (Face Value) of CST, EPF ~s on 31.12.2006 in the
provident fund account was as under: ! •

..~..,
(AI' figures In Crores of
! Rupees)
HokI'ro.on °Al Holding
31.1 .2006
I

1 Central Govt. Securities (CTG)

14.7t78.24
15.27
2(a) State Development Loans (SOL) .
10.7~1.13
I 11.11
(b) . I
I

Govt. Guaranteed Securities (STG) 1,~.50

I •
I
I 1.58
3 S~al Deposit Scheme (SOS)
-. 52.430·93 53.97
!

4 I
I
Public Sector Undertakings/Financial
17.481.80
Institutions (PSUs I PSFls) I

I
18.06
Total 96.[774.60 100

7. The yield of the EPF Corpus depends on the market yield of the debt
I

instruments like Government Securities and bonds of f>ublic Sector Financial

I

InstitutionslPublic Sector Undertakings. With lot of pressure pn the interest rates. the
yield had been falling steadily through the last year. Howev~r, during recent months
I

there has been northward movement in the interest rates, e~CiallY in the TORs of the
FinanciallnstitutionslPublic Sector Banks. In view of this, the re-investment rates have
I

been assumed at a scale higher than that taken in previou~ years for estimating the
I
I

next year's interest income .

~- .-
8. Projected interest Income from Provident Fund Investments for the year
on the securities available
• !

2007-2008 on the basis of interest adually due" in the year I

as per the certificate of holding of the CST. EPF as on 31.0~.2006 and the estimated
I

interest accruals on the expected future investments qf fresh accretions and

I

reinvestments of the interest and maturity proceeds, will be as under: -.

 CTG s1G $DL PSU Grand Total
INTEREST ON SEOJRITIES
A MAlURING AFTER 1373.11 120.73 827.88 694.85 3,016.58
31-03-2008 at COUPON RATE
~NTEREST ON SECURITIES
B !ADD: MAlURING ON OR BEFORE 31-03-
2008 AT COUPON RATE UPTO THE 5.78 0.26 14.24 302.66 322.94
DATE OF MAlURIlY
~NTEREST ON SECURITIES
C !ADD: MAlURING ON OR BEFORE 31-03-
12.24 0.28 11.69 125.32 155.54
2008 AT RE-INVESTMENT RATE
!AFTER THE DATE OF MAlURIlY
~NTEREST ON REMAINING BAlANCE
0 FOR RJLL YEAR AT REINVESTMENT 196.78 61.29 61.29 SS6.SO 858.32
RATE
INTEREST ON FRESH ACCRETIONS
~F Rs. S246.43 Crores AT
E ADD: iREIN~ RATE AS PER
41.19 . 14.70 14.70 133.46 210.04
BUDGET ESTIMATES
[CX>NTRIBUTION - WITHDRAWALS
I.e. FOR 2001-08]
INTEREST ON REINVESTMNET OF
F ADD: INTEREST (A+B+C+D) AT 28.48 8.81 8.87 80.54 126.76
REINVESTMENT RATE
INTEREST ON REINVESTMNET OF
G ~D: ~NTERfST ON FRESH ACCRETIONS 0.52 0.16 0.16 1.46 2.29
(E) AT REINVESTMENT RATE

/Ih I O<Q I RECEIVABlE ON

H 1664.11 206.29 944.83 1894.79 4692.46
SEOJRITIES

INCOME COlLECTION CHARGES@

I !LESS: 10.05% ON THE INCOME EARNED ON 1.05
NON-SGl SECURITIES (STG + PSU)

NET INTEREST RECEIVABLE ON

4,691.41
SECURITIES

INTEREST RECEIVEABLE ON
4,178.47
DEPOSITS IN.?DS @ 8.00% p.a.
DAMAGES (BASED ON AVERAGE
I ADD: ~l COLLECTION DURING 100.00
PREVIOUS FOUR YEARS)
LESS INTEREST ON SRF 4.68

iCOST OF AMORTIZATION 140.00

NET INTEREST RECEIVEABLE 8,825.21

Reinvestment rates: CTG 7.85% I STG 8.15% I SDL 8.15% I PSU

9.25%

ITo
'.
.,
"~/
",/r-- I.

.:/. The above issue Is placed before the Finance and Investment
Committee for discussion accordingly. The vi,ws of the Finance and
I
11 . Investment Committee will be placed before the ensuing meeting of the
I
;

CST.

\r;r I
 Fax: 22365 14 Jan '08 03:17 POl
,1
t _

SArLIBOI & PUROHI~

.-=------......----.. CHARTERED ACCOUNTANTS -:- "'---;.... __

Ref. No. 671 IB&P/2007 ·08 19lt\January, 2008

Mr-S.C.Goyal,
Reg.P.F.Commi$$ioner (Iov),
Employees' -provident Fund Organisation, .- ~:
;

BhavishyaNidhi BturNan, f
14,BhikaijiC~ma PlaCe. ",

Now Ptlhi 11006!.

Dear Sjr.

Sub: Comments- go $h' Audit Repgrtsubmltted for the .Invp!tment Portfolio 9f

caT. EPF - " •• sed bv ;tal tor the financia1 war 2005..()8~
i.
_...

We refer to your Jetter nn In\iest.lJ1(112)1M12007~0789 Ui:lted ~ne lbth January. 08

. \

inconnectio", with the above.

AssizabJe information is s~U required to be incorporated in our report, we may not be

able to submit the required .information I report within the time given by you, hence
we request you topleaae grant us at least 15 days further time to consolidate the ' ,

information and submit our report.

We regret the _delay in furnishing the required information within the time period given

by you.
.
;,' .
;' .

,: I
Yours faithfully. ':.
:'-i
For BATLIBOI & PUROHIT,
etlan.red ountant8

,':'
;
k

Nationallnsul'ance Building, 204, Oadabhoy Naoroji Road. Fort MumbRi - 400 001,. . _ .
qlepnone : 2207 7941/42,. Fax: 91-22·2207 4260· E-mail; info@batliboipurohit.com-WebSile :YN.NIJ.balbbOlf)l..llOhlt.com '-;J..-.:l