The Employees Provident Fund (EPF) will enter the stock market soon and the fund has recently begun trading in the secondary government securities market, Central Bank Governor Dr. Indrajit Coomaraswamy told a forum yesterday.
He added monetary authority has established sufficient safeguards to improve transparency and accountability in trading guidelines and improved fund management functions. He was speaking at the oration to mark the 68th anniversary of the Central Bank.
The EPF withdrew from trading in the aftermath of investigations into the controversial bond trades in 2015 that sparked public outcry and the appointment of a Presidential Commission of Inquiry. But, the EPF has already returned to trading on the secondary market, the Governor said adding that they are working towards EPF coming back to the stock market fairly soon once all the preparatory work is completed. “New investment and trading guidelines have been developed; surveillance system has been put in place. The segregation among front, middle and back offices has been made more entrenched,” he added.
He assured there is a new auction system in place which works effectively.
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