The government permitted Employee State Insurance Corporation (ESIC) to invest up to 15% of its excess money through exchange-traded funds in equity on Sunday to increase the returns on those funds (ETFs). The choice was made during a meeting of ESIC at the corporation’s New Delhi headquarters, which was presided over by Bhupender Yadav, the Union Labor Minister.
According to a statement from the labor ministry, the choice to invest excess cash in equity was made because of the low returns on debt instruments and the need to diversify the corporation’s holdings. Exchange-traded funds will initially be the only type of investment allowed.
After two quarters have been completed, the original investment will gradually increase from 5% to 15%. The investment would only be made in ETFs, namely the Sensex and Nifty50. Fund managers from Asset Management Companies will be in charge of managing it (AMCs). The announcement claimed that in addition to the management of the ETF for equity, the existing custodian, concurrent external auditor, and consultant looking after the debt investments would all be monitoring the equity investment.
A new 100-bed ESIC hospital is being built in Shyamlibazar, Agartala, Tripura, and Idukki, according to the minister, who also emphasized the importance of improving the infrastructure at ESIC hospitals and dispensaries. Additionally, it was agreed that in addition to the Central Public Works Department, the capital works in ESIC would be carried out by Central / State PSUs (CPWD). The ESIC will soon invite a fresh empanelment of such a central or state PSU.
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