EPFO Plans New Partner Agencies and Custodian Change After 15 Years

The Employees’ Provident Fund Organisation is preparing to appoint new partner agencies and replace its custodian as part of changes to its investment, audit and management framework, as per news reports. 

EPFO Moves to Appoint New Custodian and Agencies 

The EPFO is in the process of empanelling new partner agencies and appointing a fresh custodian after nearly 15 years. At present, Standard Chartered Bank acts as the custodian, responsible for holding and safeguarding the EPFO corpus of ₹31 trillion. The bank was appointed in November 1, 2011. 

The plan to appoint a new custodian has been under consideration for around 5 years. After revoking the selection of Citibank in 2023, the EPFO investment committee decided in 2024 not to run the custodian and portfolio manager appointment processes simultaneously. 

Recent Decisions on Portfolio Managers 

In October 1, 2024, the EPFO approved the appointment of HDFC Asset Management Company and Aditya Birla Sun Life AMC. It also reappointed existing portfolio managers, SBI Fund Management and UTI Asset Management Company. 

Following these approvals, the investment committee decided to issue a request for proposal to invite bids from eligible entities for the custodian role. 

Read More: EPFO Update 2026: Get Your PF Money in Just 8 Days with Online Claims! 

External Audit and Consultant Arrangements 

The EPFO is also finalising a request for proposal for appointing an external concurrent auditor, which reviews its investment activity. The tenure of Choksi & Choksi LLP as external concurrent auditor ended on January 31, 2025, and has been extended until December 31, 2025, unless a new auditor is appointed earlier. 

The draft request for proposal is to be vetted by an expert agency to ensure regulatory compliance and alignment with market practices. 

Portfolio Composition and AMC Tenure 

As on December 31, 2025, EPFO debt investments accounted for over 89.36% of its portfolio, while equity investments stood at 10.57%. Portfolio managers handle debt investments, while asset management companies manage equity investments. 

The tenure of existing asset management companies is set to end on July 2, 2026, and the EPFO has initiated the process to appoint new firms. Crisil continues as consultant, with its term extended in February 1, 2024, for 3 years. 

Conclusion 

The EPFO’s ongoing steps to appoint a new custodian, partner agencies and auditors reflect changes in its investment administration and oversight structure, covering custody, audit and portfolio management functions. 

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