The finance and investment panel of the Employees Provident Fund Organisation (EPFO) has decided not to invest in the stockmarket and expose PF monies to market risk. This is a cool response to the finance ministry’s proposal that five per cent of EPF funds can be invested in equities which have a positive rating from two well-known credit rating agencies. The PF corpus is somewhere around Rs 1,35,000 crore and five per cent of this would have meant Rs 6,500 crore pumped into the stockmarket. But the majority view on the rather conservative panel was that playing the stockmarket was too much risk. All the trade union representatives, including the BJP’s Bharatiya Mazdoor Sangh, were opposed to it. It looks like the FM’s new mantra is yet to percolate down here.