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Money > Business Headlines > Report September 22, 2000 |
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UTI schemes to comply with SEBI guidelines voluntarilyThe Unit Trust of India has been working closely with SEBI in voluntarily complying with guidelines and maintaining consistently higher standards for disclosure and investor services. To increase disclosure in respect of UTI schemes, from June 1999, UTI had started disclosing 75 per cent portfolio of all schemes. Taking the transparency watchword further and to strengthen the investor confidence in the schemes, UTI will now be disclosing 100 per cent portfolios on a monthly basis, although SEBI regulations require half-yearly disclosure of accounts and portfolio. Ever since the US-64 fiasco in December 1998, the Unit Trust of India has been working towards coming under the purview of SEBI regulations. This was considered necessary as the UTI Act was framed in 1964 and the market realities had changed since. Following the fiasco, the Deepak Parekh committee suggested that the UTI had to come under the purview of the SEBI in a phased manner. The committee had suggested a three-year timeframe for this to happen. Salient features:
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