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UTI chief rules out resignation

Ruling out his resignation in the face of price manipulation allegations, Unit Trust of India (UTI) chairman P S Subramanyam on Wednesday said the mutual fund has not suffered heavy losses on account of the sharp fall in prices of technology scrips.

Terming rumours about his resignation as "totally baseless", the UTI chief told reporters here that it was a figment of imagination to link the country's biggest mutual fund to the alleged price manipulations.

Asked whether UTI had followed big bull Ketan Parekh's path in amassing IT shares, he said "there is no question of 'K-10'. I believe in investing in good stocks."

Admitting that all the players have suffered losses in the recent market slide, he said that UTI was comparatively in a better position as it had reduced its equity exposure in technology stocks.

"Our equity exposure in technology stocks have gone down from 26 per cent earlier to 19 per cent now," he said.

Subramanyam also refused to be drawn into any controversy over the role of Securities Exchange Board of India (Sebi) saying it was for the regulator to respond to such queries.

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