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August 2, 2001
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Money > Business Headlines > Report August 2, 2001 |
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Damodaran keen to make UTI a model financial institutionThe Unit Trust of India chairman M Damodaran has said that he would convert the mutual fund behemoth into a model financial institution by 'unleashing the energy and innovative skill' of the existing workforce. Addressing the first Speakers' Forum Lecture organised by the Press Club in Bombay on Wednesday, Damodaran said that he had initiated measures to motivate the employees by giving rewards and compensations for their contribution to the decision-making process of the company. He further said that he would bring all UTI schemes under the stipulated guidelines of the Securities and Exchange Board of India by the end of the calendar year while retaining its public sector status. He urged the investors to keep faith in the ability of the 37-year-old institution which was unique in its character as an institution enacted by an act of Parliament. Perturbed by the insensitive criticism against UTI in the media, Damodaran said that there should not be any comparison between the operations of UTI schemes and their compliance with the Sebi regulations because of UTI's large size and dominance in the mutual fund industry much before the Sebi's rules and regulations. Even without the statutory compliance with Sebi rules, majority of UTI schemes have outperformed the Sensex and also made voluntary compliance with Sebi rules. With increased investor comfort, Damodaran said, the net value asset of US-64 scheme would be higher than the official fixed price in future. UTI is a national institution and if such an institution falls prey to a section of destructive people, then the other institutions in the country too may have bad days ahead, he said. Public perception about the UTI should be changed through confidence-building measures, he said. "We will be more active in the capital market in the near future with the launch of more schemes for investors," he said. "We do not want to announce any premature retirement of any scheme, but we plan to make all the schemes favourites amongst the investors." "Rest assured, your interest is in my hands," he said. UNI ALSO READ:
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