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Money > Business Headlines > Report December 15, 2001 |
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49% UTI Bank stake in 3 AMCs suggestedP Vaidyanathan Iyer The Tarapore committee has recommended that the UTI Bank should pick up 49 per cent equity in the proposed three asset management companies that will replace the current Unit Trust of India set-up. The report said this would be the first step towards greater private participation in managing UTI. The committee has said that the three AMCs-to manage US-64, growth fund and income plans separately-should be formalised by July, 2003. It has also recommended delinking of the Trust managing UTI from the three AMCs with each of them having a full-time chairman and chief executive officer. Since US-64 will move to net asset value by January 2002, the three-member committee has recommended setting up a broad asset management committee in the interim period till the three AMCs are constituted. This committee will be responsible for all investment decisions. It has also said that all inter-scheme transfer of funds should be compliant with the Securities and Exchange Board of India norms. The panel has also said that the board of trustees should have a full-time chairman and an executive trustee. On the provisions of the UTI Act, the committee has said that whenever it conflicts with the Sebi Act, the latter will prevail. This means that US-64 will be under Sebi's jurisdiction instead of the existing voluntary compliance. YOU MAY ALSO WANT TO READ:
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