Rediff Logo
Money
Line
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Women
Partner Channels: Auctions | Health | Home & Decor | IT Education | Jobs | Matrimonial | Travel
Line
Home > Money > Business Headlines > Report
December 15, 2001
Feedback  
  Money Matters

 -  'Investment
 -  Business Headlines
 -  Corporate Headlines
 -  Business Special
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      



  Call India
   Direct Service

 • Save upto 60% over
    AT&T, MCI
 • Rates 29.9¢/min
   Select Cities



   Prepaid Cards

 • Mumbai 24¢/min
 • Chennai 33¢/min
 • Other Cities




 India Abroad
Weekly Newspaper

  In-depth news

  Community Focus

  16 Page Magazine
For 4 free issues
Click here!

 
 Search the Internet
         Tips
 Sites: Finance, Investment
E-Mail this report to a friend
Print this page Best Printed on  HP Laserjets

49% UTI Bank stake in 3 AMCs suggested

P 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.

Powered by

YOU MAY ALSO WANT TO READ:
The UTI Crisis
The Rediff-Business Standard Special
The Budget 2001-2002 Special
Money
Business News

Tell us what you think of this report

ADVERTISEMENT