Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel
July 5, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel |
||
|
|
||
|
Home >
Money > Reuters > Report July 5, 2001 |
Feedback
|
|
|
Govt seeks ways to help US-64 investors
"We're looking at all options including the repurchase of US-64 units. We're keen to protect the interest of investors, especially small investors," he told reporters on the sidelines of a financial conference. "We're considering the whole issue. We would like to do it very quickly," he added. He, however, declined to comment on reports of a Rs 50-billion bailout package to protect interests of 20 million investors of its US-64 scheme. Asked whether the government was considering a bailout, he replied: "Bailout is not a word that I am using." "It is an epithet that media is using," Sinha told reporters, but made it clear that the 'government is not going to let down a single investor in the country's largest mutual fund'. Speaking on the sidelines of a seminar on VAT, he said that the government was considering all options including allowing repurchase and sale of UTI flagship scheme US-64 before the six months till when they had been banned. "We are not very comfortable with the ban on sale and repurchase for six months. This is certainly an issue we would look into," he said. "We are very much keen to protect the interest of investors, especially small investors. This is certainly an issue we would look into." Asked whether the government favoured early introduction of net asset value based daily assessment of US-64, Sinha said: "That is a desirable direction to look at." About 20 million investors own units in the monster fund. US-64, the largest in the Unit Trust of India's family of funds, announced earlier this week that it was suspending payouts to investors for six months following mushrooming withdrawals. YOU MAY ALSO WANT TO READ:
|
||||||
Union Finance Minister Yashwant Sinha said on Thursday the government was examining ways to help investors in the flagship fund of the Unit Trust of India group, US-64, following its decision to suspend redemptions.