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July 17, 2001
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Money > Business Headlines > Report July 17, 2001 |
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Industry welcomes UTI's decision on US-64BS Corporate Bureau Apex industry associations on Monday welcomed the decision of the Unit Trust of India to re-purchase up to 3,000 units of US-64 from all categories of unitholders from August 1, 2001. Confederation of Indian Industry president Sanjiv Goenka said in a statement issued in New Delhi on Monday that the step was especially important to restore the confidence of the small investors in view of the fact that the attraction of the scheme depended on instant liquidity that it offered. "The announcement of the transition to a net asset value-based system was also necessary not only to put a cap on past losses but also to signal a more sustainable and market-driven price," Goenka said. Welcoming the decision, the federation of Indian Chambers of Commerce & Industry reiterated its call to shift the declaration of the NAV of US 64 on a weekly basis, which will help in making the scheme more transparent and investor friendly. The chamber urged the need to revive the capital markets, attributing the fall in the stock indices as the reason for the US-64 problem. Ficci said the re-introduction of the carry-forward mechanism could help lift sentiments in the secondary market. In a statement issued in New Delhi on Monday, Associated Chambers of Commerce and Industry of India president Raghu Mody suggested enhancing the exit ceiling to at least 10,000 units. "Transactions up to 10,000 units will boost the confidence of the small investors who had suffered due to the suspension of sale and purchase of units," Mody said in the statement. It would have been prudent for UTI to have declared the current NAV right now and its composition in terms of debt, equity etc to give a clear picture to the huge body of investors, Mody added. PHDCCI (Punjab, Haryana and Delhi Chambers of Commerce and Industry) president Sushil Ansal said in a statement that the move would provide the much-needed relief to the small investor and help rstore his confidence to some extent. However, he said, the basic issue that there should be a greater degree of disclosure and transparency in the operations and its various schemes remains. Powered by YOU MAY ALSO WANT TO READ:
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