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July 18, 2001
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Money > Business Headlines > Report July 18, 2001 |
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Investment decisions to be reviewed: UTI chiefBS Markets Bureau Unit Trust of India chairman M Damodaran said on Tuesday that vital investment decisions in the recent past would be looked into and if needed "wrong" ones would be rectified. He was speaking on the sidelines of a function organised by the Association of Mutual Funds of India to mark the release of Mutual Fund Year Book-2000. He also dropped a hint that the Trust may raise the cap on repurchase of US-64 units from the 3,000 level at a later stage. "The exit option seems to have given the impression that UTI's concern is confined to 3,000 unit holders. This is the first step in protecting the interest of the investors who have stayed with the scheme for a number of years," he said, adding that exit options to small investors first is an international practice. He also made it clear that he would make all efforts to bring the majority of UTI schemes under Securities and Exchange Board of India regulations. He said this would bring transparency in its schemes, operations and revive investor confidence in the country's largest mutual fund. At present, UTI has 92 schemes with an investible fund of about Rs 7.51 billion as on June 30. Some of these schemes including US-64, are outside the purview of Sebi. Damodaran, who chaired the crucial UTI board meeting on Sunday, said that the partial exit package for US-64 unit holders was an excellent decision in the interests of small investors. He further said the graded pricing scheme as in US-64 rewarded investors for staying committed to the scheme. Damodaran said no new units in US-64 will be sold until its problems are sorted out. "There will be no sale of fresh units while the consolidation process is in hand," he said. No move to appoint executive trustee The Centre is unlikely to fill in the post of executive trustee in UTI for the time being, said sources in the finance ministry. There had been rumours that KG Vassal, the senior most executive director of the Trust who had held the fort as acting chairman between July 3-14, would be made the executive trustee. The post of the executive trustee has been lying vacant since PJ Nayak became the chairman and managing director of UTI Bank. "Since Damodaran has taken over as the chairman of UTI, there is no move right now to fill in the executive trustee's post," said a source. It may be filled in at a later stage once the government identifies the right candidate for the post," said a source. Powered by YOU MAY ALSO WANT TO READ:
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