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UTI issue echoes at Parliamentary panel meet

The UTI muddle had its echo in the parliamentary consultative committee meeting on Friday where Union Finance Minister Yashwant Sinha declared that small investors would not be let down and their interest safeguarded at all cost.

The scheduled meeting was convened to discuss public debt, but members raised the freeze on UTI's flagship scheme US-64 on July d 20 million investors, particularly the small investors.

Sinha said government was considering 'all options' to deal with the UTI developments and at no cost small investors would be let down.

Without giving details, he said all options were being considered including exit route to provide liquidity to holders of US-64.

Earlier, Sinha had pointed out that the government was not very comfortable with the ban on sale and repurchase US-64 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," he said.

Meanwhile, the UTI board met for the first time in Bombay since the suspension of US-64 to review the developments and decided to meet again on Monday to work out an exit route to provide liquidity to US-64 holders.

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The UTI Crisis

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