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July 17, 2001
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Money > Business Headlines > Report July 17, 2001 |
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UTI may offload its portfolio to FIsUnit Trust of India is considering the proposal of offloading its portfolio to the financial and investment institutions to arrange for adequate liquidity for the limited redemption announced for small investors recently. The Investors' Grievances Forum, however, has cautioned the new chairman of the UTI, M Damodaran, with regard to the fallout of the decision, said, Bharat Kotecha, vice president of the Forum. He further said that the offloading by UTI may distort the market prices of shares, which in turn, will go against the interests of small investors. The Forum has welcomed the resumption of limited redemption in US-64 scheme for small investors. They also feel that the limit of selling must be increased to 5000-10000 units gradually. The prices of re-purchase should also be increased for the benefit of small investors, Kotecha said. The Forum feels that all the schemes of UTI should come under the Securities and Exchange Board of India regulations. It has also demanded the recovery of losses suffered by the UTI from the scamsters. The chairman has also accepted the proposal of the Forum to meet Investors association representatives all over the country to explain the present status and future strategy of the UTI, Kotecha added. UNI ALSO READ:
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