Budget 2002-03 heralds further legislative changes in UTI Act
Indian MFs can invest in rated securities in countries with fully convertible currencies
In the Budget 2002-03, Finance Minister Yashwant Sinha has said that a package of measures for reforming the US-64 scheme and the Unit Trust of India (UTI) has been announced which seeks to balance investors’ interest while ensuring systemic safety.
He added that the long overdue reform for making US-64 NAV based has already been implemented. Further legislative changes in the UTI Act will be put in place and other needed reform measures will be proposed during the year.
He has also announced that Indian mutual funds will now be allowed to invest in rated securities in countries with fully convertible currencies, within the existing limits. Earlier such investment was only permitted in ADR/GDRs issued by Indian companies in overseas markets.
Powered by 
YOU MAY ALSO WANT TO READ:
The Rediff Budget Special
The Rediff-Capital Market Budget Analysis
More Budget Stories
Money
