The government of India on Monday appointed Sunil Behari Mathur as the Administrator of the Specified Undertaking of the Unit Trust of India in exercise of the powers conferred by sub-section (1) of section 7 of the Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002 (No.58 of 2002) in place of M Damodaran who has relinquished the position on December 19, 2004.

A qualified chartered accountant and cost accountant, Mathur retired from Life Insurance Corporation of India in October 2004 as its chairman.

Mathur took over charge as Chairman of Life Insurance Corporation of India at a time when the insurance sector had just opened up. He has successfully faced the challenges in the insurance sector and introduced new product offerings, in a competitive environment.

He joined Life Insurance Corporation of India in 1967 as a direct recruit officer and rose to the rank of chairman. He held various positions as senior divisional manager of Gwalior division, chief of corporate planning, general manager of LIC (international) E C, zonal manager in charge of western zone and executive director.

Pursuant to the Unit Trust of India (Transfer and Repeal) Act 2002, the Unit Trust of India was bifurcated from February 1, 2003 into two distinct entities: The Specified Undertaking of the Unit Trust of India (SUUTI), and the UTI Mutual Fund.