The government on Tuesday assured the Rajya Sabha that officials found guilty by the Joint Parliamentary Committee, which looked into the stock scam and the temporary freeze on Unit Trust of India's flagship scheme 64 will not be spared.
"The matter has been referred to a committee to look into whatever action should be taken against these officials (found guilty)," Finance Minister Jaswant Singh said while replying to questions during Question Hour.
"No one will be spared in this regard," Singh said adding action had been initiated against some officials and an enquiry was ordered in this regard even prior to constituting the JPC. "I can assure that action will be taken against those found guilty of misconduct", he said.
In reply to another query, Singh said there was no question of privatising the bifurcated UTI-II and it would be made market related mutual fund under the Securities and Exchange Board of India.
Singh said the government stood by its commitment to redeem the US-64 units and the total amount for the purpose is expected to be Rs 6000 crore (Rs 60 billion).
A sum of Rs 300 crore (Rs 3 billion) was paid during 2001-02 for redeeming US-64 and it stood at Rs 938 crore (Rs 9.38 billion) during the current financial year, he said.
For redemption of the assured return schemes, a guarantee money of Rs 1000 crore (Rs 10 billion) has been provided along with Rs 450 crore (Rs 4.5 billion) "comfort level" funds provided by banks, the minister said.
