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.\n\n\n\n
Opposition members said the former finance minister had misled the Lok Sabha on the Calcutta Stock Exchange payment crisis and the UTI fiasco.
Observing a 'disturbing nexus' between officials of DSQ group, CSE, SCHIL and UTI, the Joint Parliamentary Committee on stock scam on Thursday asked various regulators to expedite probe into the matter that led to a Rs 21.40-crore loss to UTI.
The Monopolies and Restrictive Trade Practices Commission has issued notice to Unit Trust of India on a complaint challenging UTI's decision to terminate its Children's Gift Growth Fund Unit Scheme, 1986, with effect from April 1, 2004.
UTI-I will not offload its holding in UTI Bank Ltd and instead be part of the UTI brand to exploit business synergies.
The government on Tuesday told the Rajya Sabha that Unit Trust of India, the country's largest mutual fund, is on a revival path and its units have started fetching a premium.
The Unit Trust of India will issue government-guaranteed bonds to US-64 unit holders in May carrying a tax-free coupon rate of 6.75 per cent, the government said.
The government has earmarked about Rs 3,500 crore for foreclosing seven assured return schemes of Unit Trust of India but feels that cash outgo would be nominal going by the experience of flagship scheme US-64.
Unit Trust of India Mutual Fund, which commenced operations at the beginning of this month, is targeting to double its Assets Under Management to Rs 30,000 crore (Rs 300 billion) in the next 12 months, chairman and managing diector M Damodaran said.
Unit Trust of India is likely to offer similar tax-free bonds but with lesser returns to seven assured return schemes
The Joint Parliament Committee report, tabled in Parliament on Thursday, has indicted former finance secretary Ajit Kumar for failing to resolve in time the redemption problem of the Unit Trust of India.
Unit Trust of India and Industrial Finance Corporation of India, which together hold around 23 per cent stake in LIC Housing Finance, are likely to exit from the company even as LICHFL is exploring possibility of a public offer.
Feeling deprived by UTI in the settlement of the US-64 scheme, an investors' forum on Wednesday put before the government three options to pay at least the principal amount invested by them during 1998-99 following the revival of stock markets.
But there is a possibility of conflict of interests in the theoretical sense.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances