UTI Bank, the country's third largest private lender, on Monday said the board of directors have approved a proposal to change its name to Axis Bank.
UK-headquartered Standard Chartered Bank is set to become the third foreign player to enter the Indian retail stock brokerage business by buying a 49 per cent stake in UTI Securities for Rs 140-150 crore.
The UTI Bank board has found a way to retain P J Nayak at the helm by recommending his name as the executive chairman for two years from August 1, 2007. The bank's board made the proposal after a meeting.
UTI Asset Management Company plans to acquire an IT company to provide services as a registrar and transfer agency.
M Damodaran was the brand that managed the UTI crisis.
Unit Trust of India said following its bifurcation, two schemes listed on BSE - Mutual Fund (Subsidiary) Unit Scheme and Master Value Unit Plan - have gone to UTI 11.
Country's largest mutual fund UTI AMC on Friday became a private company with the four sponsors paying Rs 1,236.95 crore (Rs 12.369 billion) to the government.
The Bombay high court has stayed the Central Information Commission's order on the applicability of the Right to Information Act 2005 on UTI Asset Management Company. UTI Mutual Fund and UTI Trustee company had filed a writ petition challenging the CIC order.
UTI Bank Ltd allotted 900 equity shares at Rs 38.63 to two employees under an employee stock option plan.
The government on Wednesday issued special 6-year bonds worth Rs 328 crore (Rs 3.28 billion) for meeting Unit Trust of India's shortfall in assured return scheme.
UTI Mutual Fund will hit the capital markets with initial public offering on Tuesday for its sixth thematic funds including auto, banking and public sector undertakings.
UTI Asset Management Company is planning to come out with an initial public offer by selling 60 per cent of its holding to the public, its chairman M Damodaran said in Kolkata on Monday.
UTI MF will also launch six more schemes as part of its growth plans.
R H Patil was on Thursday appointed chairman of UTI Asset Management Company, the country's largest mutual fund.\n\n
The IPO is an offer for sale of 38 million shares by SBI, BOB, LIC, PNB and T Rowe Price. Barring T Rowe and PNB, the others are selling stake to comply with Sebi norms.
Reliance Mutual Fund has toppled UTI MF to become the country's largest fund house in January with assets under management of more than Rs 39,000 crore (Rs 390 billion).
The name of the country's third largest private sector lender UTI Bank has been officially changed to the Axis Bank Ltd with effect from Monday.
A former bureaucrat, Nayak moved to UTI Bank as a director in 1999.
Debt mutual fund (MF) schemes, which witnessed relatively muted inflows in the past three years, saw a surge in investor interest in April amid election-induced volatility in the equity markets. Active debt funds garnered nearly Rs 66,000 crore net inflows in April, most at least since December 2020.
The Bombay high court has passed an ex-parte interim order restraining several entities from operating websites etc claiming to provide PAN card services on behalf of the government-owned UTI Infrastructure Technology and Services Limited (UTIITSL) and noted such an act poses a "national level threat". A single bench of Justice Bharati Dangre, in its order of January 12, said the Union government has made it mandatory for PAN card holders to link the same to their Aadhar Card, which is an acceptable proof of identification. Therefore, any potential misuse of the licence/ authorization to issue PAN cards would be highly detrimental not only to the interest of the company but also to national interest, the HC said.
UTI Bank Ltd plans to issue shares on a preferential basis to certain investors to raise Tier 1 capital.
NSE's Ramakrishna and ING Vysya Bank's Bhandari front runners for the post.
M Damodaran is likely to head the new market value-based UTI Mutual Fund, promoted by LIC and three leading banks, after the new fund becomes operational from February 1.
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