T S Vijayan, whose five-term as the chairman of government-owned Life Insurance Corporation of India (LIC) ended on Tuesday, is likely to shift to UTI Mutual Fund as the new head.
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.
The government will provide Rs 1,200 crore (Rs 12 billion) to UTI-I in the next fiscal to enable closure of three assured return schemes.
UTI Asset Management Company will float an initial public offer by March-end 2008 to help its sponsors State Bank of India, Life Insurance Corporation, Punjab National Bank and Bank of Baroda -- offload up to 50 per cent stake.
The 2023-24 (FY24) July-September quarter (second quarter, or Q2) proved to be a mixed period for asset management companies (AMCs). While the two largest listed AMCs, HDFC and Nippon, reported robust growth in both revenue and profits, the other two, Aditya Birla Sun Life and UTI, experienced profit declines. HDFC AMC reported an 18 per cent year-on-year increase in Q2 revenue to Rs 765 crore, while Nippon's revenue rose 15 per cent to Rs 475 crore.
UTI Mutual Fund has targeted to raise at least Rs 5,000 crore by distributing its products through bank branches over the next 12 months.
UTI Bank, has opened its representative office in Shanghai, China, where it will primarily engage in facilitating and promoting trade-related services between the bank's branches in India and commercial entities in China. \n
UTI Mutual Fund will shortly launch auto sector fund and portfolio management scheme (PMS) even as it forged a tie-up with Corpration Bank to distribute mutual fund schemes through the latter's branch network in the country.
Foreign banking major HSBC said on Thursday that it will decide on hiking its 14.6 per cent stake in UTI Bank after the government comes up with a policy on foreign direct investment and voting rights.
UTI Bank and Andhra Bank have entered into an agreement for sharing ATMs in the country.
Warning against conflict of interest of financial institutions, which have been chosen to sponsor UTI-II, the Joint Parliamentary Committee probing the stock scam and UTI muddle, has recommended that sponsors.
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 Asset Management Company plans to aggressively use social media and wireless technology for mobile phones to reach out to investors, a senior company official said.
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.
Riding high on upswing in the steel sector, Essar Steel has repaid entire Rs 927 crore (Rs 9.27 billion) debt of Unit Trust of India.
The country's leading fund manager UTI Mutual Fund is likely to enter the capital market with its public issue by the end of current fiscal and has already got the approval from its board for the IPO.
UTI Bank, the country's third largest private sector lender, will ramp up its workforce by adding 4,500 people to its present strength this fiscal as part of an aggressive expansion plan for its retail business.
UTI Mutual Fund has declared income distribution @12% (i.e. Rs. 1.20 per unit on face value of Rs. 10) in UTI GSF-Petro Fund.
HDFC Bank's latest shareholding data showed that the room for foreign investment has fallen just 5 basis points short of the threshold set by Morgan Stanley Capital International (MSCI) to fully include the stock in its indices. Currently, the index provider has applied an adjustment factor of 0.5 since the foreign room is less than 25 per cent. Removal of the adjustment factor will result in inflows of a massive $4.8 billion (Rs 40,000 crore) into HDFC Bank, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
UTI Asset Management Company, the country's fourth-largest mutual fund, is reviewing its proposed initial public offering in view of the turbulence in the global financial markets and the meltdown in Indian equities. The management is having a rethink on the IPO because of the bearish sentiment prevailing in the markets and a lack of investor appetite, according to a source familiar with the development.
Finance Minister Jaswant Singh said on Tuesday that the government was committed to appointing a professional to head the UTI-II, which runs all the net asset value based schemes.
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