UTI to split into UTI-I, UTI-II; Damodaran to head both units
By New Delhi: | 16 Jan 2003
UTI chairman Meleveettil Damodaran will be the administrator of UTI-I and will also head UTI-II, though a formal decision will be taken by new sponsors for UTI-II, including State Bank of India (SBI), Life Insurance Corporation (LIC), Bank of Baroda (BoB) and Punjab National Bank (PNB).
The sponsors have set up a UTI Mutual Fund, a UTI Trustee Company and also a UTI Asset Management Company, as per the provisions of Securities and Exchange Board of India (Sebi) regulations, to manage UTI-II.
The new mutual fund will be managing 43 net asset value (NAV)-based schemes of UTI with a combined corpus of Rs 15,000 crore. The sponsors have made a joint contribution of Rs 10 crore to set up the asset management company.
An agreement to this effect was signed by joint secretary (department of economic affairs) U K Sinha, SBI chairman A K Purwar, LIC chairman S B Mathur, BoB chairman and managing director P S Shenoy and Punjab National Bank CMD S S Kohli.
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