UTI forms corporate positioning panel

UTI forms corporate positioning panel

JULY 6: The board felt that it was "appropriate to have the benefit of assessment and advice from expert professionals on corporate positioning of UTI in the new millennium". The panel is expected to submit its report within six months.

The seven-member committee will be headed by chartered accountant YH Malegam; and include Arvind Virmani, economic advisor, union finance ministry; RP Chitale, managing partner of MP Chitale & Co and trustee of UTI; NS Sekhsaria, MD of Gujarat Ambuja Cements and trustee of UTI; J Bhagwati, joint secretary, union finance ministry; Cyril Shroff, solicitor, Amarchand & Mangaldas & Suresh A Shroff & Co as convenor; and Basudeb Sen, executive director of UTI as member secretary.

The terms of reference of the committee is to review the competitive and commercial positioning of UTI in the light of (i) second generation reforms in the financial sector;(ii) the emerging developments in the area of mutual fund business and regulation as well as the trend towards broader financial services companies;(iii) globalisation of the Indian financial services sector;(iv) the confidence of investors in financial organisations of different sizes and strengths;(v) obligations of UTI under the UTI Act and its implications of any change in this context and (vi) progress of implementation of the recommendations of the Deepak Parekh Committee.

Besides, the panel is expected to recommend appropriate follow-up action plans including amendments to connected legislation for enabling UTI to "fully meet with the mutual fund regulations of Sebi and enhancing the competitive positioning of UTI.