Friday, Jun 07, 2002
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The two UTI schemes that are maturing by June end are the Monthly Income Plan (MIP) 1997 and Institutional Investors Special Unit scheme. The combined shortfall in these two schemes is estimated at Rs. 1,050 crores. After the meeting, Mr. Sinha told PTI that "nothing has been finalised as yet.'' But sources said modalities for the bailout would be worked out ahead of the maturity of the schemes this month end. The UTI has also been asked to examine other options, which included drawdown of the development reserve fund, support from sponsors, termination of corporate term loans and liquidation of debentures. The Government is in the process of finding a long-term solution to ailing UTI by restructuring the mutual fund. The first step toward this is to amend the UTI Act, which is expected to come up during the monsoon session of Parliament. The UTI Chairman has already announced that all the new schemes will be net asset value (NAV) based and that there would be no assured return schemes hereafter. As there were millions of small investors in UTI schemes, the sources said the Government would take all steps to protect their interests.
— PTI
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