Opinion - Letters to the Editor

Dismal performance

Sir, — The Unit Trust of India's performance in recent years is dismal and its interest in investors is very callous, under some plea or the other. The US-64 scheme was bailed out by the Government after a nationwide cry by investors.

Bureaucracy, at the Government and UTI level, should have been watchful of the market trend and found out means of safeguarding the investors' interest. They are responsible for the present muddle. that the UTI and Government could be in league cannot be ruled out.

Now about the MIP-95 scheme, maturing during the end of June 2002. The interest paid for over 12 months was meagre and for the last three months even that was not paid. As per the UTI circular, this is being done to safeguard the NAV of the scheme. The UTI is morally bound to pay ``at par'' the initially invested amount. They should not take shelter under `NAV'.

The UTI should have thought of a general ``protective fund'' to tide over financial difficulties.

K.G. Venkata Swamy,

Hassan, Karnataka

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