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Nod for repeal of UTI Act

New Delhi Oct. 28. The Union Cabinet today approved two ordinances for amending the SEBI Act and the UTI Act. The repeal of the UTI Act would enable the Government to split the country's largest mutual fund into two organisations.

UTI-I will be the old protected UTI comprising US-64 for which assured repurchase prices have been announced and return schemes assured. The new UTI (UTI-II) will comprise of all net asset value-based schemes.

— UNI

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