Date:15/11/2002 URL: http://www.thehindu.com/2002/11/15/stories/2002111505591100.htm

National

Chidambaram appears before JPC

By Our Special Correspondent

NEW DELHI NOV. 14 . The former Finance Minister, P. Chidambaram, today sought to draw distinction between the Finance Ministry and the running of the Unit Trust of India (UTI) on a day-to-day basis. Appearing before the Joint Parliamentary Committee probing the stock market scam here, Mr. Chidambaram, who held the Finance portfolio during the United Front regime, said the Government's role was to formulate policy while the UTI affairs was left to its Board. The JPC chairman, Shri Prakash Mani Tripathi, told correspondents that the former Finance Minister said it was a deliberate decision to withdraw the Government nominee from the Board so as not to cramp the functioning of the Board or run it through proxy.