Financial Daily from THE HINDU group of publications
Saturday, Jun 22, 2002
Financial Daily from THE HINDU group of publications Saturday, Jun 22, 2002 |
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Mutual Funds Markets - Mutual Funds Damodaran gets two-year extension Our Bureau
NEW DELHI, June.21 THE Finance Ministry has cleared a proposal to grant a two-year extension to the Unit Trust of India Chairman, Mr M. Damodaran. The proposal has been cleared by the Finance Minister, Mr Yashwant Sinha, senior Finance Ministry officials said. Mr Damodaran joined UTI as Chairman last July on a one-year assignment, shortly after the former Chairman, Mr P.S. Subramanyam, was sacked by the Government. Mr Damodaran will function as Chairman of the board of trustees in the event of the repeal of the UTI Act this year. The SEBI mandated three-tier structure include a sponsoring company, a board of trustees and an asset management company (AMC). Therefore, even if this new three-tier structure is put in place after the repeal of the Act, Mr Damodaran will function as Chairman of the board of trustees, officials here said.
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