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FICCI hopes UTI will restore US-64 repurchase soon

Our Bureau

NEW DELHI, July 3

THE Federation of Indian Chambers of Commerce and Industry (FICCI) has called for concerted efforts to revive the capital market and warned that any knee-jerk reactions to correct the present situation could further aggravate the crisis.

In a statement, the chamber said that the US-64 ``debacle'' has to be viewed in the overall context of the stock market slide over the last one year. ``The only solution to the problem lies in reviving the capital market and in restoring investor confide nce'', the chamber said.

The FICCI statement said that it hopes that UTI will ``review its US-64 scheme and restore sale and repurchase at the earliest opportunity''.

The chamber is of the view that the Indian stock market and investors are facing a void between the old mechanism or badla and new instruments of derivatives trading. ``Unless these concerns are properly taken care of, the market might not revive'', the FICCI statement said.