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Thursday, July 12, 2001

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`Bring MFs under SEBI purview'

Our Bureau

BANGALORE, July 11

DR Manmohan Singh, former Finance Minister and Congress (I) MP, has said that all mutual fund business, including the Unit Trust of India (UTI), must be brought under the regulatory purview of the Securities and Exchange Board of India (SEBI) as a measur e to protect the interests of the small investors.

Talking to newspersons on the sidelines of the national seminar on public finance in Indian States here on Wednesday, Dr Singh voiced his concern for the investors whose savings invested in the UTI's US-64 scheme are stuck with no prospect of an early re demption.

All MFs should be subject to SEBI regulation. Such a recommendation has been made by the Parekh Committee. He wanted an early initiative in this regard.

Dr Singh criticised the Union Government for not reflecting a clear vision on managing the economy and pointed out that the growth rate has slipped below the projected 6.2 per cent and tax collection has also been lower for the first two months of this f iscal as compared to same period last year.

The Government should take the country into confidence and come out with a clear, firm vision about the economic policies.

Answering another question on the World Trade Organisation (WTO), Dr Singh said ``we cannot wish away China's membership in the WTO and (have to) prepare ourselves before the participation in the next round of meeting at Qatar on WTO.''

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