From THE HINDU group of publications
Sunday, July 08, 2001


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S. Vaidya Nathan

THE Finance Minister, Mr Yashwant Sinha, has stated that the Government is considering all options to protect the interests of investors who have been hurt by the UTI decision.

But nothing on a bailout has been indicated as yet.

The substance of the Finance Minister's view is this: ``The government will not let down a single investor in the country's largest mutual fund. We are uncomfortable with the UTI's decision to ban sales and repurchase for six months. It is an issue we will look into.''

The UTI acting Chairman, Mr K. G. Vassal, has said that ``restoring investor's trust and confidence in the UTI is the immediate task, and any proposal would be in consultation with the Finance Ministry''.

Seeking divine help: The UTI officials, with the new Chairman at the helm, performed a Satayanarayana Puja at the head office in Mumbai. Mr Vassal had this to say: ``We are optimistic of restoring investors confidence in the UTI. It is not a tall order. We have been serving investors all these years with uninterrupted commitment. With the grace of God we will overcome all the difficulties''.

Investors may, however, be better off getting out at every opportunity (as smart money or large investors did in May 2001) than hoping for divine intervention.

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