Financial Daily from THE HINDU group of publications
Friday, Jun 21, 2002
Financial Daily from THE HINDU group of publications Friday, Jun 21, 2002 |
|
|
|
|
|
Opinion
-
Letters Disclose the strategies
The editorial, `Pains of assurance' (Business Line, June 19) brings out the Government's apparent hide-and-seek game-plan in serving the interests of the UTI investors fully. It is a fact that the majority of the investors — retirees and other senior citizens — are already suffering a lot. As pointed out, no `patchwork solutions' can save the Trust because the problems are not skin-deep. The Development Reserve Fund, which has a balance of nearly Rs 700 crore, will not be sufficient to meet the needs of the two schemes, that mature for redemption soon. Even if the sponsoring financial institutions come to the rescue now, it remains unknown how future obligations will be met. As suggested, it will be in the right spirit and in the interest of the investors at large for SEBI to allow an `one-stroke redemption' of all the assured return schemes of the UTI, to protect investors from the uncertainty over the coming two years. The funds for this exercise could be tapped from some approved channel or through bonds. C. P. Velayudhan Nair
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|