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UTI Bill 2002 gets Parliament nod

The Unit Trust of India (Transfer of Undertaking and Repeal) Bill, 2002, providing for the bifurcation of the UTI into two companies — UTI-I and UTI-II received Parliamentary approval with the Rajya Sabha passing it by a voice vote. The Lok Sabha has already passed the Bill. UTI - I will not float any new schemes and the all existing commitments would be met by the Government, while UTI - II would be started as a SEBI-regulated, asset managed and market-competing scheme. The Government promised that there would be not retrenchment of UTI employees.

They would be absorbed either by UTI - II or by the newly set up UTI Bank. The employees will also be given six months time to opt for a voluntary retirement if they wish so.

BL Research Bureau

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