INSUBCONTINENT EXCLUSIVE:
rules, saying they had been dragging their feet.
The regulator also wants their nominees removed from the boards of UTI AMC and UTI Trustee
Co before December 31, 2020
The regulator has asked the three shareholders to submit a compliance report within one month
Sebi said it may initiate adjudication proceedings against them for not following the rules
It mandated that if a shareholder has at least a 10% interest in a mutual fund, it cannot hold a similar-sized stake in another fund house
specific road map or timeline for diluting their holding.
As per UTI AMC shareholder agreement of November 7, 2009, those holding more than
10% stake are entitled to nominate, appoint or recommend directors in proportion to their holding
All except PNB have their own AMCs
BoB) in putting forth a concrete plan for divestment to DIPAM (Department of Investment and Public Asset management) and seeking its
stake by all institutional shareholders on a prorata basis and 10.92% divestment in the second phase by way of a follow-on public offer
BoB and 3% each by T Rowe Price and PNB at one go by way of IPO was approved by DIPAM.