UTI board forms panel on JPC report

With the Joint Parliamentary Committee making several critical comments about the Unit Trust of India, the UTI board on Monday formed a three member sub-group to study the JPC8217;s report on UTI and suggest an action plan in about a month8217;s time.

8220;The trustees considered the JPC report and formed the sub-group comprising M.R. Mayya, S. Bhojani and P..N. Shah, who will study the report, including recommendations, and present an action plan to be presented at the next board meeting,8221; officials said.

JPC, in its report, said problems faced by the country8217;s largest fund manager were concentration of power in chairman8217;s hand without adequate checks and balances to prevent misuse. IDBI, a principal contributor to UTI corpus, neglected its duties, JPC said adding UTI management and the government were unwilling to amend regulations to restructure the institution and bring it under Sebi8217; purview.