Uti Amc Appoints Panel To Pick Ceo

The board of UTI AMC Ltd has appointed a three-member search committee to hunt for a chief executive officer (CEO) for the asset management company.

The committee, headed by Reserve Bank of India deputy governor Rakesh Mohan comprises chief economic advisor Ashok Lahiri and former Bank of India chairman M G Bhide.

The four sponsors of UTI AMC Ltd - Punjab National Bank, Bank of Baroda, State Bank of India and Life Insurance Corporation - are also likely to include a government nominee in the board of the AMC.

Banking industry sources said U K Sinha, joint secretary, capital markets and external commercial borrowings, in the ministry of finance, may be inducted in the board.

The sources said the decision to appoint a search committee for shortlisting a candidate to head UTI AMC was taken in the last meeting of the UTI board held on June 3. UK Sinha is already on the board of advisors for UTI-I.

While M Damodaran, additional secretary in the ministry of finance, is the administrator for UTI-I, the other finance ministry nominees on the board of advisors include D Swarup, additional secretary (budget) and Lahiri.