Uti, Investors & #39; Forum To Hold Countrywide Meets

The Unit Trust of India management along with representatives of the Investors Grievances Forum would hold meetings with investors across the country to explain the current situation and the future strategy of the government-owned mutual fund.

The meetings are aimed at building confidence among the small investors. The first of the proposed meetings would be held next week, Kirit Somaiya, the association president and Member of Parliament, said.

Welcoming M Damodaran's appointment as the new chairman of UTI, Somaiya also requested him to minimise the losses suffered by small investors by raising the repurchase limit from 3,000 units to 5,000-10,000 units in phases.

The forum in a meeting with the UTI chairman also proposed that the repurchase price of US-64 may be raised.

The association suggested that UTI should recover the suffered losses from the scamsters. The issue should be taken up with the Securities and Exchange Board of India and other regulators, Somaiya said.

All schemes of UTI should compulsorily be brought under Sebi regulations at the earliest, the association said. UTI should announce the entire portfolio of its schemes regularly, it said.