Largest shareholder T Rowe Price seeks govt role in UTI MF board issues

US-based asset manager seeks extension of Leo Puri's tenure as managing director

The tussle between principal shareholders of UTI Mutual Fund (MF) has escalated, with the largest shareholder, T Rowe Price Group, raising concerns over the functioning of the board. 

According to sources, T Rowe Price has shot a strongly worded letter to the finance ministry and the Securities and Exchange Board of India (Sebi), alleging the board is deliberately trying to delay the initial public offering (IPO) of UTI MF. The US-based fund house has sought government intervention and immediate action.

In the letter, T Rowe Price has also said the tenure of Managing Director and Chief Executive Officer (MD &