UTI KICKS OFF NEW YEAR WITH TOP-LEVEL CHANGES

Article Abstract:

The Chairman of Unit Trust of India, Mr PS Subramaniam, made several changes in the responsibilities of seven top-level executives on January 1, 1999. The move is aimed at giving the Rs65,000-crore UTI a better approach to funds management. Under the new arrangement, Mr MM Kapur will be the chief of fund management. He will handle fund management and marketing of US- 64. He will also look after fund management of other equity schemes and equity research. Mr BG Daga will be in charge of the business development and marketing. Mr Basudeb Sen will be in charge of investments, research, policy & planning and communications. Mr SK Basu will look after fund management, money market operations and global funds. Mr KG Vassal is assigned the work related to administration, estate, legal and vigilance. While Mr AK Thakur has been made to handle operations, accounts and credit rating, Mr A Palwankar will be in charge of personnel, HRD, internal audit and compliance. (gs)

Comment:

The Chairman of Unit Trust of India, Mr PS Subramaniam, made several changes in the responsibilities of seven top-level executives on January 1, 1999.

Organizational history, Unit Trusts (Oil, etc), Other Financial Vehicles, Executive changes & profiles, Unit investment trusts, Unit Trust of India

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FOREX GOES UP BY $121 M, GOVT ACCESS TO WMA DOWN

Article Abstract:

The Reserve Bank of India's foreign exchange reserves rose by $121 million during the week ended February 26, 1999. The total foreign exchange reserves including gold and SDR amounted to $30.76 billion. For the week ended February 19, 1999, the government's access to ways and means advances (WMA) dropped by Rs1,576 crore to Rs5,408 crore. The fall in WMA is due to noticeable inflow of revenues. This is attributed to proceeds from government's disinvestment in public sector undertakings (PSU) stocks. Following the lower WMA, the net RBI credit to Central Government during the period was lower by Rs2,593 crore. (um)(vr)

Banking Institutions, Depository Credit Intermediation, Government regulation, Foreign trade, DEPOSITORY INSTITUTIONS, Banks (Finance), Reserve Bank of India

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