Sebi orders LIC, SBI, Bank of Baroda to reduce stake to below 10% in UTI AMC by December 2020
Updated : December 09, 2019 06:44 AM IST
Sebi observed that LIC, SBI and BoB are the sponsors of LIC Mutual Fund, SBI Mutual Fund and Baroda Mutual Fund, respectively.
In addition, LIC, SBI and BoB are also sponsors of UTI AMC and hold more than 10 percent stake individually in the AMC and trustee company of UTI MF.
Accordingly, the regulator has said that the voting rights of LIC, SBI and BoB in UTI AMC and UTI Trustee shall be brought down below 10 percent on or before December 31, 2020.
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