The Unit Trust of India has calculated the total shortfall in its monthly returns schemes maturing in 2002 at Rs 2,632 crore.
UTI has said this shortfall will be on account of the five monthly income plans and one assured-return institutional investors fund that mature in this calendar year. Since the State Bank of India and Industrial Development Bank of India have already informed UTI that they cannot be deemed as its sponsors under the Sebi (Mutual Funds) Regulations 2 (X) of 1996, the trust has no option left but approach the Centre.
The Centre has already provided Rs 300 crore as support for UTI