Janki Ballabh has resigned as chairman of UTI Trustee Company. "Janki Ballabh had resigned from the position of chairperson and director of UTI Trustee Company Private Limited from the close of office hours of August 1. Accordingly, the references to Janki Ballabh in all scheme documents stand deleted," read a newspaper advertisement announcing the change.
A source said Ballabh's move might be part of a restructuring exercise to fill the non-executive chairman's post.
Earlier, Ballabh was chairman, State Bank of India. He had also held the posts of vigilance commissioner in the Central Vigilance Commission and chairman of the Reserve Bank of India's services board and its advisory board on banking, commercial and financial frauds.
In July, Leo Puri was appointed managing director of UTI. The post of chairman and managing director has been vacant since February 2011, when U K Sinha moved on from the post to become chairman of the Securities and Exchange Board of India.
Earlier, shareholders were said to be looking for a public sector veteran to fill the chairman's post, according to sources. Attempts to have a single person for the posts of chairman and managing director were thwarted due to objections from different sets of shareholders. T Rowe Price, the largest shareholder, had objected to the government's choice of bureaucrat Jitesh Khosla for the post.
In the mutual fund industry, a trustee is an entity created to keep an eye on the transactions entered into by an asset management company (AMC) and to ensure these are in conformity with the regulations of the Securities and Exchange Board of India. It reviews the AMC's activities on a regular basis.
POSTS HELD BY JANKI BALLABH
* Chairman UTI Trustee Company
* Chairman SBI
* Chairman of RBI Services Board
* Chairman RBI Advisory Board on Banking, Commercial and Financial Frauds
* Vigilance Commissioner, Central Vigilance Commission
