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The stand-off between principal shareholders of UTI Asset Management Company (AMC) has escalated over the appointment of managing director (MD) and chief executive officer (CEO).
The largest shareholder, T Rowe Price group, wants current chief Leo Puri to continue, while the other four domestic shareholders led by Life Insurance Corporation (LIC) are keen on appointing a new CEO. Puri’s five-year tenure ends in August.
According to sources, the markets regulator Securities and Exchange Board of India (Sebi) has intervened in the matter, directing the fund house to follow the proper appointment process with performance analysis.
Sources add the domestic shareholders of the country’s
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