Ahead of IPO, Unit Trust of India moves to clear pension hurdle

Issue taken up at recent board meet of UTI MF

Nearly 800 former employees of the erstwhile Unit Trust of India (UTI) might be a step closer to securing a resolution on a matter that has been hanging fire for more than 15 years. 

In a meeting held recently, the board of directors at UTI MF, the country’s sixth-largest asset manager, discussed the long-pending demand for providing pension to its erstwhile employees who had opted for voluntary retirement in 2003, said two people familiar with the matter.

The issue assumes significance as UTI MF readies to list itself on the bourses and provide an exit to existing shareholders. 

The UTI