With the government formally splitting the beleaguered Unit Trust of India by handing over the net asset value-based (NAV) schemes to a company floated by Life Insurance Corporation and three leading banks, the stage is set for a general referendum among investors.
The biggest challenge before the new management would be the conversion of 11 closed-ended equity schemes to open-ended, and providing the investors in these schemes with an exit option.
According to the agreement signed by the new sponsors, 43 net asset value based (NAV) schemes
