While waiting to take over as the chairman of the market regulator Securities and Exchange Board of India (Sebi) on February 18, UK Sinha on Saturday observed that his days in UTI Mutual Fund have been challenging and he has been able to restore confidence among the investors.
Sinha, who has been running UTI Mutual Fund for more than four years, took charge of the almost direction less asset management company in 2005. He inherited the company when its asset under management (AUM) was around Rs 25,000-30,000 crore and managed to push it to around Rs 67,000 crore by Deecember 2010.
?I am very much satisfied with what we have done in UTI and we have been able to restore the trust and confidence of the investors,? Sinha said.
?There were series of challenges but now we are able to restore the confidence of the investors as well as distributors who have come back to us in a big way,? he added. Sinha was talking to reporters on the sidelines of achievement ceremony of ?Mukhya Mantri Kanya Suraksha Yojana? in Patna.
Under the scheme, on the birth of the first two baby girls in any BPL family a sum of Rs 2,000 will be invested through the Children Career Plan of UTI Mutual fund by the Bihar government. So far Bihar government has received 9.27 lakh applications till January 31 this year.
?We are happy that we could implement some schemes which go to the bottom of the pyramid so that the benefit of the economic growth is reaching out to the people,? Sinha said.
Bihar government is in talks with the AMC to roll out pension scheme for the Panchayat school teachers. Commenting on the schemes aimed at those at the bottom of the pyramid, Sinha said ?Contribution of this sort of financial inclusion makes us happy,? he added.