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Core Purpose

Notification by the Ministry of Finance (Department of Investment and Public Asset Management) reconstituting the 'Body of Persons' acting as Administrator and Board of Advisers of the Specified Undertaking of Unit Trust of India (SUUTI) under Section 7(1) of the Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002.

Detailed Summary

The Ministry of Finance, Department of Investment and Public Asset Management, by Notification S.O. 4336(E) dated 18th September 2024 (New Delhi), recorded that under sub-section (1) of Section 7 of the Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002 (No. 58 of 2002) the Central Government had earlier replaced the Administrator and Board of Advisers of the Specified Undertaking of Unit Trust of India (SUUTI) with a 'Body of Persons' to manage SUUTI on the Central Government's behalf with effect from 1st October 2014; further, in partial supersession of its Notification of even number dated 9th November 2021 (published as S.O. 3467(E) in the Gazette of India Extraordinary, Part II, Section 3, Sub-section (ii)), the Central Government reconstituted the Body of Persons with effect from 18th August 2024 to comprise ex-officio members: the Additional Secretary/Joint Secretary of the Department of Investment and Public Asset Management, Ministry of Finance, handling SUUTI matters; the Joint Secretary, Department of Financial Services, Ministry of Finance, as nominated by the Secretary, Department of Financial Services; and the Chief Investment Officer, Life Insurance Corporation of India; the notification bears Notification No. 5/32/2003-UTI &JPC (Vol-V) and is signed by Alok Pande, Additional Secretary.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-04102024-257699 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY No. 3977] NEW DELHI, FRIDAY, OCTOBER 4, 2024/ASVINA 12, 1946 MINISTRY OF FINANCE (Department of Investment and Public Asset Management) NOTIFICATION New Delhi, the 18th September, 2024 S.O. 4336(E).—In exercise of the powers conferred by sub-section (1) of the section 7 of the Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002 (No. 58 of 2002), the Central Government replaced Administrator and Board of Advisers of Specified Undertaking of Unit Trust of India (SUUTI) with 'Body of Persons' to act as Administrator and Board of Advisers of SUUTI with effect from 1st October 2014 to carry on the management of SUUTI on behalf of Central Government. 2. Further, in exercise of the powers conferred by sub-section (1) of the section 7 of the Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002 and in partial supersession of Notification of even number dated 9th November 2021 [Published in Gazette of India (Extraordinary) Part II, Section 3, Sub Section (ii) vide S.O. 3467 (E)], the Central Government has reconstituted the 'Body of Persons' with ex-officio members; Additional Secretary/Joint Secretary of Department of Investment and Public Asset Management, Ministry of Finance, handling SUUTI matters; Joint Secretary, Department of Financial Services, M/o Finance as nominated by Secretary, Department of Financial Services; and Chief Investment Officer, Life Insurance Corporation of India, with effect from 18th August 2024. [Notification No. 5/32/2003-UTI &JPC (Vol-V)] ALOK PANDE, Addl. Secy.

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