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P S Subramanyam replaced by K G Vassal at UTI's helm

Beleaguered UTI chairman, P S Subramanyam has put in his papers. The move is the fallout of the deteriorating health of UTI's flagship, which has over 2 crore investors. UTI suspended the transaction in US-64 units on July 2 for six months, fearing a run on the fund due to a poor dividend. The suspension decision has come under a flak from all quarters with the BSE Sensex plunging by 114 points on Tuesday. US-64 is the largest fund of the Indian fund industry with a unit capital of over Rs 12,000 crore.

Meanwhile, UTI's executive director of legal affairs, K G Vassal has been appointed as the acting head of Unit Trust of India. Vassal is the senior-most executive director at UTI and will continue to be at the helm till a suitable successor is found.