India’s Oldest Fund to Boost IPO Flow as Holders Exit
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UTI Asset Management Co., India’s oldest mutual fund, is set to go public next year after some of its shareholders came under regulatory pressure to cut stakes.
Life Insurance Corp., State Bank of India and Bank of Baroda must reduce their stakes in UTI Asset by the end of 2020, the country’s market regulator said in a Dec. 6 statement. The order stems from a cross-holding limit in mutual funds to avoid potential conflicts of interest.