Unit Trust of India has said it will not launch any more assured return schemes like US-64, and the mutual fund will be made fully SEBI-compliant by December end by legislative changes in UTI Act. "UTI will not launch any more assured return schemes. The intention is to offer pure mutual fund schemes to pure mutual fund investors," UTI Chairman M Damodaran told reporters after a meeting with Economic Affairs Secretary C M Vasudev in New Delhi. He allayed fears that there was any redemption pressure for the closed ended scheme maturing in the coming months. "When the date matures, there will be no shortfalls in closed ended schemes," the UTI chief said. Damodaran said the discussion with Finance Ministry officials was mainly on statutory changes to reform and restructure the country's largest mutual fund through legislative changes in the UTI Act. "The exercise we attempted is on how to make the UTI a structurally SEBI compliant by December 31, 2002. We looked at several options," he said. According to SEBI norms, a mutual fund must have three tier structure comprising a sponsor, trustee and Asset Management Company (AMC). Bureau Report