- News>
- Finance & Markets
President gives assent for UTI, SEBI and four other bills
New Delhi, Dec 26: The economic reforms process has got a boost following the presidential assent to the Unit Trust of India (Transfer of Undertaking and Repeal) Bill, 2002and Securities and Exchange Board of India (amendment) Bill, 2002.
New Delhi, Dec 26: The economic reforms process has
got a boost following the presidential assent to the Unit
Trust of India (Transfer of Undertaking and Repeal) Bill, 2002
and Securities and Exchange Board of India (amendment) Bill,
2002.
Presidential assent was also given to the Delhi Metro
Railway (Operation and Maintenance) Bill, 2002, the
Constitution (Schedule Castes) Orders (Second Amendment) Bill,
2002, the Consumer Protection (amendment) Bill, 2002 and the
Merchant Shipping (amendment) Bill, 2002.
With this, these six bills passed during the winter
session of parliament have been notified in the gazette of
India as act numbers 58, 59, 60, 61, 62 and 63 respectively of
the year 2000, an official release said.
The Unit Trust of India (transfer of undertaking and
repeal) Act, 2002 which replaces an ordinance promulgated
earlier in October 2002, seeks to provide for transfer and
vest the undertaking, excluding the specified undertakings of
the UTI, to the specified company to be formed and registered
under the Companies Act, 1956.
It also seeks to transfer and vest the specified
undertakings of the Unit Trust of India to the administrator,
besides repealing the UTI Act, 1963, in order to corporatise
the UTI and let it compete in the free market economy, the
added.
Bureau Report
Bureau Report