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November, 8

Officers’ association alleges violation of listing norms at UTI AMC

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All India UTI AMC Officers’ Association has written to SEBI alleging violation of listing regulations and listing agreement by the asset manager.

The association has alleged that the AMC has not acted on whistle-blower complaints, suppressed information on the whistle-blower mechanism and reported nil complaints in its annual report for FY22-23.

The association enclosed copies of complaints raised by three employees in its mail to the regulator.

“It is observed that the complaints were not even registered as complaints nor reported in the recent annual reports of UTI AMC. It is now our submission that there is failure in corporate governance standards and non-compliance of listing obligations by UTI AMC which needs to be investigated by SEBI in the interest of all stakeholders,” the association’s email to SEBI officials, dated August 2, said.

UTI’s response

When contacted, a company spokesperson said, “UTI AMC is in compliance with all the SEBI regulations.”

UTI AMC has a whistle-blower policy in compliance with Section 177(9) of the Companies Act read with Rule 7 of the Companies (Meetings of Board and its Powers), Rules 2014 and Regulation 22 of the SEBI Listing Regulations.

The policy aims to build and strengthen a culture of transparency and trust in the organisation; and enable the stakeholders to raise their concerns at an early stage and in the right manner, without fear of victimisation, subsequent discrimination or disadvantage.

“The company affirms that no personnel have been denied access to the audit committee. The complaints, reports and actions taken, if any, are presented to the audit committee and the board on a quarterly and annual basis respectively. No complaint was received under the Whistle Blower Policy during FY22-23,” UTI’s annual report for FY23 states.

The Officers’ Association is a registered entity and claims to represent the interests of several UTI AMC officials. It has taken up several issues in the past including the 26 per cent stake sale to T Rowe Price and pending employee-related dues.





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