U K Sinha
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| U K Sinha | |
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| Born | March 3, 1952, Bihar |
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| Occupation | Chairman, UTI AMC |
U K Sinha (born March 3, 1952) is currently the Chairman and Managing Director (CMD) of the Unit Trust of India Asset Management Company (UTIAMC), commonly referred to as UTI Mutual Fund. He is a member of the Indian Administrative Services (IAS), belonging to the Bihar Cardre.
Before taking over at UTIAMC, Sinha held key positions in the Government of India, notably in the Ministry of Finance, where he was the Joint Secretary, looking after Capital Markets, External Commercial Borrowings, Banking and Currency and Coins. During his tenure at the Ministry of Finance, he spearheaded several initiatives, such as the Banking Sector reforms, and the Capital Market reforms.
He now holds the rank of an Additional Secretary to the Government of India, continuing deputation to UTI as its CMD. He also heads various committees set up by the Government of India, notably the Wheat Procurement Committee and an Advisory Committee working on the guidelines for Mutual Fund investments in the Infrastructure Sector.
[edit] Key initiatives at UTI
Sinha has received much recognition for his initiatives as the Chairman of UTI. Key among these include:
- Aligning the salaries of employees to prevalent market levels, taking the company further away from its public sector pay-scale roots and making it more competitive.
- Checking the brain drain of key personnel, and reversing it - hiring top performers from key companies across the industry.
- Making UTI the first publicly listed mutual fund in the country.
- Under his reign, the market valuation of UTI MF has risen nearly tenfold in two years - from Rs. 1237 Cr. to Rs. 12000 Cr.
- UTI MF will be the first company in India to offer ESOPs to all of its permanent employees, as opposed to the norm of offering these only to the top management.
- Introducing highly successful schemes that have raised the Assets Under Management by almost 100%
- Introducing a micro-pension scheme, targeted at low-income groups, providing them the financial security of a post-retirement pension. The scheme is administered with the help of key co-oporative societies and government agencies, and has attracted over 200,000 investors. The tie-ups are with agencies such as SEWA, the dairy farmers' co-operative in Bihar and the Union of Railway Porters. Other Mutual Funds are now beginning to follow suit, introducing similar schemes of their own with minimal payment commitments.
- Attracting significant foreign investment, especially from Europe, the Mid-East and Japan.
| Preceded by M. Damodaran |
Chairman & Managing Director of UTI AMC 2005 – present |
Succeeded by ' |
