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Chambers hail US-64 exit offer

Our Bureau

NEW DELHI, July 16

THE apex chambers of commerce and industry have welcomed the decision of the UTI to offer a limited repurchase window for up to 3,000 US-64 units for all categories of investors from August 1 at administered prices.

Welcoming the move, the Associated Chambers of Commerce and Industry of India (Assocham) said the exit ceiling should have been enhanced to at least 10,000 units.

The chamber said, in a statement, that transactions up to 10,000 units would have helped in boosting the confidence of small investors, who have already suffered on account of the suspension of sale and repurchase of units.

The Federation of Indian Chambers of Commerce and Industry (FICCI) said there was a need to shift the declaration of net asset value (NAV) to a weekly basis for US-64. The chamber also stressed the need for revival of capital markets.

FICCI is of the view that the ``fall'' of the market has been one of the predominant reasons for the ``fall of US-64''.