When the sky fell on us (64)!

IIPM MANAGEMENT INSTITUTE

What’s in a name – a name is after all a name and nothing more. Well, don’t be so sure! Who better than UTI to know plight of a name, and more so when the name has been associated with a cataclysmic scam, that shook the nation and the mere allusion to which fills investors’ mind with torturous dread till date.

Mention Harshad Mehta, Ketan Pareekh, C.R. Bhansali, Teak Equity, Vanishing Company, UTI et al and ‘SC- A-M’ is the top of mind association. This is precisely the beauty and power of a name; it can create, and it can destroy. Although the name UTI has instilled a feeling of trust, the name has a dark past as well.

UTI Bank itself has nothing much to do with this history, yet such is the power of the name that even to the most prudent and the intelligent, the name UTI brings back ghastly memoirs of the 2001 scam – the US-64 scheme fiasco (perpetrated by UTI AMC). It is a matter of a fraction of a second before one delves into the past and imagines the plight of a retired person who would have put a large part of his or her PF, gratuity et al in the US-64 scheme, considering it to be the safest possible investment on earth. Not only did the small investor’s income (interest/dividend) become half overnight and shatter this belief; they also lost a major part of their precious earnings.

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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