US-based investment firm T Rowe Price, largest stakeholder in UTI Mutual Fund, today said it is disappointed from the Indian shareholders for not taking steps to bring down their stakes to 10 per cent in order to comply with Sebis directive.
It also said that the board was not working towards leadership continuity at UTI.
T Rowe Price, which has been pitching hard for the initial public offering of UTI Asset Management Company (AMC), holds 26 per cent stake in the fund house.
"We are disappointed that the board is not taking action to ensure continuity of leadership at UTI and that the Indian shareholders are not taking steps to comply with Sebis 10 per cent rule," T Rowe Price spokesperson said in an email response.
