Four large shareholders of UTI Asset Management Company (UTI AMC) are hoping to get a relaxation in the time-frame from the Securities and Exchange Board of India (SEBI) for diluting their stakes in the mutual fund to 10 per cent each.
State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank have to bring down their stake by March 31, according to the deadline set by the market regulator. They have made a plea to the regulator for leeway on this front, sources said.
