ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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GLOBAL FINANCIAL SYSTEM-Farce of Restructuring

direction? Doubts persist. The size of the UTI and the resources that it commands make it an ideal tool for intervention, readily available to support political expediency. That flexibility would be curtailed if the UTI were to submit itself through a change in its statute to the discipline of the common regulator. Past experience notwithstanding, will the government display financial statesmanship in the interest not just of the UTI's investors, important as that undoubtedly is, but of enforcement of basic ground rules essential for the credibility and efficient working of vital Financial and capital market institutions?

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