Imtaiyazur Rahman appointed as interim CEO of UTI Mutual Fund

Imtaiyazur Rahman, chief financial officer of UTI Asset Management Company (AMC), has been appointed as the interim chief executive after Leo Puri’s contract ended on Monday.

Leo Puri completed his five-year term as CEO of UTI AMC on Monday. The board of UTI AMC will meet on August 21 to discuss about initiating a search process for the new CEO.

In the past, Rahman has acted as interim CEO of UTI MF, following U K Sinha’s appointment to Sebi.


The shareholders of UTI AMC were divided over Puri’s continuation. US-based T Rowe Price wanted Puri to continue, while the other four domestic shareholders weren’t keen to grant an extension to him.

Last week, T Rowe Price moved Bombay High Court and also made Sebi and the Ministry of Finance parties to the case.

On Monday, the Bombay High Court adjourned the hearing of the petition filed by T Rowe Price International to August 28 after it sought more time saying that it is in talks with the government for an out-of-court settlement of the matter.

The division bench of the Bombay High Court comprising justice RM Borde and justice Prithviraj K Chavan had asked the other parties if they had any objection on granting more time, to which all the parties said they had none.

T Rowe Price in its petition has sought an extension of the term of Leo Puri and also wants the other shareholders, State Bank of India, Life Insurance Corporation, Punjab National Bank and Bank of Baroda to reduce their holding to below 10 per cent to comply with Sebi’s mutual fund shareholding norms.