CLOSED-END FUNDS

Scheme UTI Long Term Advantage Fund Series II

SBI Long Term Advantage Fund Series I Sundaram Long Term Tax Advantage Fund Series I

(Returns in %) 3 years 1-year 6 months 9.49 27.57 8.31

NA

32.49

20.51 13.49

The Securities and Exchange Board of India (Sebi) is planning to ask listed entities to start using information utilities, set up under the insolvency law, to record minute financial details.

Experts say that this will ensure transparency as the existing declaration mechanism is mandatory only to a certain extent. A former Sebi official said: “This will ensure more transparency in letting out details of companies and better access to all stakeholders as all details will be dematerialised.” This would also help banks maintain dematerialised records, which are safer, he added.

An e-mail sent to Sebi on the issue remained unanswered.

Information utilities are being set up to eliminate disputes related to debts and assets of companies that have been taken to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code. Information utilities are a database in which financial information which is verified is available to facilitate due diligence before any transaction under the insolvency process.