Definition of Public Sector Mutual fund seeked

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New Delhi, Jan 7 (UNI) The Department of Public Enterprises (DPE) today said it received a number of references from different ministries, public sector enterprises and other agencies seeking clarification in regard to the definition of the Public Sector Mutual Fund.

According to an official statement issued here, the DPE has examined the matter and has clarified that 'Public Sector Mutual Fund' means the Mutual Fund registered with and regulated by the Securities and Exchange Board of India (SEBI), where the government, its financial institutions and public sector banks holds/hold individually or collectively more than 50 per cent of equity in the Asset Management Company of that Mutual Fund.

The DPE, under the Ministry of Heavy Industries and Public Enterprises, has also requested the Administrative Ministries/Departments to suitably advise the Navratna/Miniratna Public Enterprises under their administrative control accordingly.

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