The board of trustees of UTI Mutual Fund has written to the board of UTI Asset Management Company (AMC), drawing its attention to Securities and Exchange Board of India (Sebi) rules which state that by March 2019, UTI AMC's public sector shareholders will have to lower their stakes to less than 10% each. Life Insurance Corporation of India (LIC), State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) each holds 18.25% of the AMC's shares, US investment firm T Rowe Price holds 26% and employees 1%. Interestingly, even when the PSUs invested in UTI, Sebi's rules said that none of them was to be involved in the operations of UTI AMC. Yet four of the five Indian directors of UTI AMC are former senior executives of the PSUs. It was as part of the process of making UTI AMC Sebi-compliant that, last year, UTI AMC started work on an initial public offering (IPO).