New Delhi: Stating he knew about the crisis in the UTI (Unit Trust of India) flagship scheme US-64 very late, External Affairs Minister and former Finance Minister Yashwant Sinha on November 26 told the JPC (Joint Parliamentary Committee) that there was a dichotomy in the role of the Finance Minister which needed to be debated.

"I could not have gone to Mumbai and barged into the UTI office to check the accounts", Sinha told the JPC, inquiring into last years Stock Scam and temporary freeze on US-64.

He said he did play a pro-active role in knowing about the activities in the UTI and that it was only a few hours before the crucial UTI meeting that he was told about the problems in the US-64 scheme by the then UTI Chairman P S Subramaniyam.

Sinha told the JPC that though the UTI letter had been dated 30th June 2001, it was handed over to the Finance Ministry only on 2nd July.

Asked whether this would have made a difference, JPC Chairman Prakash Mani Tripathi said, "That does make a difference. Getting more than 24 hours and getting only two hours before the crucial UTI meeting to look into the crisis could have made a difference".

The meeting today also held the views of former Finance Minister Manmohan Singh.

Sinha said since the Finance Minister has to reply in Parliament, representing the bodies such as UTI and SEBI (Securities and Exchange Board of India), there should be a debate in Parliament on removing e dichotomy between the autonomy of such institutions and the level of control the Minister should have.

PTI