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Crises like US-64 hurt confidence of small investors: BJP

The Bhartiya Janata Party on Wednesday said that the government should not wait for 'muddles' like UTI's US-64 to happen and then resort to remedial measures. On the contrary it should take steps to ensure that they do not recur as such incidents will shake the confidence of small investors.

"The government should not merely play the role of 'fire-fighters' but should have laws which would streamline the financial system," party president Jana Krishnamuthy told reporters in New Delhi.

Krishnamurthy, who had taken part in a meeting of BJP chief ministers, office bearers with Union ministers of finance and rural development on Tuesday, said the US-64 issue had been 'mishandled' by UTI and it was because of this that the chairman had to resign.

However, he sought to clarify that there was no discussion at the meeting regarding UTI except a brief reference by former president Kushabhau Thakre and even he (Thakre) merely said that the government was looking into it.

To a question whether Finance Minister Yashwant Sinha should resign on the issue, Krishnamurthy said, "if he says that the buck stops here (it) does not mean that he should resign. Anyway he has said the government would thoroughly probe the matter and the guilty would be brought to book."

He said the government should also ensure that not a single person is defrauded.

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