New Delhi: The economic reforms process has got a boost following the Presidential assent to the Unit Trust of India (UTI) -Transfer of Undertaking and Repeal Bill, 2002 and Securities and Exchange Board of India (Amendment) Bill, 2002.

Presidential assent was also given to the Delhi Metro Railway (Operation and Maintenance) Bill, 2002, the Constitution (Schedule Castes) Orders (Second Amendment) Bill, 2002, the Consumer Protection (Amendment) Bill, 2002 and the Merchant Shipping (Amendment) Bill, 2002.

With this, these six Bills passed during the winter session of Parliament have been notified in the gazette of India as Act numbers 58, 59, 60, 61, 62 and 63 respectively, an official release said.

The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 which replaces an Ordinance promulgated earlier in October 2002, seeks to provide for transfer and vest the undertaking, excluding the specified undertakings of the UTI, to the specified company to be formed and registered under the Companies Act, 1956.

It also seeks to transfer and vest the specified undertakings of the Unit Trust of India to the administrator, besides repealing the UTI Act, 1963, in order to corporatise the UTI and let it compete in the free market economy, the added.

PTI