mumbai ipobound uti mutual fund finally got a fulltime ceo as its board of directors late on friday elevated its acting ceo of nearly two years imtaiyazur rahman to the position rahman has been at the helm of affairs at indias oldest fund house since its former md leo puri demitted office in august 2018 earlier rahman was acting ceo in 2011 as well when the fund houses former chairman u k sinha had quit to head markets regulator sebithe asset management company had filed for an ipo in december and rahmans appointment addresses one of the concerns of sebi which had questioned the companys decision to tap public money without a fulltime executive head in place the proposed listing on the other hand will address another sebi concern for long the regulator had been uncomfortable about uti mfs shareholding structureother than us fundmanagement giant t rowe price which was brought in as a strategic investor about a decade ago sbi lic punjab national bank pnb and bank of baroda bob are its other shareholders holding 1825 stake each apart from pnb all the others have their own fullfledged fund management businesses thus creating a conflictofinterest situation in december 2019 sebi had asked all the three financial institutions sbi lic and bob to reduce their stakes in uti mf to below 10 by december 2020 the listing of the fund house is expected to address this regulatory concern as well industry players said the fund house said that rahman was an internal candidate for the position which fell vacant after completion of the earlier ceos term in 2018 a qualified company secretary and a cost accountant rahman was involved during the groups transformation after the erstwhile unit trust of india was restructured in early 2000s as the chief finance officer of uti mf he had headed various functions of the fund house including its international business