Mumbai, April 5: A valuation exercise now under way will throw up a clear picture on the ownership of UTI Asset Management Company only by March next year.

Indications to this effect came today from chairman R. H. Patil, who said the Centre will play a crucial role in deciding the ownership pattern. It is the government that came out with a package to salvage the company after problems arising from the US-64 scheme in 2001 led to a crisis.

In recent months, the Centre also drew up a plan to allow State Bank of India, Life Insurance Corporation, Punjab National Bank and Bank of Baroda ? the four sponsors of UTI Mutual Fund ? to bid for the assets of the company. Each brought in Rs 2.5 crore as paid-up capital.

UTI MF officials indicated that various issues have to be considered, including the key question of brand value.

According to them, one of the four sponsors could choose to acquire the entire holding by buying out the other three; if more are interested, bids could be called.

Some reports suggest that SBI Capital Markets has valued the company at close to Rs 1500 crore, which is more than 7 per cent of its total assets of over Rs 20,000 crore.

Patil was speaking after the launch of the UTI Dividend Yield Fund, which gives investors an opportunity to benefit from stocks with a high-dividend potential.

Officials expect a good response to the fund, whose initial offer period is April 11 to May 3. It is an open-ended equity-oriented scheme that will park its corpus primarily in equity and equity-related instruments.

A. K. Sridhar, chief investment officer of UTI Mutual, said the fund?s focus will be on firms expected to be consistent with dividends.