Mumbai, Sept. 27 :    Mumbai, Sept. 27:  B. G. Daga, executive director of Unit Trust of India (UTI), today put in his papers. He said he is leaving the mutual fund major to take over as the managing director of the Central Depository Services India (CDSL) for a five-year term. His voluntary retirement from the Trust will be effective from December 31. His departure comes at a time when most sensitive portfolios in UTI have been vested in D.S.R. Murthy, also an executive director. Murthy oversees international finance and is responsible for all equity investments made by the mutual fund. In addition, he heads the department in charge of venture capital funds. UTI, which manages Rs 57,500 crore in assets and accounts for two-thirds of the funds mobilised by the mutual fund industry, was jolted by heavy redemptions earlier this year after it ran up huge stock losses. It has been going through a turbulent year that saw M. Damodaran taking over as the chairman from P.S. Subramanyam, who resigned under a cloud from the top post after the lid was blown off UTI's murky share placements. Daga has been associated with UTI for more than 15 years. He joined the mutual fund as deputy general manager from Reserve bank of India and was the official spokesperson for the organisation during the current controversy. He was managing the equity investments of US-64- its flagship scheme during G P Gupta's tenure as chairman and was later shifted to marketing the UTI schemes when Subramanyam took over as chairman. While it is considered as a promotion for Daga when compared to his current responsibilities, CDSL is seen to be struggling to keep its head above water.