Heat oven to 350°F. Place beef roast in Dutch oven; sprinkle with 1/2 teaspoon of the salt and pepper. Add onions, garlic, thyme and basil. Pour broth over top. Cover.
Bake at 350°F. for 1 hour 30 minutes.
Remove Dutch oven from oven. Turn roast over and add potatoes, parsnips and carrots. Cover; bake an additional 45 to 60 minutes or until vegetables are tender.
With slotted spoon, remove roast and vegetables from Dutch oven; place on serving platter. Cover to keep warm.
In small bowl, combine water, cornstarch and remaining 1/4 teaspoon salt; blend well. Place Dutch oven over medium-high heat. Slowly add cornstarch mixture to drippings in Dutch oven, stirring constantly. Cook and stir until bubbly and thickened. Serve gravy with roast and vegetables.