Widely read:
UTI Mutual Fund is set to launch an equity fund. Named as UTI Opportunities Fund, it will be available for initial subscription from July 20, 2005 onwards.
To avoid duplication, five schemes- UTI-PEF Unit Scheme (UTI-PEF), UTI-Unit Scheme 92 (UTI-US 92), UTI-Master Equity Plan 1998 (UTI-MEP 98), UTI-Master Equity Plan 1999 (UTI-MEP 99) and UTI- Grandmaster Unit Scheme will be merged into the UTI-Opportunities Fund.
Benchmarked against the BSE Sensex, the fund intends to invest in 4-5 sectors that are expected to outperform the broader market. The fund will seek to capture the opportunities that emerge in the market by moving across the sectors with the changing trends.
The unit holders of the merged funds will have an option to either exit at NAV without any load from June 16 to July 15, 2005, or automatically become unit-holders of UTI-Opportunities Fund without any load, at the face value of Rs 10 per unit effective from July 15, 2005.
For fresh purchases, the fund will charge an entry load of 2.25 per cent for investment of less than Rs 25 lakh. Investments greater than or equal to Rs 25 lakh but less than Rs 2 crore will attract an entry load of 0.50 per cent. For investments higher than that, no entry load will be charged. The fund will not charge any exit load.
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