By IANS
Raipur : UTI Mutual Fund launched a new scheme, UTI-India Lifestyle Fund, here Friday. The three-year close-ended equity oriented scheme was opened July 2 and would close July 25.
"The new fund is open to individuals, institutions as well as non-resident Indians (NRIs) and Foreign Institutional Investors (FIIs)," said Jaideep Bhattacharya, UTI chief marketing officer, in a press statement.
He added the new plan could be purchased only during the new fund offer period at the face value of Rs.10.
"The minimum investment in the new scheme is Rs.5,000 and in multiples of Re.1 thereafter without any upper limit. The scheme will offer redemption/switch out of units on an ongoing basis at half-yearly intervals at net asset value (NAV) based prices," Bhattacharya said.
"UTI-India Lifestyle Fund endeavours to invest in companies which benefit directly from changing lifestyles of people of India," he added.
UTI Mutual Fund is a SEBI (Securities and Exchange Board of India)-registered mutual fund whose sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.
It has assets under management of Rs.400.70 billion and investor accounts of 8 million under its 71 domestic schemes.