Unfazed by the recent upheaval in the capital market, India's second biggest money manager UTI Mutual Fund plans to unveil six schemes by the end of March 2007.
"We have lined up six schemes to be introduced during the current fiscal including gold exchange traded fund and overseas investment fund," UTI AMC Chief Investment Officer AK Sridhar told PTI in New Delhi.
Next offering after 'UTI Spread Fund' is going to be a close-ended diversified equity fund, which would hit markets early next month followed by gold exchange traded fund coming up for subscription during August, he said.
UTI Spread Fund, aimed at providing returns to investors irrespective of volatility in the equity markets through arbitrage opportunities, closes on June 22. UTI is hopeful of mopping up more than Rs 1,000 crore out of this fund.
Talking about overseas investment fund Sridhar said, "we are awating regulatory approvals from the market regulator SEBI and the Reserve Bank of India for floating overseas investment fund. The corpus of the fund would be utilised for investment in top global companies."
It is to be noted that the Finance Minister P Chidambaram in his Budget speech enhanced the investment limit in overseas securities to two billion dollar from one billion dollar and also removed the reciprocal holding of 10 per cent.
According to earlier norms, mutual funds were allowed to invest in only such global companies, which held 10 per cent of their Indian subsidiary. Following the removal of 10 per cent reciprocal shareholding, mutual funds now have wider access to top global companies, compared with only around 45 such firms previously.
{{/usCountry}}According to earlier norms, mutual funds were allowed to invest in only such global companies, which held 10 per cent of their Indian subsidiary. Following the removal of 10 per cent reciprocal shareholding, mutual funds now have wider access to top global companies, compared with only around 45 such firms previously.
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