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Unit Trust of India (UTI). India's largest mutual fund set up in 1964, has aggregate investible funds of over US$8 billion deployed in corporate shares and debentures, consortium commercial loans to industrial and infrastructure projects, government securities and money marker plus other instruments. Managed by its Board of Trustees which include experts in the field of economics, finance and investments, the Trust's initial capital of $2 million is held by financial institutions and commercial banks. So far, UTI has launched 50 schemes (i.e. separate Funds). Of these, 38 are currently under operation. They represent investments by nearly 14 million unitholding accounts of Indians including those residing in over 30 other countries all over the world. As a major player in India's savings market, UTI reaches its schemes and services its client-investors through a country-wide network of 32 offices and a 73,000-strong marketing agent/representative force.
RANGE OF FUNDS/SCHEMES
UTI operates a wide variety of schemes/funds to cater to the investors' diverse needs: regular income flows, deferred income, growth, insurance cover, provision for children's future education. The Trust's main open-ended scheme (Unit Scheme 1964) allows investors to invest/divest at any point of time at the prevailing sale/repurchase price. Every year, five year new maturity close-ended schemes are introduced offering sale of units for specified periods (of up to 3 months). Pure equity-oriented schemes of UTI include Mastershare (1986) (listed on the stock market), Mastershare Plus (1991) (to be listed by mid-1992), Unit Growth Scheme--2000 and Unit Growth Scheme--5000.
Non-residents have been investing in open-ended schemes like Unit Scheme 1964, Capital Gains Unit Scheme 1983 and...