UTI Mutual Fund today announced the launch of its new closed ended equity scheme 'UTI-Focussed Equity Fund-Series I that will open for subscription on August 13 and will close on August 27.
Executive Vice-President and Country Head, Karan Singh told here today that Chandigarh and Ludhiana are among the top B+15 cities that subscribe to UTI schemes. He said that though these two cities account for just 2 to 3 per cent of market share of the industry, but UTI Mutual Fund has 18 per cent of market share in these two cities.
He said that UTI Mutual Fund hopes to garner Rs 500 crore through this new scheme, whose primary objective is to generate long-term capital appreciation by investing predominantly in equity and equity related securities of listed companies. The scheme would be investing in a compact portfolio of up to 30 securities. The minimum application amount would be Rs 5,000 and the scheme would be listed on National Stock Exchange.