UTI Mutual Fund launches UTI Nifty Next 50 Index Fund
UTI Mutual Fund has launched a new open-ended scheme called UTI Nifty Next 50 Index Fund.
By ET Online |
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UTI Mutual Fund has launched a new open-ended scheme, UTI Nifty Next 50 Index Fund. The scheme will invest in stocks of companies in the Nifty 50 Index.
The New Fund Offer (NFO) will open for subscription on 8 June and will close on 22 June. During this period, the units of the scheme will be sold at the face value of Rs 10 per unit.
“UTI Nifty Next 50 Index is a passively-managed fund. That is, the amount collected under the scheme will be invested in securities of companies comprising the Nifty Next 50 Index and in the same weightage as represented in the index,” said Kaushik Basu, Fund Manager of UTI Nifty Next 50 Index Fund.
Resident individuals, non-resident Indians, institutions, banks, eligible trusts, financial institution and Foreign Portfolio Investors (FPI) are eligible for investing in the scheme.
“Index funds are highly flexible and can be used as a tool for gaining exposure to equity markets. UTI Nifty Next 50 Index Fund has a number of benefits such as diversification, low cost and transparency,” Suraj Kaeley, Group President (Sales and Marketing), UTI MF, said.
The New Fund Offer (NFO) will open for subscription on 8 June and will close on 22 June. During this period, the units of the scheme will be sold at the face value of Rs 10 per unit.
“UTI Nifty Next 50 Index is a passively-managed fund. That is, the amount collected under the scheme will be invested in securities of companies comprising the Nifty Next 50 Index and in the same weightage as represented in the index,” said Kaushik Basu, Fund Manager of UTI Nifty Next 50 Index Fund.
Resident individuals, non-resident Indians, institutions, banks, eligible trusts, financial institution and Foreign Portfolio Investors (FPI) are eligible for investing in the scheme.
“Index funds are highly flexible and can be used as a tool for gaining exposure to equity markets. UTI Nifty Next 50 Index Fund has a number of benefits such as diversification, low cost and transparency,” Suraj Kaeley, Group President (Sales and Marketing), UTI MF, said.
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