Financial Daily from THE HINDU group of publications
Wednesday, Dec 10, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 10, 2003 |
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Markets
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Mutual Funds 2 UTI master equity plans to pay 100 pc Our Bureau
Kolkata , Dec. 9 TWO tax-saving funds managed by UTI Mutual Fund will come out with 100 per cent dividend later this month. Master Equity Plan 1998 and Master Equity Plan 1999 will both come out with the first instance of 100 per cent dividend from UTI MF. An amount equivalent to the original investment is to be repaid to investors, a UTI release said, adding that December 10 has been fixed as the relevant record date. The dividend would be tax-free in the hands of investors. Benefit under Section 88 of Income Tax Act would also be available for unit-holders of the two schemes. The net asset values of MEP 98 and MEP 99 as on December 4 were Rs 22.62 and Rs 33.84 respectively. These will diminish to the extent of the payouts. The first scheme, introduced as a close-ended equity-linked savings scheme, has posted returns of around 89 per cent during the last one year (as on December 3). MEP 99 returned 91 per cent to investors in the past year.
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