The Hindu Business Line : Fund Update

The fund will henceforth charge an exit load of 1 per cent for all investments less than Rs 5 crore, if redeemed within six months from the date of allotment.

UTI Mutual Fund announced 8 per cent dividend under the dividend option of UTI Dividend Yield Fund. Record date for the same is January 23.

Kotak Mutual Fund has revised the exit load structure under the following equity schemes. Kotak-30, Kotak Tech, Kotak Balance, Kotak Global India, Kotak Midcap, Kotak Contra, Kotak Opportunities, Kotak Lifestyle and Kotak Equity Fund of Funds.

With effect from January 2008, these funds will charge an exit load of 1 per cent for investments less than Rs 5 crore, if redeemed within six months and 0.50 per cent if redeemed after six months but within one year.

UTI Mutual Fund has announced a change in registrar from Computer Age Management Services to Karvy Computershare Pvt Ltd for the following schemes effective from January 16.

UTI Capital Protection Oriented Scheme — Series I, UTI Indian Lifestyle Fund, UTI Long Term Advantage Fund — Series I and UTI Wealth Builder Fund.

For schemes such as UTI Children’s Career Balanced Plan, UTI Leadership Equity and UTI Retirement Benefit Pension, the change in registrar is effective from January 21.

Religare Securities, a subsidiary of Religare Enterprises and Dutch financial group AEGON, has received SEBI’s approval to start an asset management company.

Religare AEGON AMC will be a 50:50 joint venture and will start with an initial capital of Rs 100 crore. The two partners already have a joint venture in the life insurance business.

UTI Mutual Fund has announced the closure of UTI Senior Citizen Unit Scheme. The scheme will cease to exist from February 18.

UTI Mutual Fund has announced an alternate health insurance product of New India Assurance Company to the members up to the age of 58 years, in lieu of the above scheme.

However for members above the age of 58 years New India Assurance will continue to provide hospitalisation cover as per existing arrangement. Members below 58 years can also choose to opt out of the new scheme.

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