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US-64 to be linked to NAV by Nov

Our Bureau

MUMBAI, Aug. 13

UTI'S Unit Scheme-1964 (US-64) will be linked to the net asset value (NAV) by November 2001, about two months earlier than the scheduled date of January 2002. Unit Trust of India (UTI) will also make a complete portfolio disclosure of the scheme by that time, according to the UTI Chairman, Mr M. Damodaran.

The mutual fund is also working on restructuring the US-64 portfolio, Mr Damodaran said at a function organised here by the Forum of Free Enterprise.

UTI will give more freedom to fund managers to design the scheme's portfolio in order to meet the objectives of the scheme. "Inter-scheme transfers of securities will be made transparent," Mr Damodaran said.

The UTI Chairman refuted media reports alleging that the mutual fund has been bailed out by the Government to meet its US-64 redemptions. "There is no bail-out," Mr Damodaran said.

"UTI has so far not drawn any assistance from the Government. It is a temporary problem and the special package has been worked out to overcome the same," he said.

Pic.: Mr M. Damodaran, Chairman, Unit Trust of India, and Mr Minoo R. Shroff, President, Forum of Free Enterprise, at a news conference in Mumbai on Monday.

Picture by Shashi Ashiwal