UTI to launch specific fund for VRS optees

He said that active fund management aided by excellent marketing efforts and prompt investor servicing had been well taken by the investors. The flagship scheme US-64 had performed very welllargely due to the active fund management strategy pursued both for equity and debt portfolios, the UTI Chairman explained.

The reserves and surplus under the scheme have risen manifold from Rs 130 crore as on June 30, 1999 to approximately Rs 4,200 crore by March 2000. The UTI Chairman said that to bring about greater transparency, the company had already started the process of bringing its schemes launched after 1994 under the purview of the SEBI. “We have worked out a time frame acceptable to SEBI. UTI will satisfy all regulatory norms prescribed by SEBI," he added.

Subramanyam said that UTI, in a major initiative to enhance proximity to its unit holders in the eastern zone, will be opening UTI Financial Centres (UFCs) in South and North Calcutta in the next three months. “The ever-growing population of retail unit holder base in the eastern region has prompted us to further strengthen our network and back-office operations,” he explained.

Stating that the eastern zone contributed about 12 per cent of the total sales of UTI, he said that the zone was likely to improve its contribution during the current year.

Fresh sales in the eastern region in the nine months (July 1999 to March 2000) was about Rs 1,100 crore while the equity schemes sales had crossed Rs 330 crores. He said that the UTI has been bringing in higher degree of synergy among associates like UTI Bank and UTI-ISL by working together in areas of mutual benefit.