Financial Daily from THE HINDU group of publications
Thursday, Jun 27, 2002
Financial Daily from THE HINDU group of publications Thursday, Jun 27, 2002 |
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Markets
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Mutual Funds Exit trigger facility for UTI unitholders Our Bureau
MUMBAI, June 26 UNIT Trust of India has introduced ``automatic trigger mechanism'' that enables unitholders to predetermine the time they would like to exit a scheme. A release from UTI said due to volatility in the capital markets, unitholders lose the benefits of growth or appreciation in various schemes, as they do not exit at an opportune time. From July 1, UTI investors can opt for a trigger mechanism under which they can time their exit in 14 open-end equity schemes. Investors can opt to exit as and when their investment under a scheme reaches a specified value, or on reaching a predetermined level of appreciation, or on a specified future date. The schemes in which the facility would be available include Mastergain, Mastergrowth, some index funds and growth sector funds, UTI said. The facility allows rollover of the entire repurchase proceeds of the scheme. The trigger becomes active five days after a request is sent in by the investor, according to the release.
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