Sharjah-based marketing executive Vijay Raghavan has sent the 264 bonds he got in lieu of the Unit Scheme 64 certificates he held since 1990 to the Special Undertaking of UTI. Though he has not firmed up his investment plan, Raghavan is expecting a refund soon.
Raghavan, who paid over Rs 1.5 lakh to acquire the units, is among the 1.3 million US 64 bondholders whose investment would mature with the death of India's first mutual fund scheme at midnight tonight. In July, the scheme would have turned 44 years.
The scheme, which has helped many Indians to marry off their daughters or pay for their children's education, saw a rough ride since the second half of 1990s. That prompted Raghavan's Bengaluru-based relative T Varadarajan, a retired bank executive, to exit in 1998
