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UTI MF to join realty fund mart

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Our Correspondent Bhubaneswar
UTI MF plans to get into the real estate fund management business following Sebi's permission to mutual fund companies to enter the field.
 
U K Sinha, chairman and managing director of UTI Asset Management Company, said "UTI is now working towards it", he added.
 
Sinha said, he is awaiting the detail circular from Sebi on the matter following which UTI will go for its own scheme.
 
Besides real estate fund, UTI has two other new products on the anvil, a close-ended equity fund and gold exchange-traded fund, for which applications have been submitted to Sebi for approval.
 
Sinha was here to launch a customised arrangement with Paradeep Port and Dock Mazdoor Union for providing its members an investment opportunity through a micro-pension initiative under UTI-Retirement Benefit Pension Fund.
 
Under the micro-pension initiative facilitated by UTI Mutual Fund and Paradeep Port and Dock Mazdoor Union, members will contribute Rs 200 a month towards UTI-Retirement Benefit Pension Fund up to the age of 55 years so as to enable them to receive pension in the form of periodical income / cashflow after they reach the age of 58 years.
 
Initially, 200 members will be joining the scheme. By the end of this fiscal year, more than 1,000 members are expected to join the scheme.
 
Paradeep Port and Dock Mazdoor Union was established in 1979 and has around 8,000 members, which comprise regular port and dock employees, clearing and forwarding workers and contract labourers.
 
Sinha said, "This initiative will help inculcating the habit of regular savings among workers in the unorganised sector, which will help them in planning for their future and enable them to get periodic income during their old age. It will also enable workers in the unorganised sector to share the benefits of the capital market."
 
"We hope to extend this initiative to one million workers in the unorganised / organised sector across the country by next year." Sinha added.

 
 

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First Published: Jul 06 2006 | 12:00 AM IST

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