UTI Mutual Fund is merging two of its Master Equity Plans. It is also allowing switchover of investments above a certain limit from debt schemes to the UTI Money Market Fund (MMF).
The fund house is merging MEP 93 and MEP 97 to form a new diversified equity fund called Master Equity Plan Unit Scheme.
The proposal is subject to approval by the Securities and Exchange Board of India. Both are equity-oriented tax savings schemes. Sources said the objectives as well as the portfolio of the two plans were similar and so it made sense to merge them.
The unit holders of the schemes will be given the option to exit at the prevailing net asset values (NAVs) before the merger.
MEP 93 had an NAV of Rs 9.95 as on February 28, 2002 while MEP 97
