UTI Equity Tax Savings Plan (UTI-ETSP) declares tax-free dividend of 10% (Rs.1.00 per unit on a face value of Rs.10/-). Pursuant to the payment of dividend, the NAV of the dividend option of the scheme would fall to the extent of payout and statutory levy if any.
The record date for the dividend is February 21, 2011.
All unitholders registered under the dividend option of UTI Equity Tax Savings Plan as on February 21,2011 will be eligible for this dividend. Also investors who join the dividend option of the scheme on or before the record date will be eligible for the dividend.
The NAV per unit as on February 15, 2011 was Rs.16.35 under the dividend option.
UTI-ETSP was launched in November 1999 as an open-ended equity oriented tax savings scheme. The investment objective of the scheme is to invest in equities, fully convertible debentures/bonds and warrants of companies.
Contribution made by individuals under UTI-Equity Tax Savings Plan will qualify for deduction of the whole amount paid subject to a maximum of Rs.1,00,000/- under Section 80C of Income Tax Act, 1961 as provided therein.
Ms Swati Kulkarni is the fund manager of the scheme.
