The Unit Linked Insurance Plan 1971 has been formulated under section
19(1)(8)(a) of the Unit Trust of India Act 1963 (52 of 1963), in relation
to, the Unit Scheme, 1971 made under section 21 of the said Act by the
Board of Trustees of UTI. This offer document sets forth concisely the
information about the scheme and the plan that a prospective investor ought
to know before making investment in the plan. The offer document should
be retained by the investor for his future reference.
The scheme particulars have been prepared in accordance with Securities
and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended
till date, and filed with SEBI, and the units offered for public subscription
have not been approved or disapproved by the SEBI, nor has the SEBI certified
on the accuracy or adequacy of the Offer Document.
Objective of the Scheme
To encourage the habit of regular savings by tax paying individual investors
to meet his future requirements with life insurance cover to the extent
of unpaid targeted amount and to obtain tax rebate for the investment made.
Highlights
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An open end tax saving insurance plan.
-
Choice of two plans: 10 year plan or 15 year plan.
-
resident individuals between the age of 12 to 55 1/2 years if the investment
is made in the 10 year plan, and,
-
between the age of 12 to 50 1/2 years if the investment is made in the
15 year plan.
-
resident individual in the name of his spouse/children
-
The minimum and maximum target amount of investment under the plan is Rs.15,000/-
and Rs.75,000 respectively. The chosen target amount is required to be
contributed in yearly or half yearly instalments over 10/15 years.
-
Life insurance cover upto the unpaid but not due chosen target amount.
-
Life insurance cover for female investors having no regular and independent
income is restricted to a maximum of Rs.40,000/- even where the target
amount selected by the investor is for more than Rs.40,000/-.
-
Children to be eligible for the life insurance cover should be above the
age of 12 years and have regular and independent income.
-
The face value of unit is Rs.10/-.
-
Units will be sold / repurchased at NAV based price which will presently
be declared on a weekly basis.
-
Accident insurance cover upto Rs.30,000/-, irrespective of the target amount.
-
On maturity of chosen plan a bonus of 5% and 7.5% of target amount is paid
under the 10 and 15 year plans respectively.
-
On the amount invested in the plan by way of annual contribution up to
Rs.60,000/- the investor is currently entitled to get a tax rebate @ 20%
under section 88 of Income Tax Act, 1961. Thus a maximum tax rebate of
Rs.12,000/- p.a. can be claimed. Tax rebate is available even on contribution/s
made in the name of spouse and children.
-
Currently, under section 10(33) of the Income Tax Act, 1961, income distribution,
if any, made by the scheme is fully tax exempt in the hands of investors.
However the plan, will be required to pay an income distribution tax at
the rate of 20% and surcharge of 10% thereon under section 115 R of the
Income Tax Act, 1961 as proposed in the Finance Bill 2000 on the amount
of income distribution, if any, made by it. Under the current tax laws
there is no deduction of tax at source on the amount of income distributed
by the plan or on the maturity proceeds.
-
Investment in units under the plan is not subject to Wealth Tax.
-
The Gift Tax Act, 1958 has abolished the levy of Gift Tax in respect of
gifts made on or after 1st October, 1998. Thus, gifts of units
of the plan are fully exempt from the levy of Gift Tax.
-
Capital gains arising at the time of repurchase/maturity are currently
subject to indexation/ tax benefits under sections 48 and 112 of Income
Tax Act, 1961.
II. DUE DILIGENCE
Due Diligence Certificate submitted to SEBI for ULIP 1971
It is confirmed that:
I. the draft offer document forwarded to Securities and Exchange Board
of India is in accordance with the SEBI (Mutual Funds )Regulations, 1996
and the guidelines and directives issued by SEBI from time to time;
II. all legal requirements connected with the launching of the scheme
as also the guidelines, instructions, etc. issued by the Government and
any other competent authority in this behalf, have been duly complied with;
III. the disclosures made in the offer document are true, fair and adequate
to enable the investors to make a well informed decision regarding investment
in the proposed scheme;
IV. all the intermediaries named in the offer document are registered
with SEBI and till date such registration is valid.
Sd/-
Date: AJEET PRASAD
Place:Mumbai
Compliance Officer
Seal
CONTENTS
ItemNo. Contents Page No.
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Cover Page
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Due diligence
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Definitions
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Risk factors
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Units and Offer
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Expenses
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Sale of units
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Repurchase of units
-
Income distribution
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Investment Objectives, Policies & Stock lending
-
Interscheme Transfers
-
Associate transactions & borrowings
-
NAV Determination and valuation of assets
-
Accounting Policies
-
Tax treatment of investments in the scheme
-
Investors rights & services
-
Constitution and Management of UTI
-
Other service providers for the scheme
-
Investors grievance redressal
-
Penalties, pending litigations, material findings of inspections/ investigations
-
Y2K the leap year roll over
-
Condensed financial information
III. DEFINITIONS
In this scheme and plan made thereunder unless the context otherwise
requires:
-
"Acceptance date" with reference to an application made by an applicant
to the Trust for sale or repurchase of units by the Trust means the day
on which the branch office, franchise office or collection centre of the
Trust, after being satisfied that an application is complete in all respects
accepts the same.
-
The "Act" means the Unit Trust of India Act, 1963 (52 of 1963).
-
"Applicant" means a person who is eligible to participate in the scheme
and the plan made thereunder who is not a minor and makes an application
under Clause V of the Plan.
-
"Contribution" means the half-yearly/annual payments or such periodical
payments as may be decided by the Trust, made by a member for reaching
the chosen target amount over 10 or 15 year period, as the case may be.
-
"General Insurance Corporation" (GIC) means the General Insurance Corporation
of India formed under section 9 of the General Insurance Business (Nationalisation)
Act, 1972.
-
"Life Insurance Corporation" (LIC) means the Life Insurance Corporation
of India established under the Life Insurance Corporation Act, 1956 (52
of 1956)
-
"Member" used as an expression under the scheme and the plan made thereunder
shall mean and include the applicant who has been allotted units under
the scheme.
-
""Non Resident Indian (NRI)", means Non Residents of Indian nationality/origin.
A person shall be deemed to be "person of Indian origin" if he/she or either
of his parents or any of the grandparents, howsoever high in degree or
ascent, whether of paternal side or maternal side, was born in India, as
defined in the Government of India Act, 1935, as originally enacted.
-
"Number of units deemed to be in issue" means the aggregate of the number
of units sold and remaining outstanding.
-
"Regulations" means Unit Trust of India General Regulations, 1964 made
under Section 43 (1) of the Act.
-
"SEBI" means the Securities and Exchange Board of India set up under the
Securities and Exchange Board of India Act, 1992 (15 of 1992).
-
"Target amount" means the total targeted investment to be made through
periodical contributions during the chosen plan period of 10 or 15 years
and to be indicated by the applicant at the time of joining the plan.
-
"Unit" means one undivided share of face value of Rupees ten in the unit
capital.
-
"Unit Capital" means the aggregate of the face value of units sold under
the scheme and outstanding for the time being.
-
"Unit Trust" or "Trust" means the Unit Trust of India established under
Section 3 of the Act.
-
All other expressions not defined herein but defined in the Act/ Regulations
shall have the respective meanings assigned to them by the Act/ Regulations.
-
Words importing singular shall include the plural and all reference to
masculine gender shall also include the feminine gender and vice versa.
IV. RISK FACTORS
-
Mutual Funds schemes and securities investments by such schemes are subject
to market risks and the NAV of the units issued under the plan may go up
or down depending on the factors and forces affecting the financial markets
from time to time.
-
Performance of previous schemes is not necessarily an indication of future
results of this plan. There can be no assurance that the objective of the
plan will be achieved.
-
Unit Linked Insurance Plan is only the name of the plan and does not in
any manner indicate the quality of the plan.
-
Derivatives: Trading in derivative securities like options &
futures is a highly specialised activity and entails greater risk than
ordinary investment. Even though the plan intends to use the activity of
trading in derivatives only for portfolio hedging purposes, the overall
market in these segments could be highly speculative due to the actions
of the other participants in this market. The success of trading in derivatives
depends upon the ability of the fund manager in predicting the future movement
of the market and if the fund manager is incorrect in their prediction
the performance of the fund could diminish compared to what it would have
been if this investment strategy had not been used.
-
Investment in overseas market: The success of investment in overseas
market depends upon the ability of the fund manager in understanding those
market conditions & analysing the information, which could be different
from Indian markets. As this would involve operations in foreign markets
there could be exchange rate fluctuations risk besides market risk.
-
Stock Lending: It is one of the means of earning additional income
for the plan with least risk. The risk could be in the form of non-availability
of ready stock for sale during the period the stocks remain lent. The scheme
would also be exposed to risk through the possibility of default by the
borrower/ intermediary in repaying the securities. However, the risk would
be adequately covered by taking in suitable collaterals from the borrower
by the intermediary involved in the process. UTI will have a lien on the
collaterals. UTI will also have other suitable checks and controls at various
places to minimise any risk involved in the securities lending process.
V. UNITS & OFFER
Effective from July 01, 2000, the provisions of ULIP 1971 as modified
pursuant to this offer document will be the governing provisions for the
existing investments in the plan.
-
This scheme shall be called the Unit Scheme 1971 and the plan formulated
under this scheme shall be called Unit Linked Insurance Plan 1971 (ULIP71).
-
The scheme shall be an open end scheme. Provided, however, the Executive
Committee of the Board of Trustees of Unit Trust of India/ Chairman may
suspend the sale of units under the scheme at any time in circumstances
like war, disruption of trading in Stock Exchanges and other socio-economic
factors after giving 7 days notice in newspapers or in such other manner
as may be decided by the Unit Trust.
-
The units under the scheme shall be kept open for sale throughout the year
except during book closure period/s not exceeding 15 days in a year.
-
The face value of each unit issued under the scheme shall be ten rupees.
-
The life insurance cover extended under the plan has been provided in association
with the Life Insurance Corporation of India (LIC) For providing the accident
insurance cover the Trust has tied up with the General Insurance Corporation
of India (GIC).
-
Application for units:
Investment in ULIP units is open to Indian residents as indicated hereunder:
-
An adult male upto 55 1/2 years/ 50 years 1/2 of age under the 10 year/15
year plan respectively. The age will be the one which is as on the date
on which his application is received by the Trust.
-
An adult female upto 55 1/2 years/50 1/2 years under the 10 year/15 year
plan respectively having regular and independent income.
-
A minor above 12 years of age having regular and independent income. Investment
on behalf of a minor i.e. whose age is less than 18 years, shall be made
by his/her parent on behalf of the said minor individual.
The investment can also be made in the name of spouse/children above
the age of 12 years. Currently an NRI is not eligible to invest in the
plan. However, a resident Indian member will be allowed to continue in
the plan even in the event of his becoming a NRI subsequently and informing
the Trust about his change in status.
Non Resident Indians (NRI) would also be eligible to invest in the plan
as and when L.I.C. or such other insurance company with which the Trust
may enter into an agreement for the purposes of the said scheme agrees
to such a proposal.
7. Minimum and maximum target amount for an investor
-
The period of investment under this plan shall be either 10 years or 15
years. Presently, the minimum target amount under the plan is Rs. 15000/-.
The Trust may change the minimum target amount if and when it is considered
necessary, for those investors who will be investing in the scheme after
such a change is made effective. Beyond this minimum, the target amount
can be chosen in multiples of Rs.1000/- in case of participation in the
10 year plan and in multiples of Rs.1500/- in case of participation in
the 15 year plan. Presently the maximum target amount is restricted to
Rs. 75,000/- and can be increased to higher amount as and when permitted
by L.I.C. or such other insurance company with which the Trust may enter
into such arrangements. A person can participate for the said amount either
through one or more applications subject to above mentioned minimum target
amount.
-
Contributions for membership can be made by a member either half-yearly
or annually at his option as agreed upon before the commencement of his
participation in the plan. The first contribution shall be made alongwith
the application for joining the plan.
-
When the member joins the plan for 10 years, each contribution shall be
1/20th of the target amount in the case of the half-yearly mode
of payment and 1/10th of the target amount in the case of the
annual mode of payment. For the members joining the plan for 15 years,
each contribution shall be 1/30th of the target amount in the
case of the half yearly mode of payment and 1/15th of the target
amount in case of the annual mode of payment.
-
The half yearly and yearly contributions every year will fall due in the
seventh month from which the initial contribution is made or the same month
respectively. Example: If the initial contribution is paid in the month
of January, the half yearly contributions will fall due in the month of
every July and January. Similarly in case of yearly mode of payment all
subsequent contributions shall fall due in the month of January every year.
However, the member can opt to pay the renewal contributions in advance
upto two months and anytime during the month in which such contribution
is due.
The following illustration gives the manner of payment of renewal contribution:
Illustration
(ii) The rate can be changed from time to time by entering into arrangements
with L.I.C. or such other insurance companies at a future date. Further,
from the balance amount of the initial/renewal contribution made by a member,
(i.e. after reducing the amount payable to LIC towards premium), the Trust
will allot as many units including fractional units, at the ruling sale
price of units as on the date of acceptance of each contribution.
9) (a) Membership certificate:
At the time of joining the plan the Trust shall arrange to issue to
the investor, within a period not exceeding 42 days from the date of acceptance,
a membership certificate indicating admission to the plan and other relevant
details. In all his future correspondence with the Trust the member shall
have to quote the folio/membership number.
b) Statement of Account:
For initial as well as subsequent contributions the Trust will issue
a statement of account giving the following particulars:
-
the number of units outstanding if any,
-
amount of contributions received alongwith the break up of premiums paid
to the LIC and the number of units issued/allotted.
-
amount of income distribution, if any, together with number of units allotted
on reinvestment of such income and
-
total number of units outstanding to the credit of the member.
The Trust shall not incur any liability for loss, damage, misdelivery or
non-delivery of the membership certificate or statement of account so sent.
10) Transfer/Pledge/Assignment of Units:
Units issued under the scheme are not transferable/pledgeable/assignable.
11) Salary Savings Scheme (SSS):
-
SSS under ULIP would be open to employees of such organisations as may
be decided by UTI from time to time.
-
All eligible employees of such an organisation may invest in the plan under
the SSS.
-
Persons intending to join ULIP through SSS shall be required to pay the
first half yearly instalment alongwith the application and shall authorise
his employer to deduct from his salary every month an equated monthly instalment
( EMI, to be intimated by UTI ) towards the subsequent half yearly contributions
in the plan.
-
In case a member under the SSS resigns/leaves that organisation he may
continue under the SSS if the new organisation he joins has similar arrangement
with UTI. In the event the new organisation he joins is not covered under
the SSS or his not joining any organisation, he will be required to pay
the ULIP contribution at the corresponding rate for six months directly
to UTI every half yearly. His failure to pay the renewal contribution on
due date/s will make the member to cease to participate in the plan forthwith
and thereby to the insurance cover on his life simultaneously.
-
The SSS would be available only to fresh investment and the existing member
of the plan will not be allowed to convert into the SSS.
12) Termination of membership under the plan:
-
All contributions by members should reach the Trust during the month/s
specified in clause 7 (iv) above. Any member whose contribution remains
unpaid even after the expiry of the specified period [as mentioned in clause
7(iv)], shall cease to participate in the plan, forthwith. Insurance cover
on the life of such a member will also stand to terminate simultaneously.
-
A member whose participation in the plan stands terminated in terms of
sub-clause (a) above, may approach the Trust, not later than one year from
the month of the earliest contribution in default, to revive his participation.
This will be subject to such terms and conditions as may be prescribed
by the Trust in consultation with the L.I.C. or other insurance companies
at a future date.
-
A member can terminate his participation in the plan by giving a notice
of not less than a month, in writing, to the Trust.
-
In the event of termination of the membership in terms of (a) and (c) above,
the erstwhile member shall be paid the cash equivalent of all the units
to his credit calculated at the repurchase price ruling on the date on
which the Trusts requirements in connection with settling his account
are complied with in all respects. Before doing so, however, the plan shall
be entitled to recover, towards administrative charges, the following amount:
Category of member Amount to be recovere
-------------------------- -------------------------------
-
If membership is terminated within 5 1% of the target amount
years from joining the plan
(ii) If membership is terminated after 0.5% of the target amount
5 years
13) Termination and winding up of the scheme and the plan made thereunder:
a) The duration of the scheme is indefinite. Trust may however, terminate
and initiate steps to wind it up under the following circumstances:
-
on the happening of any event which in the opinion of the Trust requires
the scheme to be wound up, or
-
if the SEBI so directs in the interest of the members of the plan or
b) Where the scheme is wound up in pursuance of sub clause(a) above,
the Trust shall give notice of the circumstances leading to the winding
up of the scheme to SEBI and publish it in two daily newspapers having
circulation all over India and also in a vernacular newspaper circulating
in Mumbai at least a week before the termination is effected.
c) On and from the date of advertisement of about the termination, the
Trust shall
(i) cease to issue, redeem and cancel units of the scheme and
(ii) cease to carry on any business activities in respect of the scheme,
d) The Board of Trustees shall call a meeting of the members of the
scheme to consider and pass necessary resolution by simple majority of
the members present and voting at the meeting for authorising the Trustees
or any other person to take steps for winding up of the scheme.
e) (i) The Board of Trustees or the person authorised under sub clause
(d) above, shall dispose of the assets of the scheme in the best interest
of the members of the scheme.
(ii) The proceeds of sale made in pursuance of sub clause (e) (i) above,
shall, in the first instance be utilised towards discharge of such liabilities
as are properly due under the scheme and after making appropriate provision
for meeting the expenses connected with such winding up. The balance shall
be paid to the members of the scheme in proportion to their respective
interest in the assets of the scheme as on the date when the decision for
winding up was taken.
f) On completion of the winding up, the Trust shall forward to the SEBI
and the members of the scheme a report on the winding up containing particulars
such as circumstances leading to the winding up, the steps taken for disposal
of assets of the scheme before winding up, expenses of the scheme for winding
up, net assets available for distribution to the members and a certificate
from the auditors of the scheme.
g) Notwithstanding anything contained hereinabove, the application of
the provisions of SEBI (Mutual Funds) Regulations, 1996 in respect of disclosures
of half yearly reports and annual report shall continue until winding up
is completed or the scheme ceases to exist.
h) After the receipt of the report referred to in item (f) above, if
the SEBI is satisfied that all measures for winding up of the scheme have
been completed with, the scheme shall cease to exist.
-
The Trust shall pay the repurchase value as early as possible but within
10 working days from the date of receipt of the membership certificate
along with a request letter duly signed and after other procedural and
operational formalities are complied with.
-
Any insurance claims in respect of life cover / personal accident cover
till the date of winding up will be settled by LIC / GIC respectively.
VI. EXPENSES
-
(a) Initial issue expenses for the schemes launched during the financial
year 1998-99 are as follows:
2) (a) Recurring expenses: The following expenses will be charged to
the scheme on a recurring basis. Estimated annual recurring expenses are
as under:
______________________________________
Items As % of average
weekly NAV
______________________________________
Administrative Expenses 0.60
Custodial Fees 0.20
Contribution to DRF 0.25
Staff Welfare Fund 0.10
Registrars Fees 0.50
Marketing & Sales Promotion 0.55
Premium Payment 0.05
______________________________________
Total 2.25
______________________________________
(b) The above level of recurring expenses is based on estimates and
is subject to change inter se as per actual expenses incurred.
(c) The total annual recurring expenses of the scheme excluding repurchase
expenses but including administrative expenses, contribution to Development
Reserve Fund (DRF) and Staff Welfare Fund (SWF)shall be subject to the
following limits :
-
On the first Rs.100 crores of the average weekly net assets - 2.25%
-
On the next Rs.300 crores of the average weekly net assets - 2.00%
-
On the next Rs.300 crores of the average weekly net assets 1.75%
-
On the balance of the assets - 1.50%
(d) Administrative expenses, contribution to DRF and contribution to SWF
will not exceed the limits specified under clause 2 of regulation 52 of
SEBI (MFs) Regulations, 1996, namely:
-
One and quarter of one percent of the weekly average net assets outstanding
in each accounting year for the scheme as long as the net assets do not
exceed Rs.100 crores, and
-
One percent of the excess amount over Rs.100 crores, where net assets so
calculated exceed Rs. 100 crores.
(3) While UTI does not charge any investment management and advisory
fees as provided in the SEBI (Mutual Funds) Regulations, 1996 it will ensure
that the annual recurring expenses shall remain within the limits specified
under regulation 52 of SEBI (Mutual Funds) Regulations, 1996.
4) DRF contribution
-
A sum equal to 0.25% p.a. of the weekly average Net Asset Value of the
scheme shall be set aside as contribution towards the DRF of the Trust
. DRF contribution will be part of the recurring expenses.
-
The Trust instituted this fund in the year 1983-84 as a common fund to
enable the Trust to meet the expenditure in respect of research & developmental
work in connection with the introduction of new schemes, innovation of
new systems and procedures at the conceptual stage and also various other
productional & developmental work not related to or linked with any
particular scheme itself. The Fund is also utilised for Economic and Capital
Market Research, Management & Professional Training, Surveys and Market
Research for the Trust, Marketing and Corporate image building efforts
that are not connected to any specific scheme, Human Resource Development
efforts with long term effects and which may relate to the Trust's future
activities and for meeting the shortfall, if any, in the assured rate of
return of any of the schemes of the Trust as well as the issue expenses
for no-load schemes.
5) SWF Contribution
A sum equal to 0.10% p.a. of weekly average Net Asset Value of the scheme
shall be set aside as contribution to the SWF. The Trust has instituted
the SWF for the welfare of its employees which shall include relief in
distress, medical relief, health relief or for similar other purposes.
VII. SALE OF UNITS
-
Sale contract/issuance of membership certificate
The contract for sale of units by the Trust shall be deemed to have
been concluded on the acceptance date.
The net amount of initial investment and the subsequent contribution
after payment of premium if any to L.I.C., will be invested in units of
the scheme. Units will be issued at a NAV based price. The sale price will
be fixed in such a way that it is not more than 7% of the NAV or within
such limit as may be prescribed by SEBI from time to time. The sale price
will be valid for a week ( Monday to Sunday) and will be based on the NAV
of the Wednesday of the preceding week, if Wednesday is holiday
in the state of Maharashtra, then NAV as of immediate preceding working
day will be considered. UTI may however change the day of valuation
as may be decided by it. Any such change will be intimated to investors
suitably.
-
Mode of Payment
-
The payment for units by an applicant shall be made by him alongwith the
application by a cheque or draft or cash. For applications submitted at
UTI branch offices, cheques or drafts should be drawn on any branch of
a bank operating within the city/town where that UTI branch office is situated.
Provided, however, individual investors who apply from a place other than
where the Trust has its branch office/collection centre/franchise office
may do so by sending the application to the nearest branch office of the
Trust along with a bank draft after deducting therefrom bank charges for
purchasing the bank draft up to Rs.25/- or the actual amount incurred by
him whichever is less. Bank draft commission charges paid by the individual
investor in excess of Rs.25/-, as stated above, will have to be borne by
the investor. The collection centres/franchise office are authorised to
accept applications alongwith cheque payable locally or demand draft payable
at the place where the concerned branch office of UTI is located in which
case individual applicant may deduct bank commission charges to the extent
of Rs.25/- or actual amount incurred by him whichever is lower. The draft
commission charges will form a part of the recurring expenses of the plan.
The Trust however reserves the right to modify or withdraw the facility
for bearing the draft charges by the plan.
b) However, in case of applications received alongwith local bank draft
where the Trust has its branch office/collection centre/franchise office,
bank draft commission will have to be borne by the investors.
c) If the payment is made by a cheque/draft, the date of acceptance
of the application will, subject to such cheque/draft being realised, be
the date on which the application is received by the branch office of the
Trust or franchise office / collection centre.
d) If, the contribution amount is less than the monthly/half yearly/yearly
contribution indicated in clause V (7) (c) and V (11) the entire amount
shall be refunded to the applicant without any interest at his cost in
such manner as the Trust may deem fit.
3. Non Resident Indians:
In case a resident member becomes a NRI or an investment is made by
a NRI ( as and when a NRI becomes eligible to invest in the plan), the
contribution can be paid through NRE or NRO account of NRI. However, the
income distribution, declared, if any, and repurchase/ maturity proceeds
will not be repatriable. Such, amounts will be credited to NRO account
of NRI or paid in Indian rupees to a resident close relative of the member.
4. Applicant to comply with requirements under the scheme before
being issued units:
-
Persons applying for units under the plan on behalf of a minor or in the
name of minor shall satisfy the Trust about their eligibility to make such
application and will have to comply with all requirements such as submission
of the birth certificate etc. as may be prescribed from time to time.
-
An adult, being a parent, step-parent or other lawful guardian of a minor
may hold units and deal with them in accordance with and to the extent
provided, in sub-section (2A) of Section 21 of the Act. Such adult, if
so required, shall furnish to the Trust, in such manner as may be specified,
proof of the age of the minor and his own capacity to hold and deal with
units on behalf of the minor. The Trust shall be entitled to act on the
statements made by such adult in the application form without calling for
any further proof.
-
Where an investment is made on behalf of a minor, the provisions of the
scheme shall be binding on the minor member. Till the minor member attains
the age of 18 years, the Trust shall direct all correspondence to the parent
applying on behalf of the minor. On the minor member attaining the age
of 18 years he shall be deemed to be participating in the plan on his own
and the Trust shall thereafter enter into all correspondence with him directly.
-
A parent applying on behalf of the minor member cannot include a second
named person.
-
On attaining the age of 18 years the minor shall be authorised to appoint
a second named person and the provisions of the plan hereunder relating
to the member and the second named person shall apply accordingly.
-
Every person desirous of participating in the plan shall
-
complete the application form specified by the Trust
-
furnish evidence of age, in the manner prescribed by the Trust; and
-
furnish evidence of good health by making a declaration in the manner specified
by the Trust in this behalf on the application form.
(g) Person who holds units under a false declaration shall be liable
to have the membership cancelled and the name deleted from the register
of members.
In such cases, the Trust shall have the right to repurchase the units
at par or NAV, whichever is lower or at such price as may be decided by
the Trust and deduct penalty of 25%, and recover the income distribution,
if any, wrongly paid from out of the repurchase proceeds and return the
balance. The amount shall not carry any interest irrespective of the period
it takes by the Trust to effect the repurchase and to remit the same to
the applicant.
5. Right of the Trust to accept or reject application:
a) The Trust shall have the right at its sole discretion to accept and/or
to reject an application for issue of units under the plan. The Trust shall
reject an application for issue of units in the following circumstances:
(i) the application is received with an amount lesser than the required
initial investment,
(ii) the application has not been signed by the first applicant and
(iii) the applicant is not eligible to invest in the plan.
b) In case an application is found to be incomplete, the same will be
liable for rejection.
c) Any decision of the Trust about the eligibility or otherwise of a
person to make an application under the plan shall be final.
d) Refund in such rejected cases will be made after compliance of requisite
operational and procedural formalities without incurring any liability,
whatsoever, for interest or other sum.
6. Second named person
(a) When an application for participation in the plan is made by two
individuals, the Trust shall recognise only the first-named person as specified
in the relevant application form, and that person shall be entitled to
all the benefits of the plan and deal with the units and to whom all communication
would be sent by the Trust so long as he is alive.
(b) A member, who is already participating singly in the plan, may,
if he so desires, on surrendering the membership certificate already issued
to him, apply in the specified form to include another person, who is not
a minor as second named person in the membership.
(c) (i) In the case of an existing joint participation, the member shall
be entitled to appoint another person to participate in the plan in place
of the person originally named as the second named person. For this purpose,
the first named person and the proposed second named person should make
an application in the prescribed form. On receipt of an application to
this effect and on surrendering the membership certificate already 15..issued
by the Trust, the Trust shall recognise the proposed participant as the
second-named person in place of the person originally named as the second-named
person who shall forthwith cease to participate in the plan. The Trust
shall then issue a fresh membership certificate in the name of the first
named person including the name of proposed second named person and thereupon
the proposed second named person shall be entitled to the benefits of the
plan as though he had been originally named as the second named person.
(ii) The member shall be entitled to make such a change only once, provided
that this limitation shall not apply to an appointment under clause (VIII)
6 (c) (ii) below.
(iii) The person originally named as the second named person thus having
been substituted shall have no right, claim, or interest against the Trust
or the contributions made under the plan or any units issued thereunder
provided nothing contained in this clause shall affect any right or claim
which such person may have against the member.
(d) Contributions under the plan should be made by the member to whom
alone the receipt for such contributions will be issued by the Trust.
VIII. REPURCHASE OF UNITS
-
Repurchase will be open throughout the year except during book closure
period/s not exceeding 15 days in a year.
-
(a) Units will be repurchased at NAV based price to be determined on a
weekly basis. The repurchase price valid for 7 days period will be based
on the NAV to be calculated with valuation day being the previous
Wednesday or any other day as may be decided by UTI. If any Wednesday
happens to be a holiday in the state of Maharashtra, the valuation day
for calculating the NAV will be the immediate preceding working day.
The repurchase price will not be lower than 93% of the NAV or within such
limit as may be prescribed by SEBI from time to time. The difference between
the repurchase price and the sale price of a unit shall not exceed 7% calculated
on the sale price.
(b) Investors will not be allowed to repurchase units during the 10
or 15 year period he had joined except under winding circumstances indicated
in clause V (12) (a) and (c).
-
On completion of ten year or fifteen year period of an investor's joining
the plan,
-
a member shall be free to redeem all the units to his credit in one or
more lot/s at the repurchase price applicable for repurchase on the date
on which the repurchase request is submitted alongwith all requirements
prescribed in that behalf.
-
The member may opt to continue in the plan even after completion of 10/15
years period since he joined. In that event he will not be required to
pay half yearly/yearly contribution and also cease to get the life cover.
In case the member continues beyond 10/15 year maturity period the following
benefits would accrue to him:
-
he will continue to participate in the appreciation of his investment which
will be reflected through higher repurchase price or through income distribution,
if any.
-
personal accident cover for which the Trust shall pay GIC the premium by
repurchasing the required number of units from the account of the member.
-
over and above the maturity bonus of 5% and 7.5% payable at the maturity
of 10 / 15 year plan period the member will be entitled to get a bonus
of 0.5% for each completed year even after maturity.
(c) Instead of repurchasing units on maturity or thereafter a member may
directly switchover his investment in ULIP to some other scheme/s on such
terms as may be announced by the Trust from time to time.
4. The repurchase will be effected on receipt of the membership certificate
duly discharged or on submission of a request in appropriate form alongwith
Membership certificate.
5. Unless revised repurchase price of units will be at a discount of
3% to the applicable weekly NAV.
6. Payment for units repurchased by the Unit Trust shall be made not
later than 10 working days (provided the. e application is in order) from
the date of receipt of the repurchase request at the place where such requests
are processed. No interest shall, on any account, be payable on the amount
due to the applicant provided such repurchase proceeds are paid within
the time frame provided under the Mutual Fund Regulations.
7. In case of partial repurchase, only after completion of the plan
period, the minimum balance in the members account should not be less
than Rs.5000/- reckoned with respect to the NAV on the date of acceptance.
-
Settlement of Death Claim
(a) In the event of death of the member within the period of plan opted
by him, the executors or administrators of the deceased member or a holder
of succession certificate issued under Part X of the Indian Succession
Act, 1925 (39 of 1925) shall upon providing such evidence to his title,
as the Trust shall consider sufficient, be entitled to receive from the
Trust:
-
amount equivalent to the repurchase price of all the units to the credit
of the deceased member ruling on the date on which the Trusts requirements
in connection with settling the account are complied with in full, and
-
the amount payable by the Life Insurance Corporation of India on the life
of the deceased member. The amount so payable on the life of a member on
his death within the ten years/fifteen years period will be the sum which
is equal to the difference between the total amount of contributions to
be made by the member over the ten year/fifteen year period as the case
may be and the contributions actually made by him which will include contributions
due but not made, till the death of the member.
-
The amount of insurance cover will be limited as follows:
Period elapsed since the Extent of amount of
commencement of membership Insurance Cover
/date of reinstatement
-------------------------------------- ------------------------------
Less than 6 months Refund of premia paid from the date of commencement
of participation or
dateof reinstatement of participation,
as the case may be, to the date of death.
Over 6 months less 50% of the life insurance cover
than 1 year extended to the member.
Over 1 year 100% of the life insurance cover
extended to the member.
However, in the event of death due to an accident, the foregoing restrictions
will not apply and full amount of the cover will become payable.
Explanation
"Death due to accident" shall mean death occurring within six calendar
months of the happening of bodily injury, resulting solely and directly
from accident caused by violent, external and visible means independent
of any other cause but not the death caused by/resulting from:
-
intentional self-injury, suicide or attempted suicide, insanity or immorality
or whilst the member is under the influence of intoxicating, liquor, drug
or narcotics; or
-
injuries from riots, civil commotion, rebellion, war (whether war be declared
or not), invasion, hunting, mountaineering, steeplechasing or racing of
any kind; or
-
the member committing any breach of the law
(b) In the event of the death of the member before completion of the
period of the plan the membership of both the persons shall stand terminated
and the second named person as at the time of the death of the member will
be recognised by the Trust as the person entitled to receive from the Trust
the following benefits provided the Trust is fully satisfied, in the manner
it may decide, about the death of the member.
-
the amount equivalent to the repurchase price of all the units to the credit
of the deceased member ruling on the date on which the Trusts requirements
in connection with settling the account are complied with in full, and
ii. the amount payable by the Life Insurance Corporation of India on the
life of
the deceased member as stated in clause VIII (7) (a) (iii) above.
(c) (i) In the event of the death of the second named person before
the completion of the period of the plan, the member shall, subject to
the provisions of the clause (ii) hereunder, be recognised by the Trust
as the only person entitled to the units held under the plan and such member
shall continue to participate in the plan.
(ii) The member may, if he so desires, appoint another person (not being
a minor as on the date of the application for participation) to participate
with him in the plan in the place of deceased second named person and for
this purpose, the member and the proposed second named person should make
an application. The Trust may, if the application is in order and on being
satisfied about the death of the second named person and against surrender
of the membership certificate already issued, admit the proposed second
named person into the plan and issue a fresh membership certificate including
the name of the proposed second named person who shall be treated as though
he had been originally named as the second named person under the membership.
(d) No interest shall, on any account, be payable on the amount due
under clause VIII (7).
9. Accident Insurance Cover
(a) The Trust shall in addition to life insurance benefits provided
under the plan may extend the benefits of Janata Accident Insurance or
any other accident insurance cover which may be available from the General
Insurance Company/Companies/Corporations (hereinafter referred to as 'Insurer')
or any other company from time to time, to the members of the plan to such
extent and to cover such risks as the Trust may deem proper. The benefit
of any such Accident Insurance Cover that the Trust may provide shall be
subject to the terms, provisions, exclusion, definitions and conditions
expressed or endorsed in the policy which the Trust may procure from the
Insurer for the benefit of the member.
(b) The benefits of such an Accident Insurance Cover shall be made available
to a member of the plan without any additional or extra payment or contribution
by the member.
(c) In case of joint participation in the plan the benefit or insurance
as above will ensure only to the first-named person participating in the
plan.
(d) If a person is participating in the plan under one or more memberships
the benefit of the Accident Insurance Cover referred to above will be available
to the member only so long as he continues to be a member. Provided, however,
that such benefit can be availed of by the member or accrue to the member
only in respect of one membership irrespective of the number of memberships
taken by the member
(e) In the event of an injury resulting in the death of a member, or
of the first-named person in the case of the joint participation arising
out of an accident, the benefit of such Accident Insurance will be available
to the person mentioned in clause VIII (a) or the second named person,
as the case may be. If the member, or the first-named person, as the case
may be, is however alive, the benefits of such Accident Insurance will
be available to such member or the first-named person.
(f) The benefits of such Accident Insurance Cover will be extended by
the Trust at its own discretion for such person/persons as it may deem
fit and a member shall have no claim whatsoever as to the entitlement or
the continuance thereof. The Trust shall be at liberty to withdraw the
benefits, at any time, both in respect of the existing as well as the future
members, without giving any notice if it considers expedient or necessary
to do so in the interest of the Trust.
(g) The Insurance Cover in respect of death or disability or injury
arising out of an accident available to a member shall be on a year to
year basis commencing from the membership and ending with the cessation
of the membership.
(h) Any claim preferred in respect of death or disability or injury
arising out of an accident by a member or other claimant as the case may
be shall be confined to the year for which the insurance cover is valid
and operative.
(i) The decision of the Trust in the matter of dealing with or settling
the claim in respect of the Accident Insurance Cover shall be final and
no member shall have any recourse to the Insurer on any ground whatsoever.
As regards the Accident Insurance Cover benefit extended to the members
of the plan, the members would be deemed to have acquired membership of
the plan only on this express understanding.
(j) At present the personal accident insurance cover is upto the maximum
of Rs.30,000/- irrespective of the number of the membership or target amount.
The amount of personal accident insurance cover will be as follows:
IX. INCOME DISTRIBUTION
-
The income earned/accrued by/to the scheme will be reflected in the growth
of the NAV per unit.
-
However, in appropriate circumstances the Trust may consider distributing
the income earned/accrued to the scheme at its discretion:
a) The Trust may make declaration of income distribution and pay
the same vide income distribution warrants, or
b)The income distribution declared, if any, maybe allowed to be automatically
reinvested in the scheme at the prevailing NAV on the date of such reinvestment.
-
In the event of income distribution, and in the absence of any specific
instruction from the investor, as long as a member continues to participate
in the plan, after maturity, the whole of such income distribution on the
units outstanding to his credit, as also in respect of other units acquired
under it, shall be applied by the Trust for reinvestment in units, including
fractional units in accordance with the provisions of this plan.
-
Income distribution declared after the completion of the ten year/fifteen
year period of joining of the plan shall, so long as the members account
is not settled, be applied by the Trust for reinvestment in units including
fractional units in accordance with the provisions of the plan.
-
In the event of death of the member before completion of the ten year/fifteen
year period from joining the plan, income distribution, if any declared,
after the death of the member shall not be reinvested (if not already reinvested
for want of information of the members death) but shall be kept in a separate
account and paid to the claimant at the time of settling the account.
-
Income distribution, if any, on units held by an erstwhile member whose
contributions are in default shall be applied by the Trust for reinvestment
in units including fractional units, in accordance with the provisions
of this plan, so long as it is open to the erstwhile member to revive his
membership. Thereafter, the income distribution shall not be reinvested
but shall be kept in a separate account and paid to the erstwhile member
at the time of settling the account.
-
Maturity bonus:
a) On completion of a 10 year plan a maturity bonus of 5% will be paid
on the target amount. For a 15 year plan a maturity bonus of 7.5% will
be paid on the target amount. The maturity bonus is also payable if the
member has paid all the contributions under the plan and dies in the last
year before completing 10 years or 15 years period.
b) In case the investor decides to continue beyond 10 / 15 year maturity
period he may decide to be paid the maturity bonus of 5% or 7.5% as the
case may be, or convert it into ULIP units.
-
Bank particulars of investors:
In order to avoid fraudulent encashment of repurchase cheques/redemption
cheques / income distribution warrants, due to loss/misplacement, SEBI
has made it mandatory for investors, in their own interest to give bank
particulars at the appropriate place in the application form. Accordingly
applicants are required to furnish full particulars of their bank account
(i.e.nature of account, account number and name and address of bank branch).
Similarly bank particulars have to be provided at the time of repurchase/
redemption to enable the Trust to make out the cheque in the name of the
investor with the bank particulars for credit to the members account so
specified and sent to them.
X. INVESTMENT OBJECTIVES, POLICIES & STOCK LENDING
1. Investment Objective :
(i) Investment objectives of the scheme is to primarily to provide return
through growth in the NAV. Funds collected under the scheme after meeting
expenses shall generally be invested as follows:
(a) Not less than 60% of the funds in debt instruments with low to medium
risk profile.
(b) Not more than 40% of the funds in equities and equity related instruments.
(ii) Minimum and maximum asset allocation:
Debt - Minimum 60% Maximum 100%
Equity - Maximum 40%
(iii) Provided that the equity component in the portfolio may be brought
down to 30% over a period of 3 years (i.e. June, 2003) or such period as
may be decided by the Trust. Consequently the debt component may be increased
to 70%.
(iv) No fixed allocation will normally be made for money market instruments.
Investment in money market instruments will be kept to the minimum so
as to be able to meet the liquidity needs of the scheme. However, pending
deployment of funds of the scheme in securities in accordance with its
investment objective, as stated above, the Trust may invest in money market
instruments.
(v) The Trust retains the option to alter the asset allocation for a
short term period on defensive consideration.
-
Fundamental Attributes
-
"Fundamental attributes" mean the following:
-
Type of scheme: Unit Linked Insurance Plan is an open end saving cum insurance
plan
-
Investment objective: as provided under clause X of this offer document.
-
Terms of issue: provisions in this offer document in respect of repurchase
of units and expenses.
-
Any change in the fundamental attributes of the scheme will be carried
out only if:
-
the existing unitholders are intimated by individual communication and
-
an advertisement is given in English daily newspaper having circulation
all over India and also in a Marathi newspaper.
-
the members are given an option to exit at prevailing NAV without any exit
load.
-
The Board may from time to time add to or otherwise amend this scheme and
the plan made thereunder and any amendment/addition thereof will be notified
in the Official Gazette as required in terms of section 21(4) of the UTI
Act 1963.
-
Any change/amendment/modification of the fundamental attributes of the
scheme will be made with the prior approval of the SEBI. In respect of
other changes/amendments/modifications not being of fundamental nature
and not affecting the interest of the investor adversely, SEBI will be
kept informed.
3. Investment Policies
-
The scheme shall not invest more than 15% of its NAV in debt instruments
issued by a single issuer which are rated not below investment grade by
a credit rating agency authorised to carry our such activity under SEBI.
Such investment limit may be extended to 20% of the NAV of scheme with
the prior approval of the Board of Trustees. Provided that such limit shall
not be applicable for investments in government securities and money market
instruments.
-
The scheme shall not invest more than 10% of its NAV in unrated debt instruments
issued by a single issuer and the total investment in such instruments
shall not exceed 25% of the NAV of the scheme. All such investments shall
be made with the prior approval of the Board of Trustees.
-
The existing investments under the scheme as on
.(dt of becoming SEBI
compliant) in term loans/other non transferable instruments will be held
in the scheme until they are fully repaid or sold/disinvested. However,
no fresh investments in term loans/ other non-transferable instruments
will be made by the scheme with effect from
. ;
-
The Trust shall, get the securities purchased by it transferred in its
name.
-
The Trust shall buy and sell securities on the basis of deliveries and
shall in all cases of purchases, take delivery of relative securities and
in all cases of sale, deliver the securities and shall in no case put itself
in a position whereby it has to make short sale or carry forward transaction
or engage in badla finance. Provided that the Trust, shall in accordance
with the guidelines issued by SEBI, enter into derivatives transactions
in a recognised stock exchange for the purpose of hedging and portfolio
balancing.
-
Subject to requisite authorisations, UTI, in appropriate circumstances,
may use techniques and instruments, such as futures and options and other
derivatives subject to applicable regulations and counter-party risk assessment,
as prescribed by SEBI from time to time, for the purposes of achieving
the investment policy of the scheme or hedging or minimising the risk.
-
(a) The scheme will participate in the stock lending programme, in accordance
with the terms of securities lending scheme announced by SEBI. The activity
shall be carried out through some approved intermediary
(b)The maximum exposure of the scheme to a single intermediary in
the stock lending programme at any point of time would be 10% of the market
value of the equity portfolio of the scheme.
(c)If UTI is permitted to borrow stocks the scheme may in appropriate
circumstances borrow stocks in accordance with SEBI guidelines in that
regard.
-
The scheme may invest in securities issued by overseas/foreign companies
and listed abroad or securities issued by Indian Corporates to foreign/overseas
investors and listed on foreign stock exchange directly by subscribing
to such issues or purchasing them on the foreign stock exchanges in accordance
with the SEBI/RBI guidelines issued in that regard from time to time.
-
The scheme shall not make any investment in;
(a)any unlisted security of an associate or group company of the
Trust; or
(b)any security issued by way of private placement by an associate or
group company of the Trust; or
(c) the listed securities of group companies of the Trust which is in
excess of 25% of the net assets.
-
The services of UTI Securities Exchange Limited (UTI SEL) a stock-broking
firm and wholly owned by UTI may be utilised for securities transactions
of the scheme as per the policies and subject to the limits laid down by
the Board of Trustees of the Trust. UTI SEL was set up in 1994 with registered
office at Mumbai.
-
Investment in non publicly offered debt: Depending upon the available yield
the scheme would be investing in non-publicly offered debt securities.
-
Based upon the liquidity needs, the scheme may invest in Government of
India/State Government Securities without any restriction on the extent
to which such investment can be made.
-
The scheme shall invest not more than 10% of its NAV in the equity shares
or equity related instruments of any company.
(vii) The scheme shall not invest more than 5% of its NAV in the unlisted
equity shares and equity related instruments.
4. Corporate investment in the Trusts Schemes and the Trusts investments
in these companies.
-
List of schemes wherein companies
have invested more than 5% of the net asset value of a scheme as on 31/12/99.
| Sr.
No. |
Scheme
Name |
Name
of Company holding > 5% of scheme assets
|
| 1 |
IISFUS ' 97 |
HDFC |
|
|
Hindustan
Lever Ltd |
| 2 |
IISFUS 97(II) |
State
Bank of India |
|
|
The Peerless
General Finance & Investment Co. Ltd.
|
| 3 |
IISFUS 98 |
The Peerless
General Finance & Investment Co. Ltd. |
| 4 |
IISFUS 98 (II) |
National
Housing Bank |
| 5 |
MIP 97(IV) |
Oriental
Bank of Commerce |
| 6 |
MIF |
The Peerless
General Finance & Investment Co. Ltd.
|
|
|
State
Bank of India |
| 7 |
MVUP |
IDBI |
|
|
S B I |
| 8 |
GROWTH SECTOR FUND(BRAND
VALUE) |
Aranik
Securities Pvt. Ltd. |
|
|
State
Bank of Hyderabad |
| 9 |
GROWTH SECTOR FUND(PHARMA) |
State
Bank of Hyderabad |
| 10 |
GROWTH SECTOR FUND(SERVICES) |
State
Bank of Hyderabad |
| 11 |
G SEC |
Union
Bank of India |
|
|
State
Bank of India |
| 12 |
UTI-MMF |
Bennett,
Coleman & Co. Ltd. |
|
|
UTI Bank
Ltd. |
|
|
The Arvind
Mills Ltd. |
|
|
Stock
Holding Corporation of India Ltd. |
(ii) Investment made by the above scheme or any other scheme of UTI
in the above companies or their subsidiaries on an aggregate basis as on
31/12/99.
Rs. crore
| Company Name |
Equity (Cost) |
Debt (Cost) |
Deposits |
Total |
| State Bank of Mysore |
0.18 |
0.00 |
0.00 |
0.18 |
| State Bank of Hyderabad |
0.00 |
0.76 |
0.00 |
0.76 |
| I D B I Bank |
0.85 |
0.00 |
0.00 |
0.85 |
| Stock Holding Corporation of India
Ltd. |
7.33 |
0.00 |
0.00 |
7.33 |
| Hind Lever Chemicals Ltd.(HLL Subsidiary) |
20.45 |
0.00 |
0.00 |
20.45 |
| Oriental Bank of Commerce |
29.07 |
0.00 |
0.00 |
29.07 |
| SBI Capital Markets (SBI subsidiary) |
0.00 |
35.45 |
0.00 |
35.45 |
| Union Bank of India |
0.00 |
50.00 |
0.00 |
50.00 |
| The Arvind Mills Ltd. |
58.35 |
1.07 |
0.00 |
59.42 |
| SIDBI (IDBI Subsidiary) |
0.00 |
75.96 |
0.00 |
75.96 |
| UTI Bank Ltd |
89.12 |
0.00 |
0.00 |
89.12 |
| HDFC |
234.50 |
91.63 |
0.00 |
326.13 |
| S B I |
599.33 |
57.01 |
0.00 |
656.34 |
| Hindustan Lever Ltd. |
1782.16 |
0.00 |
0.44 |
1782.60 |
| IDBI |
352.73 |
2012.16 |
0.00 |
2364.89 |
| TOTAL |
3174.07 |
2324.04 |
0.44 |
5498.55 |
(ii) Investment made by the above scheme or any other scheme of UTI
in the above companies or their subsidiaries on an aggregate basis as on
31/12/98
Rs. crore
| Company Name |
Equity (Cost) |
Debt (Cost) |
Term Loan |
Total |
| State Bank of Mysore |
0.18 |
0.00 |
0.00 |
0.18 |
| State Bank of Hyderabad |
0.00 |
0.65 |
0.00 |
0.65 |
| I D B I Bank |
0.00 |
0.00 |
0.00 |
0.00 |
| Stock Holding Corporation of India
Ltd. |
7.51 |
0.00 |
0.00 |
7.51 |
| Hind Lever Chemicals Ltd.(HLL Subsidiary) |
|
0.00 |
0.00 |
0.00 |
| Oriental Bank of Commerce |
31.66 |
0.00 |
0.00 |
31.66 |
| SBI Capital Markets (SBI subsidiary) |
0.00 |
0.00 |
0.00 |
0.00 |
| Union Bank of India |
0.00 |
0.00 |
0.00 |
0.00 |
| The Arvind Mills Ltd. |
97.76 |
2.24 |
0.00 |
100.00 |
| SIDBI (IDBI Subsidiary) |
0.00 |
75.36 |
0.00 |
75.36 |
| UTI Bank Ltd |
89.12 |
0.00 |
0.00 |
89.12 |
| HDFC |
303.39 |
150.00 |
0.00 |
453.39 |
| S B I |
844.50 |
52.33 |
0.00 |
896.83 |
| Hindustan Lever Ltd. |
1082.68 |
6.60 |
0.87 |
1090.15 |
| IDBI |
363.39 |
1883.92 |
0.00 |
2247.31 |
| TOTAL |
2820.19 |
2171.10 |
0.87 |
4992.16 |
These investments were made by UTI in the normal course
of its business activities.
XI. INTER-SCHEME TRANSFERS
Transfer of investments from /to this scheme to/from another scheme/plan
of the Trust shall be done only if-
a) such transfers are on spot basis and are at the prevailing market
price for quoted instruments.
Explanation : "spot basis" shall have the same meaning as specified
by the stock exchanges for spot transactions.
b) the securities so transferred are in conformity with the investment
objective of the scheme/ plan to which such transfers are made; and
c)Transfer of unlisted or unquoted investments from/to the plan to/from
another scheme/plan of the Trust shall be done as per the policies laid
down by the Board of Trustees of the Trust.
XII. ASSOCIATE TRANSACTIONS & BORROWINGS
1. The scheme shall not borrow except to meet temporary liquidity
needs of the scheme for the purpose of repurchase, redemption of units
or payment of interest or income to the members.
Provided that the scheme shall not borrow more than 20% of the net asset
of the scheme and the duration of such a borrowing shall not exceed a period
of six months.
2. As per section 20 of the Unit Trust of India Act 1963 the
Trust has the following borrowing powers:
-
The Trust may borrow, whether in India or outside India from any authority
or person, not being Government or the Reserve Bank, against such security
and on such terms and conditions as may be agreed upon.
-
The Trust may borrow money from the Reserve Bank :
-
repayable on demand or on the expiry of a fixed period not exceeding ninety
days from the date on which the money is so borrowed, against stocks, funds
and securities (other than immovable property) in which a trustee is authorised
to invest trust money by any law for the time being in force in India;
-
repayable on demand or within a period of eighteen months from the date
on which the money is so borrowed, against the security of the bonds which
the Trust may issue with the approval of the Central Government;
-
on such terms and conditions and against the security of such other property
of the Trust as may be specified in this behalf by the Reserve Bank for
the purposes of any scheme other than the first unit scheme:
Provided that any amount borrowed under this clause and outstanding at
any one time shall not exceed-
-
five crores of rupees in respect of each such scheme; and
-
ten crores of rupees in respect of all such schemes in the aggregate.
(c) The bonds issued by the Trust under sub-section (b) shall be guaranteed
by the Central Government as to the repayment of principal and the payment
of interest at such rate as may be fixed by the Central Government at the
time the bonds are issued.
XIII. NAV DETERMINATION & VALUATION OF ASSETS
1. Computation and disclosure of Net Asset Value (NAV):
The Net Asset Value of the units issued under the scheme shall be calculated
by determining the value of the scheme's assets and subtracting the liabilities
of the scheme taking into consideration the accruals and provisions. The
Net Asset Value per unit shall be calculated by dividing the NAV of the
scheme by the total number of units issued and outstanding on that date.
The NAV shall be declared and issued to the press for publication on a
weekly basis applicable from next Monday to Sunday with valuation date
being the previous Wednesday. In the event of Wednesday being a holiday
in Mumbai , the NAV will be computed as on the previous working day.
2. Valuation of assets pertaining to this scheme
(a) Quoted investments including those under lock-in period but except
government securities are valued at the closing market rates on the valuation
date and in its absence, at the latest available quote within a period
of sixty days prior to the valuation date. If no quotes are available for
a period of sixty days prior to the valuation date, the same is treated
as unquoted investment.
(b) Quoted government securities are valued at closing NSE market rates
on the valuation date and in its at absence the latest available quote
within a period of seven days prior to the valuation date. If no quotes
are available for a period of seven days prior to the valuation date the
same are treated as unquoted government securities.
(c) In case of quoted debentures and bonds, the market rate, being cum-interest,
the same is adjusted for the interest element, if any.
(d) Right entitlements for shares are valued at market rates, discounted
for dividend element, wherever applicable.
(e) Unquoted preference shares/cumulative convertible preference shares
are taken at cost.
(f) Unquoted equity shares are valued on fair valuation basis as determined
by the Board of Trustees from time to time.
(g) Unquoted debentures, bonds, term loans and transferable notes are
valued at yield to maturity , linked to the yield on GOI Securities (yield
curve) along with a mark up approved by the Board of Trustees.
(h) Unquoted warrants are valued at the market rate of the underlying
equity shares discounted for dividend element, if any, and reduced by the
exercise price payable. In cases where the exercise price payable is higher
than the value so derived, the value of warrants is taken as nil.
(i) Unquoted Government Securities are valued at yield to maturity based
on the prevailing interest rates.
(j) Convertible debentures and bonds where composite market quotations
are not available, the convertible portion is valued at the market rate
relevant to equity shares, discounted for dividend element, if any. The
non-convertible portion if any, of such debentures and bonds is valued
as in (f) above. Where terms of conversion are not specified in respect
of the convertible portion, the same is taken at cost.
(k) Capital indexed bonds are valued on cost basis.
(l) Valuation policies for Investments under Money Market instruments
:-
(i) Money market instruments and other investments are taken at book
value.
(ii) The money invested in inter bank call market is taken at cost.
(iii) The money invested in discount/interest earning instruments is
valued at the yield at which the instrument was last traded. For this purpose
the latest available quote within a period of two working days, prior to
the valuation date is considered. When there are no quotes available in
the last two working days, the instrument is valued at cost plus the difference
between the face value and the cost, applied uniformly over the remaining
maturity of the instrument.
(iv) Other money market instruments, including unquoted debentures are
valued at cost plus the difference between the face value and cost, applied
uniformly over the remaining maturity of the instrument.
Notwithstanding anything contained in respect of clauses X(3), XIII(1)
and XIII(2) the valuation of assets, computation of NAV, fixation of repurchase
price and frequency of their disclosure would be in accordance with the
provisions of SEBI (MF) Regulations/Guidelines/Directives issued by SEBI
from time to time.
XIV. ACCOUNTING POLICIES
1. Income recognition
(a) Dividend income on listed equity shares is accrued on the ex-dividend
date. Dividend income on unlisted equity shares and preference shares is
accounted on receipt basis.
(b) Interest on investments and commitment charges is accounted for
on accrual basis.
(c) Profit or loss on sale of investments is recognised on the trade
dates on the basis of weighted average cost.
(d) Profit or loss and premium on redemption of debenture/bonds are
recognised on the due date.
(e) Underwriting commission is recognised as revenue on receipt basis
when there is no devolvement. In case of devolvement, the full underwriting
commission is reduced from the cost of such investments.
(f) Front-end fee on investments in shares and debentures is reduced
from the cost of such investments.
(g) The difference between purchase price and the maturity value in
respect of zero coupon bonds, deep discount bonds and other long term discounted
instruments is treated as income over the remaining life of the instrument
on YTM basis.
(h) Other income is accounted for on receipt basis.
2. Expenses
a. Expenses are accounted for on accrual basis.
b. Certain common expenses incurred through Unit Scheme 1964,
are allocated to the other schemes as per the provisions of Sec 25 (4)
of UTI Act 1963.
c. Unit Scheme 1964 which owns the fixed assets, recovers lease
rent, on an approved basis, from other schemes for their usage of the said
assets.
3. Investments
a. Investments are stated at cost or written down cost.
b. In case of secondary market transactions investments are recognised
on trade dates.
c. Subscription to primary market issues is accounted as investments,
on allotment.
d. Bonus/right entitlements are recognised on ex-bonus/ex-right dates.
e. Investment viz., debenture /bonds, loans and deposits are transferred
to current assets on the redemption / due date.
f. The cost of investments include brokerage and service tax but does
not include stamp fees which is charged to revenue.
4. Provisions and Depreciation:
(A) Provisions against the income considered doubtful:
Provision is made in respect of interest income remaining past due for
two quarters or more. Provision is made in respect of dividend at the year
end, where it remains outstanding for more than one year from the ex- dividend
date.
(B) Depreciation in the value of investments
(i) The aggregate value of investments as computed in accordance with
clause XIII(2) above is compared to the aggregate cost of such investments
and the resultant depreciation, if any, is charged to General Reserve /
Unit Premium Reserve. In case such aggregate value exceeds the aggregate
cost or the aggregate value as at the end of the previous year, the appreciation
is added to Unit Premium Reserve/ General Reserve to the extent depreciation
was previously adjusted.
(ii) In cases where unquoted equity or preference shares, were written
off in the earlier years, the cost of such investment is written back to
its cost, as and when a quote or fair value is available.
(iii). Assets where interest is remaining past due for two quarters
or more are classified as non performing assets. Provision for such assets
is made individually (as stated in the table below). Such provisions are
not made for other performing assets of the same company.
| |
Period for which asset remains non-performing |
Percentage of Provision |
|
| |
|
Secured Asset |
Unsecured Asset |
| |
Upto two years |
10% |
10% |
| |
Exceeding two years but upto three years |
20% |
100% |
| |
Exceeding three years but upto five years |
30% |
100% |
| |
Exceeding five years |
50% |
100% |
-
Where principal repayment remains outstanding
(a) for two quarters beyond the past due period in respect of the debt
instruments with a balance maturity of not more than 3 years and (b) for
one year beyond the past due period in respect of debt instruments with
a balance maturity of more than 3 years, provision is made for such outstanding
instalments. The overall provision for such assets is limited to the percentage
mentioned in the above table (upto 50% for secured and 100% for unsecured
assets) or the amount in default whichever is higher.
Any subsequent instalments in such cases where the original default
continues, are provided after 30 days from the respective due dates.
(v) In case of funding of interest by way of capitalisation of outstanding
interest dues, the same is provided irrespective of the period of default.
(vi) Provisions for non performing assets are charged to Unit Premium
Reserve/General Reserve/ Revenue Account as the case may be.
(vii) Provisions made under paragraph 5(A) and 5(B) (iv) are written
back on receipt or on restructuring of the assets. Provisions under 5(B)
(v) are written back on receipt basis.
5. Income Distribution :
Provision for income distribution declared, if any, is made on unit
capital at rates approved by the Board of Trustees.
6. Unit Scheme 1971
a. Maturity Bonus is provided over the period of the plan.
b. Provision for Income Distribution, if any, Maturity Bonus, Agents
Commission and appropriation towards premium payable to LIC on application
money on sale of units, is made on subsequent capitalisation thereof.
7. Publication of Financial Results:
The unaudited financial results as on 31st December will be published
within 2 months and audited annual results as on 30th June will be published
within six months of finalisation of accounts in one English daily and
one Marathi daily.
XV. TAX TREATMENT OF INVESTMENTS
Tax Treatment
-
Taxation of income, if any, and capital appreciation, if realised, under
the plan will be subject to prevalent tax laws.
-
A tax rebate of 20% on the contribution amount is available under section
88 of the Income Tax Act, 1961 subject to a maximum investment of Rs.60,000/-
and a maximum tax rebate of Rs.12,000/- p.a. In case of withdrawal from
the plan without contributing for a minimum period of 5 years, the aggregate
amount of the deductions of income-tax so allowed in respect of the previous
year or years preceding such previous year, shall be deemed to be tax payable
by the assessee in the assessment year relevant to such previous year and
shall be added to the tax on the total income of the assessee with which
he is chargeable for such assessment year. The tax rebate for contribution
is available to self, ones spouse and/or children. However, in the case
of an individual, whose income is derived from the exercise of his profession
as an author, playwright, artist, musician, actor or sportsman (including
an athlete), such investor can invest up to Rs.70,000/- in the specified
investments such as units of ULIP,RBP, etc. Such individuals will be entitled
to get a tax rebate equal to 25% of their investment in such approved schemes/plans.
Thus, the maximum rebate allowed under section 88 of the Income Tax Act,
1961 to such individuals is Rs.17,500/- per year.
-
Investments by NRIs will qualify of rebate under section 88 of the Income
tax Act 1961, if the investment is made form income chargeable to tax in
India.
-
Currently income, if any, received by all the categories of investors under
all schemes/plans of the Trust is totally free from tax under Section 10
(33) of the Income Tax Act, 1961.
-
Under the current tax laws, there is no deduction of tax at source by the
Trust, for all the investors, irrespective of the amount/income received
by the investor from the scheme. As per Finance Bill 2000, the plan is
required to pay an income distribution tax at the rate of 20% and surcharge
of 10% thereon under Section 115R of the Income Tax Act, 1961 on the amount
of income distributed, if any, by it.
-
The long term capital gains arising on repurchase of units of the scheme
is subject to treatment as indicated under sections 48 and 112 of the Income
Tax Act, 1961. Accordingly at present the investor is required to pay tax
@ 20% and surcharge thereon on long term capital gains after factoring
the benefit of the Cost Inflation Index. Finance Bill 2000, proposes that
investor can instead opt to pay tax at the flat rate of 10% and surcharge
thereon on such long term capital gains.
-
Value of investment in units under the plan is completely exempt from Wealth
Tax.
-
The Gift Tax Act, 1958 has abolished the levy of Gift Tax in respect of
gifts made on or after 1st October 1998. Thus, gift of units of the plan
is fully exempt from levy of Gift Tax . However, benefits under section
88 of the Income Tax Act 1961, in respect of gifts of units under the Plan
to the person other than the spouse of the donor and / or any child of
such donor will not be available to the investor.
XVI. INVESTORS RIGHTS & SERVICES
1. Members under the plan have a proportionate right in the beneficial
ownership of the assets of the plan and to the income, if any, declared
by the plan.
2. The members have a right to ask the Trustees about any information
which may have an adverse bearing on their investments and the Trustees
shall be bound to disclose such information to the members.
3. The members have the right to have the membership certificates issued
to them not later than 6 weeks from the date of receipt of the initial
contribution.
The members have the right to have the repurchase proceeds despatched
to them within 10 working days (provided the application is in order) from
the date of receipt of the application at the office where the repurchase
requests are processed.
4. An abridged annual report in respect of the Unit Linked Insurance
Plan shall be mailed to all members not later than six months from the
date of closure of the relevant accounting year and made available for
inspection at the Central Investors Relation Cell and a copy shall also
be made available to the members on request on payment of nominal fee,
if any.
5. Any change in the fundamental attributes of the scheme will
be carried out if the investors are allowed to exit at NAV besides being
intimated by individual communication.
6. Under specified circumstances the approval of members will
be sought by a Postal Ballot.
7. The members have the right to inspect the following documents at
the Central Investors Relations Cell, Unit Trust of India, SNDT Women's
University Basement, Door No.1, Sir Vithaldas Thackersey Marg, Mumbai 400020.
* The UTI Act
* The General Regulations
* The agreements with the custodians, registrars and
collecting banks.
* Copy of Offer Document of ULIP.
XVII. CONSTITUTION & MANAGEMENT OF UNIT TRUST OF INDIA
Constitution of UTI
Unit Trust of India was set up as a statutory body under Unit Trust
of India Act, 1963, with a view to encouraging saving and investment and
participation in the income, profits and gains accruing to the Trust from
the acquisition, holding, management and disposal of securities. It started
functioning with effect from 1st July, 1964.
Management of UTI
The Management of the affairs and business of the Trust are vested in
the Board of Trustees with a full time Chairman appointed by the Government
of India.
Besides the Board, there is a statutory Executive Committee comprising
the Chairman and two other Trustees nominated by the Industrial Development
Bank of India. This Committee is competent to deal with any matter within
the competence of the Board.
Board of Trustees *
-
Shri P S Subramanyam Chairman, Unit Trust of India
-
Shri G P Muniappan Executive Director, RBI
-
Shri G P Gupta Chairman & Managing Director, IDBI
-
Shri N.S. Sekhsaria Managing Director,
Gujarat Ambuja Cements Ltd.
-
Shri Rajendra P Chitale Chartered Accountant
-
Dr. Vishvanath V Desa i Economist
-
Shri G Krishnamurthy Chairman, L.I.C.
-
Shri G G Vaidya Chairman, S.B.I.
-
Shri K C Chowdhary Chairman & Managing Director,
Central Bank Of India
10. Dr.Rakesh Mohan Director General, National Council
of Applied Economic Research
* The other current directorships of the Trustees are as follows:
1. Shri P S Subramanyam (i) Chairman & Director - The India
Fund, (ii) Chairman & Director -India Growth Fund, (iii) Chairman &
Director - India Access Ltd. (iv) Chairman & Director - The India Public
Sector Fund Ltd. (v) Chairman of Governing Council - UTI- Institute of
Capital Markets, (vi) Chairman & Director - UTI Investment Advisory
Services Ltd. (vii) Chairman & Director - UTI Investor Services Ltd
(viii) Chairman - UTI-Securities Exchange Ltd., (ix) Director- UTI Bank
Ltd. (x) Chairman & Director - Over-The-Counter Exchange of India (xi)
Member - Life Insurance Corporation of India. (xii) Director - Discount
& Finance House of India Ltd. (xiii) Director - Securities Trading
Corpn. of India Ltd.(iv) Director - National Stock Exchange of India Ltd.
(xv) Trustee - Indian Institute of Software Engineering.
2. Shri G P Gupta- (i) Chairman- Small Industries Development
Bank of India, (ii) Director- The India Fund (iii) Director- India Growth
Fund, (iv) Director - Discount and Finance House of India Ltd. (v) Director-
Export-Import Bank of India, (vi) Director- Securities Trading Corpn. of
India Ltd., (vii) Director- Infrastructure Development Finance Co. of India.
Ltd., (viii) Director- Indian Airlines Ltd. (ix) Director- IDBI Bank Ltd.
(x) Director- National Stock Exchange of India Ltd. (xi) Member- Life Insurance
Corpn. of India, (xii) Member- General Insurance Corpn. of India (xiii)
Director- South Asia Regional Fund, (xiv) Chairman - South Asia Development
Fund, (xv) Council Member- Indian Institute of Bankers, (xvi) Member- Bankers
Training College (RBI), (xvii) Member- Association of Development Financing
Institutions in Asia and the Pacific (xviii) Member- Institute of Banking
Personnel Selection (xix) Member- The Institute of Company Secretaries
of India
3. Shri N S Sekhsaria - (i) Director - Gruh Finance Ltd.
(ii) Director- Radha Madhav Investments Ltd. (iii) Director - Home Trust
Housing Finance Co. Ltd. (iv) Director- Ambuja Cement foundation (v) Director
Ambuja Educational Institute
4. Shri Rajendra P Chitale - (i) Director - Small Industries
Development Bank of India, (ii) Director- National Securities Clearing
Corporation Ltd (iii) Director - J M Capital Management Ltd. (iv) Director
- Zurich Asset Management Company (India) Ltd. (v) Director- India Index
Services and Products Ltd. (vi) Director- Association of Leasing and Financial
Services Companies. (vii) Member - Executive Committee (Governing Board)
of National Stock Exchange. (viii) Member - India Advisory Board of Bank
of America NT & SA (ix) Member - Investment Committee, Life Insurance
Corporation of India.
5. Shri V V Desai - Advisor - ICICI Limited.
6. Shri G Krishnamurthy - (i) Chairman - LIC (International)
EC, Bahrain (ii) Chairman - LIC Housing Finance Ltd. (iii) Director - General
Insurance Corporation of India (iv) Director- Poysha Industrial Co.(v)
Chairman, Governing Board- National Insurance Academy (vi) Director- National
Housing Bank (vii) Director- UTI Bank Ltd. (viii) Director - Discount &
Finance House of India (ix) Director- Kenindia Assurance Co. Ltd.,Kenya
(x) Director- ICICI (xi) Chairman- Governing Body of Insurance Council
7. Shri G G Vaidya- (i) Chairman - SBI Capital Markets Ltd.,
(ii) Chairman- SBI Funds Management Ltd., (iii) Chairman - SBI Gilts Ltd.,
(iv) Chairman - SBI Securities Ltd., (v) Chairman - SBI Factors & Commercial
Services Ltd., (vi) Chairman - SBI European Bank Ltd., (vii) Chairman -
State Bank of Indore, (viii) Chairman - State Bank of Saurashtra, (ix)
Chairman - State Bank of Patiala, (x) Chairman - State Bank of Bikaner
& Jaipur , (xi) Chairman - State Bank of Hyderabad, (xii) Chairman
- State Bank of Mysore, (xiii) Chairman - State Bank of Travancore, (xiv)
Chairman - State Bank of India (California), (xv) Chairman - State Bank
of India (Canada), (xvi) Vice President of the Governing Council - Indian
Institute of Bankers, (xvii) Director- National Bank for Agriculture and
Rural Development , (xviii) Director - Export- Import Bank of India, (xix)
Director- General Insurance Corporation, (xx) Member of the Governing Board
& Chairman of Finance Committee- National Institute of Bank Management
, (xxi) Member of the Governing Board, Chairman of the Finance Committee
& Office Premises Committee & Committee of Administrators of IBPS
Employees Pro. Fund, - Institute of Banking Personnel Selection (xxii)
Member- Institute for Developing & Research in Banking Technology,
(xxiii) Director- Infrastructure Development Finance Corporation , (xxiv)
Director- Infrastructure Leasing & Financial Services Ltd. , (xxv)
Director- Export Credit Guarantee Corporation,
8. Shri K C Chowdhary - (i) Chairman - Small Group on Bank Audit,
Indian Banks Association (ii) Chairman- Banking Operations, Indian Banks
Association, (iii) Chairman - Small Group on Credit Related Matters, Indian
Banks Association (iv) Chairman - IBA Working Group for Interaction with
Trade Bodies/Associations, (v) President - Indian Banks Association Local
Chapter, (vi) Member - Managing Committee, Indian Banks Association, (vii)
Chairman - Centbank Home Finance Ltd., (viii) Chairman - Centbank Financial
& Custodial Services Ltd., (ix) Director - Agricultural Finance Corpn.
of India, (x) Director - Mastercard Asia/Pacific Board, (xi) Director -
The New India Assurance Co. Ltd.,(xii) Member - Task Force, Indian Banks
Association.
9. Dr. Rakesh Mohan - (i)Chairman - Expert Group on Railways,
(ii) Member - Economic Advisory Council to the Prime Minister, (iii) Member
- National Security Advisory Board, (iv) Part time member - Telecom Regulatory
Authority of India, (v) Member - National Statistical Commission, (vi)
Member - Committee on Competition Law & MRTP Act, (vii) Member - Board
of Governors , Institute of Economic Growth, New Delhi, (viii) Member -
Local Advisory Board, Dresdner Bank, (ix) Honorary Visiting Professor -
Indian Institute of Technology, New Delhi, (x) Director - Infrastructure
Development Finance Corporation, Chennai, (xi) Member - Board of Trustees,
Economic & Social Research Foundation, Tanzania, (xii) Director - Small
Industries Development Bank of India, Lucknow. (xiii) Member Secretary
- Expert Committee on Small Scale Industry, Ministry of Industry, Government
of India, 1996 (xiv) Member - Tariff Authority for Major Ports, Ministry
of Surface Transport, Government of India, (xv) Chairman - Advisory Committee
for National Accounts, Department of Statistics, Government of India, (xvi)
Member - Bureau of Public Enterprises, Government of Rajasthan.
Management of the Fund :- Management of the Fund:
Ms. Swati Kulkarni, Manager will be the Fund Manager of the Scheme
Academic Qualifications:
B.Com. MFM (Narsee Monjee Institute of Management Studies), CAIIB
Experience:
At present with the Department Of Funds
Management which is responsible for management of Domestic Debt Oriented
/ Balanced Schemes. The work experience in UTI is as under:
|
Designation |
Department |
Period |
Responsibilities |
| Manager |
Dept. of Funds Management |
May 1998 till date |
Funds Management |
| Manager |
Dept. Of Research & Planning |
September 1997 till April 1998 |
Fund Performance Analysis, Mutual Funds Industry
Analysis, Market Research |
| Asst. Manager |
Dept. Of Research & Planning |
March 1992 to August 1997 |
Fund Performance Analysis, Mutual Funds Industry
Analysis, Market Research |
Also worked in Financial Planning Cell of a diversified conglomerate
from January 1991 to March 1992.
XVIII. OTHER SERVICE PROVIDERS FOR THE SCHEME
1. Custodians
Stock Holding Corporation of India situated at Mittal Court, B-Wing,
Nariman Point, Mumbai 400 021, have been functioning as custodian for all
our schemes and plans as per the agreement entered into with them on January
17, 1994.
The custodians are required to take delivery of all securities belonging
to schemes/funds/plans of the Trust and hold them in custody. The custodians
will deliver the securities only as per instructions from the Trust and
on receipt of the consideration. The custodian shall be generally authorised
to attend to all non-discretionary and procedural details for discharge
of normal custodial functions in connection with the sale, purchase, transfer
and other dealings with the securities, other assets held by them as an
agent except as may otherwise be directed by the Trust.
Custodians shall provide all information, reports or any explanation
sought by the Trust or the auditors of the Trust for the purpose of audit
and for physical verification and reconciliation of Securities belonging
to the schemes/ funds / plans of the Trust.
The SEBI registration number of SHCIL is IN/CUS/011
Tariff structure of SHCIL is as under:
|
Electronic |
Physical |
| Dematerialisation |
Rs. 5 per certificate |
- |
| Purchase |
5.5 basis points on the value of
the transaction. |
Rs.100 per DIP |
| Sale |
5.5 basis points on the value of
the transaction. |
Rs.100 per DIS |
| Custody |
1.5 basis points on the asset value
in the custody |
8 basis points on the asset value
in the custody. |
| Off market purchases |
5.5 basis points on the value of
the transaction |
-
|
| Off market Sales |
5.5 basis points on the value of
the transaction. |
- |
| Rematerialisation |
Rs. 15 per certificate or 15 basis
points of the conversion value whichever is higher. |
- |
2. Auditors
M/s. Chaturvedi & Company, Chartered Accountants, 60, Bentik Street,
Calcutta 700 069 and M/s Batliboi & Purohit, Chartered Accountants,
National Insurance Building, 204, D N Road, Fort, Mumbai 400 001. The auditors
of the scheme are appointed by IDBI and they are subject to change from
year to year.
3. Registrars
The processing of applications and after sales services will be handled
by the branch offices of the Trust. The Trust has adequate capacity to
discharge its responsibilities with regard to processing of applications,
despatch of membership certificates, handling of after sales services within
the prescribed time frame and also handling of investor complaints.
4. Paying bankers -
| UTI Branch |
Paying Bank |
Jurisdiction of the cheques payable |
| Western Zone: |
|
|
| JVPD |
State Bank of India |
At par (All India) |
| Borivali/Thane |
UTI Bank Ltd. |
Local |
| Ghatkopar |
United Bank of India |
At par (All India) |
| Northern Zone: |
|
|
| New Delhi |
UTI Bank |
Local |
| New Delhi /Amritsar/ Ludhiana
Chandigarh
Agra |
Central Bank of India
|
At par (All India)
Local
At par (U.P.) |
Allahabad
Kanpur
Lucknow |
Allahabad Bank |
At par - (Allahabad/Kanpur/ Banda/Raibareily/Pratapgarh/Fatahpur)
At par (Uttar Pradesh)
At par (Uttar Pradesh) |
| Dehradun
Ghaziabad |
Bank of Baroda
|
At par (Uttar Pradesh)
At par - (Muradabad/Meerut/ Bulundshahr/Ghaziabad/Noida) |
| Faridabad |
Union Bank of India |
Local |
| Varanasi |
State Bank of India |
At par (Uttar Pradesh) |
| Southern Zone: |
|
|
| Chennai |
Canara Bank |
At par (All India) |
Vijayawada
Madurai
Tiruvananthapuram
Madurai
Tiruvananthapuram
|
State Bank of India
Corporation Bank
Vijaya Bank |
At par (Andhra Pradesh )
At par (All India)
At par commission/repurchase payable all over India.
Local
Local repurchase
|
| Coimbatore
Mangalore |
Syndicate Bank |
Payable in Tamil Nadu only
At par (Tamil Nadu, Karnataka, AP, Kerala and Pondicherry). |
| Eastern Zone |
|
|
| Calcutta |
UCO Bank
State Bank of India
UTI Bank |
At par (All India)
At par (All India)
Local |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Principal Business Adresses:
State Bank of India
(Development & Personal Banking)
Local Head Office, Madam Cama Road,
Mumbai 400 021
Canara Bank
Tambuchetty Street,
Chennai 600 001.
UTI- Bank Ltd.
Central Office,
Maker Tower-F,
13th Floor, Cuffe Parade,
Colaba, Mumbai 400 005.
XIX. INVESTORS GRIEVANCE REDRESSAL
1. All investors could refer their grievances giving full particulars
of investment to concerned Investors' Relation Cell at the following addresses:
| WESTERN ZONE:
Ms. Tanvi Upadhye/
Shri.Prakash Sahasrabudhe
Unit Trust of India
Investors' Relation Cell
"Gn" Block, Bandra - Kurla Complex,
Bandra (East)
Mumbai 400 051
Tel: 652 0850
|
EASTERN ZONE:
Shri M O Pannikar
Unit Trust of India
Investors' Relation Cell
4, Fairlie Place
Calcutta 700 001
Tel: 220 1024/210 7698
|
| SOUTHERN ZONE
Ms. Lakshmi Shashikant/Ms. Jayasudha K.
Unit Trust of India
Investors' Relation Cell
UTI-House, 29, Rajaji Salai,
Chennai 600 001
Tel: 5260146
|
NORTHERN ZONE
Shri D K Gandhi
Unit Trust of India
Investors' Relation Cell
Herald House,
IInd floor,
5A, Bahadur Shah Zafar Marg,
New Delhi 110 002.
Tel.: 332 1801/3315574
|
-
Investor Complaints redressal record
Complaints received, redressed and pending for the last three years
are:
| Period |
Received |
No of Complaints
Redressed |
Pending |
Pending to Total Received |
| 01-04-96 to 31-03-97 |
470169 |
447495 |
22675 |
4.82% |
| 01-04-97 to 31-03-98 |
551929 |
539318 |
12611 |
2.28% |
| 01-04-98 to 31-03-99 |
287260 |
274580 |
12680 |
4.41% |
Schemewise details of complaints received, redressed and pending for
the period 01/02/99 to 31/01/2000 are given below :
|
SCHEME NAME
|
RECEIPTS
|
REDRESSED
|
PENDING
|
Pending to total received
|
| CCCF |
615
|
509
|
106
|
17.24%
|
| CGGF |
7068
|
6945
|
123
|
1.74%
|
| CGUS-91 |
116
|
116
|
0
|
0.00%
|
| CRTS |
325
|
321
|
4
|
1.23%
|
| DIP-91 |
947
|
935
|
12
|
1.27%
|
| DIUP-93 |
3113
|
3080
|
33
|
1.06%
|
| DIUP-95 |
301
|
301
|
0
|
0.00%
|
| DIUS-90 |
137
|
137
|
0
|
0.00%
|
| DIUS-91 |
60
|
59
|
1
|
0.67%
|
| DIUS-92 |
115
|
115
|
0
|
0.00%
|
| E.O.F |
41
|
40
|
1
|
2.44%
|
| E.T.S.P. |
1
|
1
|
0
|
0.00%
|
| GCGI |
1579
|
1545
|
34
|
2.15%
|
| GMIS-91 |
517
|
498
|
19
|
3.68%
|
| GMIS-92(I) |
140
|
138
|
2
|
1.43%
|
| GMIS-92(II) |
430
|
429
|
1
|
0.23%
|
| GMIS-B-92 |
1048
|
1039
|
9
|
0.86%
|
| GMIS-B-92(II) |
163
|
160
|
3
|
1.84%
|
| GRANDMASTER-93 |
662
|
645
|
17
|
2.57%
|
| GRIHALAXMI UNIT PLAN |
1126
|
1111
|
15
|
1.33%
|
| HOUSING UNIT SCHEME |
59
|
57
|
2
|
3.39%
|
| IEF-97 |
31
|
31
|
0
|
0.00%
|
| IISFUS-95,96,97 |
9
|
9
|
0
|
0.00%
|
| MASTER INDEX FUND |
166
|
162
|
4
|
2.41%
|
| MASTER VALUE UNIT PLAN |
6
|
6
|
0
|
0.00%
|
| MASTERGAIN-92 |
32607
|
32344
|
263
|
0.81%
|
| MASTERGROWTH-93 |
2576
|
2356
|
220
|
8.54%
|
| MASTERPLUS-91 |
58128
|
57312
|
816
|
1.40%
|
| MASTERSHARE-86 |
22991
|
20554
|
2437
|
10.60%
|
| MEP-91 |
1631
|
1583
|
48
|
2.94%
|
| MEP-92 |
8190
|
7946
|
244
|
2.98%
|
| MEP-93 |
5451
|
5315
|
136
|
2.49%
|
| MEP-94 |
5036
|
4904
|
132
|
2.62%
|
| MEP-95 |
5894
|
5800
|
94
|
1.59%
|
| MEP-96 |
1779
|
1754
|
25
|
1.41%
|
| MEP-97 |
95
|
94
|
1
|
1.05%
|
| MEP-98 |
122
|
122
|
0
|
0.00%
|
| MEP-99 |
29
|
29
|
0
|
0.00%
|
| MIP2000 |
3
|
3
|
0
|
0.00%
|
| MIP-93 |
2036
|
2021
|
15
|
0.74%
|
| MIP-94(I) |
472
|
461
|
11
|
2.33%
|
| MIP-94(II) |
739
|
720
|
19
|
2.57%
|
| MIP-94(III) |
1586
|
1535
|
51
|
3.22%
|
| MIP-95 |
547
|
547
|
0
|
0.00%
|
| MIP-95(II) |
443
|
437
|
6
|
1.35%
|
| MIP-95(III) |
326
|
323
|
3
|
0.92%
|
| MIP-96 |
291
|
291
|
0
|
0.00%
|
| MIP-96(II) |
624
|
623
|
1
|
0.16%
|
| MIP-96(III) |
608
|
605
|
3
|
0.49%
|
| MIP-96(IV) |
7136
|
7001
|
135
|
1.89%
|
| MIP-97 |
853
|
853
|
0
|
0.00%
|
| MIP-97(II) |
1255
|
1246
|
9
|
0.72%
|
| MIP-97(III) |
1937
|
1934
|
3
|
0.15%
|
| MIP-97(IV) |
862
|
838
|
24
|
2.78%
|
| MIP-97(V) |
371
|
371
|
0
|
0.00%
|
| MIP-98 |
2103
|
2098
|
5
|
0.24%
|
| MIP-98(II) |
1427
|
1418
|
9
|
0.63%
|
| MIP-98(III) |
6104
|
5983
|
121
|
1.98%
|
| MIP-98(IV) |
1809
|
1785
|
24
|
1.33%
|
| MIP-98(V) |
6105
|
6023
|
82
|
1.34%
|
| MIP-99 (I) |
826
|
812
|
14
|
1.69%
|
| MIP99(II) |
193
|
144
|
49
|
25.39%
|
| MIS-B-93 |
1019
|
1009
|
10
|
0.98%
|
| MISG-90(I) |
934
|
918
|
16
|
1.71%
|
| MISG-90(II) |
2294
|
2272
|
22
|
0.96%
|
| MISG-91 |
2779
|
2728
|
51
|
1.84%
|
| MONEY MARKET FUND |
2
|
1
|
1
|
50.00%
|
| N.R.I FUND |
82
|
80
|
2
|
2.44%
|
| OMNI-PLAN |
27
|
26
|
1
|
3.70%
|
| PRIMARY EQUITY FUND |
893
|
871
|
22
|
2.46%
|
| RAJLAKSHMI U.P. |
2052
|
2033
|
19
|
0.93%
|
| RETIREMENT BENEFIT PLAN |
956
|
937
|
19
|
1.99%
|
| SENIOR CITIZENS U.P. |
422
|
408
|
14
|
3.32%
|
| UGS-10000 |
764
|
750
|
14
|
1.83%
|
| UGS-2000 |
2596
|
2511
|
85
|
3.27%
|
| UGS-5000 |
1979
|
1911
|
68
|
3.44%
|
| ULIP |
11752
|
11368
|
384
|
3.27%
|
| US-64 |
45491
|
45065
|
426
|
0.94%
|
| US-92 |
962
|
953
|
9
|
0.94%
|
| UTI BOND FUND |
363
|
344
|
19
|
5.23%
|
| UTI G-SEC FUND |
62
|
60
|
2
|
3.23%
|
| UTI-GSF |
378
|
373
|
5
|
1.32%
|
| TOTAL |
277767
|
271192
|
6575
|
2.37%
|
Reasons for pending complaints are :
(i) Non-receipt of application/funds from the collecting banks.
(ii) Incomplete details of the investor in the application including
address, name and signature of the investor.
(iii) Change of address of investor not informed/not updated.
(iv) Loss in transit.
(v) Postal delay.
(vi) Non compliance of required documents in case of transfer/death
claims/Repurchase.
(vii) Incomplete details while forwarding the complaints.
(viii) Non-receipt/ Delayed receipt of commission.
(ix) Letters/Documents sent to the wrong office/Registrars.
XX. PENALTIES, PENDING LITIGATIONS, MATERIAL FINDINGS OF INSPECTIONS/
INVESTIGATIONS
-
There are no cases relating to penalties awarded by SEBI under the SEBI
Act or any of its regulations or by any Stock Exchanges (where the units
of the schemes of UTI are listed) against the Unit Trust of India/Board
of Trustees, or any of the Trustees or key personnel (specifically the
fund managers).
-
There are no pending material litigation proceedings incidental to the
business of the Unit Trust of India including the Board of Trustees or
any of the trustees or key personnel. There are no pending criminal cases
against the Unit Trust of India, Board of Trustees or any of the Trustees
or key personnel.
-
Neither SEBI nor any other Regulatory Agency has specifically advised that
any deficiency in the systems and operations of the Unit Trust of India
be disclosed in the offer document.
4. There are no enquiry/adjudication proceedings under the SEBI Act and
the Regulations made thereunder, against Unit Trust of India, Board of
Trustees/Trustee or key personnel.
XXI. Y2K - The Leap year Rollover
The IT systems in UTI have successfully crossed yet another milestone-
the leap year rollover. All the hardware and software have successfully
rolled over to 29th February 2000 and then to 1st
March 2000 at all the UTI Branches, Zonal Offices and the Corporate Office.
The Network connectivity is also working normally. All the Registrar and
Transfer Agents have also reported normal working.
XXI. CONDENSED FINANCIAL INFORMATION
The condensed financial information for the years 1996-97, 1997-98 and
1998-99 for all schemes launched during the last three years is annexed.
For and on behalf of the Board of Trustees of
the Unit Trust of India
(B.G. DAGA)
Executive Director
Business Development & Marketing
Mumbai
Date:April 07, 2000
CONDENSED FINANCIAL INFORMATION
(i) HISTORICAL PER UNIT STATISTICS
|
Scheme (Date of Allotment)
|
MMMF (23.04.97) £ £
|
MIP-96(III) (01.10.96)
|
DIP-91 (15.10.96)
|
IISFUS-96 (01.01.97)
|
| |
1996-97
|
1997-98
|
1998-99
|
1996-97
|
1997-98
|
1998-99
|
1996-97
|
1997-98
|
1998-99
|
1996-97
|
1997-98
|
1998-99
|
-
NAV at the beginning of the year
|
10.00
|
10.17
|
11.2316
|
10.00
|
|
|
10.00
|
|
|
10.00
|
11.09
|
10.60
|
|
Net income per unit
|
0.14
|
0.74
|
0.70
|
0.90
|
1.44
|
1.32
|
1.18
|
1.41
|
1.45
|
1.01
|
1.42
|
1.59
|
|
Income Distribution: (%) p.a.
|
-
|
-
|
-
|
15.00
|
# 13.00
|
£ 10.75
|
15.00
|
15.00
|
|
16.00
|
16.00
|
14.00
|
|
Transfer to reserves (if any)
|
-
|
0.79
|
0.70
|
-0.08
|
0.37
|
0.39
|
0.75
|
1.17
|
1.00
|
0.05
|
-0.16
|
0.15
|
|
NAV at the end of the year
|
10.17
|
11.2316
|
12.4685
|
|
|
|
|
|
|
11.09
|
10.60
|
10.85
|
|
Annualised return (%)
|
Y 1.7
|
10.41
|
10.62
|
|
|
|
Y @16.63
|
|
|
Y 18.90
|
20.04
|
18.59
|
|
Net assets end of the period (Rs. Crs)
|
37.99
|
105.39
|
302.29
|
416.50
|
413.56
|
429.10
|
241.41
|
254.44
|
291.70
|
206.50
|
174.06
|
178.07
|
|
Ratio of recurring exp. To net assets (%)
|
0.001
|
0.002
|
0.11
|
0.008
|
0.010
|
1.04
|
0.007
|
0.009
|
0.82
|
0.003
|
0.003
|
0.29
|
|
Scheme (Date of Allotment)
|
MIP-96(IV) (01.01.97)
|
MEP-97 (31.03.97)
|
MIP-97 (01.05.97)
|
MIP-97(II) (01.07.97)
|
| |
1996-97
|
1997-98
|
1998-99
|
1996-97
|
1997-98
|
1998-99
|
1996-97
|
1997-98
|
1998-99
|
1996-97
|
1997-98
|
1998-99
|
-
NAV at the beginning of the year
|
10.00
|
|
|
10.00
|
12.09
|
9.70
|
10.00
|
|
|
10.00
|
10.09
|
|
|
Net income per unit
|
0.67
|
1.31
|
1.34
|
0.11
|
0.71
|
-1.88
|
0.25
|
1.02
|
0.51
|
0.11
|
1.08
|
0.69
|
|
Income Distribution: (%) p.a.
|
15.00
|
# 13.00
|
10.75
|
-
|
-
|
-
|
14.00
|
14.00
|
14.00
|
14.00
|
14.00
|
14.00
|
|
Transfer to reserves (if any)
|
0.02
|
0.27
|
0.52
|
-
|
0.82
|
-1.87
|
-0.06
|
-0.29
|
-0.86
|
0.03
|
-0.08
|
-0.75
|
|
NAV at the end of the year
|
|
|
|
12.09
|
9.70
|
11.67
|
|
|
|
10.09
|
|
|
|
Annualised return (%)
|
|
|
|
Y 20.90
|
-2.37
|
7.11
|
|
|
|
-
|
|
|
|
Net assets end of the period (Rs. Crs)
|
891.29
|
841.61
|
888.93
|
88.69
|
71.14
|
85.55
|
1195.73
|
1118.75
|
1145.98
|
1462.16
|
1478.46
|
1545.74
|
|
Ratio of recurring exp. To net assets (%)
|
0.007
|
0.011
|
1.06
|
0.006
|
0.011
|
0.95
|
0.006
|
0.012
|
1.13
|
0.001
|
0.011
|
1.05
|
|
Scheme (Date of Allotment)
|
IISFUS-97 (01.07.97)
|
IEF (01.08.97)
|
MIP-97(III) (01.09.97)
|
MIP-97(IV) (01.11.97)
|
MIP-97(V) (01.01.98)
|
| |
1996-97
|
1997-98
|
1998-99
|
1996-97
|
1997-98
|
1998-99
|
1997-98
|
1998-99
|
1997-98
|
1998-99
|
1997-98
|
1998-99
|
-
NAV at the beginning of the year
|
10.00
|
10.14
|
9.48
|
10.00
|
10.00
|
9.33
|
-
|
|
-
|
|
-
|
|
|
Net income per unit
|
0.12
|
1.07
|
1.40
|
0.00
|
0.00
|
1.14
|
0.84
|
1.02
|
0.81
|
0.89
|
0.70
|
0.65
|
|
Income Distribution: (%) p.a.
|
15.00
|
15.00
|
15.00
|
-
|
-
|
-
|
13.00
|
13.00
|
12.50
|
12.50
|
11.75
|
11.75
|
|
Transfer to reserves (if any)
|
-
|
-0.49
|
-0.25
|
-
|
0.10
|
1.15
|
-0.26
|
-0.31
|
0.01
|
-0.34
|
0.27
|
-0.55
|
|
NAV at the end of the year
|
10.14
|
9.48
|
9.74
|
10.00
|
9.33
|
14.94
|
|
|
|
|
|
|
|
Annualised return (%)
|
-
|
9.05
|
13.80
|
-
|
-6.70
|
23.26
|
|
|
Y 5.41
|
|
|
|
|
Net assets end of the period (Rs. Crs)
|
685.15
|
640.48
|
666.05
|
31.28
|
30.91
|
49.48
|
829.79
|
873.84
|
924.40
|
997.61
|
475.12
|
490.53
|
|
Ratio of recurring exp. To net assets (%)
|
0.000
|
0.005
|
0.43
|
0.001
|
0.017
|
1.13
|
0.011
|
1.04
|
0.007
|
0.74
|
0.008
|
1.02
|
|
Scheme (Date of Allotment)
|
MEP-98 (31.03.98)
|
IISFUS-97(II) (01.02.98)
|
MIP-98 (01.04.98)
|
MIP-98(II) (01.07.98)
|
NRI FUND (01.06.98)
|
IISFUS-98 (01.06.98)
|
| |
1997-98
|
1998-99
|
1997-98
|
1998-99
|
1997-98
|
1998-99
|
1997-98
|
1998-99
|
1997-98
|
1998-99
|
1997-98
|
1998-99
|
-
NAV at the beginning of the year
|
-
|
8.35
|
-
|
9.74
|
-
|
|
0.03
|
-
|
-
|
D 9.94
|
-
|
9.64
|
|
Net income per unit
|
0.23
|
-1.16
|
0.60
|
1.00
|
0.31
|
1.11
|
12.50
|
0.97
|
0.04
|
1.19
|
0.08
|
1.26
|
|
Income Distribution: (%) p.a.
|
-
|
-
|
12.75
|
12.75
|
12.50
|
12.50
|
-0.07
|
12.50
|
13.50
|
13.50
|
13.50
|
13.50
|
|
Transfer to reserves (if any)
|
0.23
|
-1.13
|
-0.07
|
-0.39
|
-0.02
|
-0.11
|
9.75
|
-0.28
|
-0.06
|
-0.15
|
-0.18
|
-0.22
|
|
NAV at the end of the year
|
8.35
|
11.59
|
9.74
|
10.14
|
|
|
-
|
|
D 9.94
|
|
9.64
|
10.23
|
|
Annualised return (%)
|
Y -16.50
|
12.53
|
Y 2.10
|
13.47
|
Y ¦
-2.60
|
|
|
|
Y -0.60
|
|
Y -2.48
|
15.75
|
|
Net assets end of the period (Rs. Crs)
|
18.06
|
25.12
|
656.31
|
688.35
|
928.05
|
1019.42
|
770.12
|
901.65
|
63.45
|
75.97
|
944.49
|
1007.21
|
|
Ratio of recurring exp. To net assets (%)
|
0.012
|
2.63
|
0.004
|
0.41
|
0.01
|
1.03
|
-
|
1.03
|
0.01
|
0.91
|
0.00
|
0.41
|
|
Scheme (Date of Allotment)
|
UGS-10000 (30.05.98)
|
UBF (18.06.98) ) £ £
|
MVUP
(01.0798)
|
MIF £ £
(01.06.98)
|
SIF
(08.07.98)
|
MIP-98(III)
(01.09.98)
|
MIP-98(IV)
(01.12.98)
|
IISFUS-98(II)
(01.01.99)
|
MIP-98(V)
(01.02.99)
|
MEP--99
(31.03.99)
|
| |
1997-98
|
1998-99
|
1997-98
|
1998-99
|
1998-99
|
1998-99
|
1998-99
|
1998-99
|
1998-99
|
1998-99
|
1998-99
|
1998-99
|
-
NAV at the beginning of the year
|
-
|
9.57
|
-
|
9.93
|
10.00
|
9.89
|
9.89
|
-
|
-
|
-
|
-
|
-
|
|
Net income per unit
|
-0.41
|
1.29
|
-0.07
|
0.74
|
0.76
|
0.09
|
1.31
|
1.10
|
0.90
|
0.92
|
-
|
0.47
|
|
Income Distribution: (%) p.a.
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
12.50
|
12.50
|
14.00
|
-
|
-
|
|
Transfer to reserves (if any)
|
-0.41
|
1.28
|
-0.07
|
0.76
|
0.76
|
0.17
|
1.34
|
0.26
|
0.28
|
-0.02
|
-
|
0.47
|
|
NAV at the end of the year
|
9.57
|
14.08
|
9.93
|
11.58
|
14.34
|
12.75
|
11.33
|
|
|
|
|
11.26
|
|
Annualised return (%) ,
|
Y -4.30
|
37.66
|
Y -0.70
|
13.53
|
43.40
|
25.38
|
13.30
|
Y 16.10
16.30
¶ 13.18
|
Y 16.42
12.60
¶ 11.39
|
Y
10.00
¶ 10.20
|
Y
5.46
|
Y 12.60
|
|
Net assets end of the period (Rs. Crs)
|
67.40
|
131.00
|
136.39
|
690.50
|
143.59
|
198.01
|
0.25
|
1439.45
|
948.89
|
1158.06
|
882.07
|
3.91
|
|
Ratio of recurring exp. to net assets (%)
|
0.05
|
2.08
|
0.01
|
1.10
|
1.19
|
2.14
|
1.90
|
0.98
|
0.78
|
0.30
|
0.59
|
1.09
|
Cumulative Option, ¶ Non Cumulative Option, Annual
Income Option, $ Deferred Income Option, @ Qtr Option , & Capital Growth
Option, # 15% up to 31.03.98, £ 13% upto 31.03.99, £ £
date of launch is given as they are open ended. Y
Return not anualised since scheme has not completed one year, as on 30th
June, D A single NAV is calculated
(ii) There are no instances of borrowing by schemes of
the Trust.
|
HISTORICAL PER UNIT STATISTICS
|
|
|
Schemes
|
|
Nav As On
|
Annualised
|
|
|
23.02.2000
|
Yield(%)
|
| GUP |
|
13.34
|
12.96
|
| RBUP |
|
22.79
|
17.27
|
| US 95(fv=100) |
|
194.04
|
22.76
|
| BOND FUND |
|
12.4602
|
12.93
|
| SIF |
|
12.20
|
12.97
|
| IISFUS-95 |
|
12.14
|
18.31
|
| IISFUS-96 |
|
13.33
|
21.05
|
| IISFUS-97 |
|
12.72
|
20.70
|
| IISFUS97-II |
|
12.21
|
18.80
|
| -IISFUS 98 |
|
12.92
|
24.62
|
| -IISFUS 98(II) |
Cum Option
|
13.00
|
33.40
|
|
Dividend Option
|
12.96
|
32.48
|
| NRI FUND |
Cum Option
|
12.05
|
18.81
|
| - |
Annual Option
|
12.04
|
18.28
|
| MIP 95 |
Non Cum Option
|
9.89
|
13.54
|
|
Cum Option
|
19.22
|
15.01
|
| MIP-95(II) |
Non Cum Option
|
10.92
|
15.52
|
|
Cum Option
|
20.28
|
17.01
|
| MIP-95(III) |
Non Cum Option
|
11.84
|
17.52
|
| - |
Cum Option
|
21.00
|
19.49
|
| MIP-96 |
Non Cum Option
|
11.87
|
18.31
|
| - |
Cum Option
|
20.84
|
21.10
|
| MIP-96(II) |
Non Cum Option
|
11.46
|
17.89
|
| - |
Cum Option
|
19.69
|
20.28
|
| MIP-96(III) |
Non Cum Option
|
10.87
|
16.61
|
| - |
Cum Option
|
17.90
|
18.58
|
| MIP-96(IV) |
Non Cum Option
|
10.72
|
16.26
|
| - |
Cum Option
|
16.99
|
18.23
|
| MIP-97 |
Non Cum Option
|
10.19
|
15.54
|
| - |
Cum Option
|
12.25
|
18.04
|
| MIP-97(II) |
Non Cum Option
|
9.81
|
14.25
|
| - |
Cum Option
|
12.03
|
17.49
|
| MIP-97(III) |
Non Cum Option
|
10.45
|
15.51
|
| - |
Cum Option
|
12.33
|
18.12
|
| MIP-97(IV) |
Non Cum Option
|
10.23
|
14.21
|
| - |
Cum Option
|
12.08
|
17.05
|
| MIP-97(V) |
Monthly Option
|
10.84
|
16.15
|
| - |
Cum Option
|
12.42
|
17.77
|
| - |
Annual Option
|
11.10
|
16.23
|
| MIP-98 |
Monthly Option
|
10.85
|
17.57
|
| - |
Cum Option
|
12.32
|
18.96
|
| - |
Annual Option
|
12.23
|
18.17
|
| MIP 98-(II) |
Monthly Option
|
10.64
|
17.07
|
|
Cum Option
|
12.07
|
18.38
|
|
Annual Option
|
11.54
|
17.10
|
| MIP 98-(III) |
Monthly Option
|
11.56
|
23.67
|
|
Cum Option
|
13.45
|
27.89
|
|
Annual Option
|
12.59
|
25.62
|
| MIP 98-(IV) |
Monthly Option
|
11.01
|
21.58
|
|
Cum Option
|
12.57
|
24.14
|
|
Annual Option
|
11.40
|
21.78
|
| MIP 98-(V) |
Monthly Option
|
11.01
|
23.11
|
|
Cum Option
|
12.52
|
25.52
|
|
Annual Option
|
11.13
|
22.75
|
| MIP 99** |
Monthly Option
|
11.27
|
20.76
|
|
Cum Option
|
12.47
|
24.60
|
|
Annual Option
|
12.46
|
24.70
|
| DIP 95 |
Defr.Option
|
11.85
|
16.09
|
|
Cum Option
|
22.34
|
19.95
|
| DIP 91 |
Qtr Income Option
|
11.46
|
17.47
|
|
Defr Option
|
12.96
|
18.26
|
|
Capital Growth Option
|
19.06
|
|
| MEP - 97# |
|
17.65
|
21.47
|
| MEP- 98# |
|
19.04
|
39.84
|
| MEP- 99# |
|
36.76*
|
282.66**
|
| UGS-10000# |
|
17.55
|
37.68
|
| IEF# |
|
23.45
|
37.36
|
| MVUP# |
|
25.11
|
73.64
|
| MIF# |
|
17.35
|
39.13
|
| MMMF$ |
|
13.3019
|
10.43
|
# NAV as on March 01, 2000.
$ NAV as on March 08, 2000
* Ex. Dividend ** Yield not
annualised as scheme has not completed one year.