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|February 14, 2000||
UTI to launch scheme for VRS beneficiaries
The Unit Trust of India is planning to launch a new scheme, VRS-Fund, to mop up funds from those who had opted for Voluntary Retirement Scheme in various companies.
UTI Executive Director (business development and marketing) Brij Gopal Daga said in Calcutta today that the scheme would target select consumers who had opted for VRS.
He said a large number of people nowadays were opting for VRS and the proposed fund will cater to such people.
Daga, however, said the scheme is at a conceptual stage and would aim for offering both long-term and short-term returns.
Earlier, Daga launched a new open-ended index-based fund named as S&P CNX Nifty Index Fund. The funds collected from the scheme would be invested in 50 scrips that were listed at the National Stock Exchange, he said.
Minimum investment under the scheme would be of Rs 5,000 and a lock-in period of one month. Anyone withdrawing from the scheme within six months would have to bear default sales charges of one per cent, he added.
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