Mutual funds: UTI Mutual Fund has launched two index funds- UTI Nifty50 Equal Weight Index Fund, and UTI S&P BSE Housing Index Fund. The new fund offers (NFOs) opened for subscription today, May 22, 2023, and will close on June 5, 2023.
UTI Nifty50 Equal Weight Index Fund
The investment objective of the open-ended index fund scheme is to provide returns that, before expenses, correspond to the total return of the securities as represented by the underlying index, subject to tracking error. However, there is no guarantee or assurance that the investment objective of the scheme will be achieved.
New Fund Launch Date 22-May-2023
New Fund Offer Closure Date 05-Jun-2023
The minimum application amount is ₹5,000 and in multiples of Re. 1 thereafter.
UTI S&P BSE Housing Index Fund
The investment objective of the open-ended index fund scheme is to provide returns that, before expenses, correspond to the total return of the securities as represented by the underlying index, subject to tracking error. However, there is no guarantee or assurance that the investment objective of the scheme will be achieved.
New Fund Launch Date 22-May-2023
New Fund Offer Closure Date 05-Jun-2023
The minimum application amount is ₹5,000 and in multiples of Re. 1 thereafter.
In other news, capital markets regulator Sebi has proposed a uniform total expense ratio (TER) across mutual fund schemes in a bid to bring transparency to the costs charged to unitholders. At present, Sebi allows asset management companies to charge unitholders of mutual funds four additional types of expenses over and above the specified TER limits. These are brokerage and transaction costs, additional TER for distribution commission for inflows from B-30 (beyond the top 30) cities, good and services taxes, and additional expenses for exit loads.