When asked whether the new fund would be on similiar lines as of UTI Mastergain 1992, he said "we are working on the structure of the scheme." The launch of the new scheme will be part of an exercise through which UTI plans to mobilise more funds from the public.

Speaking to reporters here today Subramanyam said UTI is working on a scheme that will ensure at least the face value of theinvestment. This is likely to be a balanced fund which will invest both in equities and debt.

In the event of the net asset value of the fund falling below their face value, the investors will at least get back their initial investment. Thus, the investors will get the gains if any, but will be hedged against any loss.UTI, which is also launching the $ 500-million millenium scheme, plans to increase the net investible surplus by 20 per cent to Rs 12,000 crore. The UTI chairman, who addressed a seminar on capital markets, exuded optimism when he said the outlook for the stock markets was bright.

The UTI chairman is particularly bullish on the cement and the steel sectors. He said the growth in the cement industry has certainly picked up and steel may take a little longer as result of dumping of hot rolled coils (HRC) and cold rolled coils (CRC).

Pointing out that the sensex has grown at the rate of 18 per cent per annum over the last 10-year period, Subramanyam said ``we could see a similar kind ofgrowth over the next seven years.''

On the forthcoming millenium fund, subramaniyam said UTI has worked out a detailed scheme to mobilise 500 million dollars from non-resident Indians (NRIs) in the current fiscal.