"UTI is preparing the modalities of launching a new fund meant specifically for investment in the Internet companies," UTI executive director, Basudeb Sen told PTI. Sen refused to divulge details of the corpus and the time when the new fund would hit the market, but said, "it will be launched soon."

UTI, which currently has 26 schemes worth over Rs 60,000 crore under its management, already has a separate software fund investing mostly (80 per cent) in the information technology (IT) companies, apart from four other growth sector funds covering brand value, petrochemicals, services, pharmaceuticals and healthcare.

The software fund has exposures of over Rs 260 crore in established IT companies like Infosys Technologies, NIIT, Zee Telefilms, Mastek, Digital, Satyam, Pentafour, Polaris, SSI Ltd, PSI Data and Sonata Software. UTI intends to replicate the success of software fund, which has registered a net asset value (NAV) growth of 192 per cent, as against 28.26 per cent of BSE-30 index, with the dot com fund.