UTI achieves 96% target

UTI achieves 96% target
UNITED NEWS OF INDIA

RAJKOT , JULY 23: Talking to newsmen here, UTI chief general manager, business development and marketing, S S Naik said that total annual domestic and offshore sales aggregated at Rs 16,445 crore against the target of Rs 17,200 crore.

Domestic sales of units under different schemes exceeded the target by 1.3 per cent. As compared to aggregate sales of last year sales, an increase of six per cent was registered during the year, Naik said.

Repurchases and redemptions at Rs 12,179 crore which registered a decrease of 25 per cent over the previous year's total repurchase and redemptions of Rs 16,202 crore, Naik said.

He said UTI Bond Fund was popular among the investors as sales crossed the Rs 1,000 crore mark to touch 1,391 crore. All UTI schemes are formulated in adherence to UTI Act and the schemes launched after July 1994 were subject to full compliance to Securities and Exchange Board of India (SEBI) regulations.

Naik said the US-64 mobilisation was higher compared to previous year, garnering 60 per cent of lat year's total sales of Rs 4,668 crore during January to June 2000.

Information technology has been effectively utilised to offer better service to the investors, he added.