MUMBAI, NOV 23: The Unit Trust of India (UTI) has launched its first open-ended equity oriented tax savings plan, the UTI Equity Tax Savings Plan (UTI-ETSP) which aims at providing investors the opportunity to participate in the reasonable growth in the value of investments in equities and equity-linked securities and offer tax benefits currently available under the Income Tax Act, 1961.The initial offer period will be for 31 days from November 15 to December 15, 1999. Units will be sold at par during the initial offer period. The sale of units under the plan will reopen from January 3, 2000. Sale price from January 3 onwards will be at a daily NAV (net asset value) on a forward pricing basis, said a UTI release.
Meanwhile, UTI is awaiting the passage of the Insurance Regulatory Authority and Development Bill in Parliament for finalising its planned foray into life insurance sector, UTI chairman PS Subramaniam said.
``We have done our hometwork... the details will be finalised once the IRAD bill ispassed,'' Subramaniam told reporters in New Delhi on the fringes of the emerging markets committee meeting of IOSCO.
Without naming the agency, he said a consultant has been appointed to survey the market and the report has already been submitted.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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