UTI plans Nifty-based fund

UTI plans Nifty-based fund

MUMBAI: With a view to offer the gains made by the S&P CNX Nifty Index to investors, Unit Trust of India today said it would unveil an open-ended fund, `Nifty Index Fund', which would track the index. The corpus of the fund, whose initial offer period would be from February 14 to 26, would be invested in the 50 companies comprising the S&P CNX Nifty in the same weightage as in the index, UTI said in a statement here. The scheme, which is open to resident individuals and institutions as well as NRIs, OCBs and FIIs, requires a minimum investment of Rs 5,000 with no maximum limit, it said