UTI Mutual Fund has sought the approval of Securities and Exchange Board of India to launch UTI Equity Savings Fund-Series 1, as per the information on the SEBI website.
The fund house proposes to launch six series under the equity savings fund. The tenure of each scheme will range between 450 days and 2200 days and will be decided at the time of the launch.
The close-ended equity scheme will deploy 65-90 percent of its assets in equity securities and derivatives. Of which, 40-85 percent will be invested in cash futures and 5-25 percent in net long equity exposure.
