UTI Redemptions Topped Rs 3,658 Cr In June: Amfi

Mumbai, July 24: | Updated: Jul 25 2002, 05:30am hrs
The Unit Trust of India (UTI) witnessed huge redemptions of Rs 3,658 crore during June 2002. According to the latest Association of Mutual Funds in India (Amfi) report, total sales of the largest mutual fund (MF) in the country was around Rs 243 crore, with total assets under management (AUM) at Rs 46,396 crore.

During the first quarter (April-June 2002), UTI’s total sales stood at Rs 650 crore with total redemptions at Rs 6,355 crore. Of this, Rs 5,297 crore was on account of redemptions due to maturity of schemes, stated an Amfi release. Total sales and redemptions of the MF industry during June 2002 was to the tune of Rs 17,849 crore and Rs 20,921 crore respectively.

During the first quarter, total sales and redemptions of the MF industry was around Rs 56,624 crore and Rs 57,456 crore. As on June 30, 2002 the total AUM of all the MFs was around Rs 1,00,703 crore. During June 2002, 10 new schemes were launched - two growth and eight income schemes. All 10 new schemes were launched by private sector MFs and they garnered around Rs 374 crore. The private sector MFs include Indian funds, joint ventures and predominantly Indian or joint ventures and predominantly foreign.

During June 2002, the MF industry had a total of 394 schemes with the total corpus of funds at Rs 17,849 crore, with the majority of 305 funds (Rs 17,626 crore) belonging to the open-ended category.

Income funds with 132 schemes contributed Rs 5,563 crore, with growth funds at Rs 321 crore, balanced funds at Rs 50 crore, Gilt and ELSS at Rs 267 crore and liquid and money market schemes at Rs 11,648 crore.