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UTI Mutual Fund to Launch Exchange-Traded Gold Fund
From Sify.com, Chennai, India
Wednesday, January 18, 2006
http://sify.com/finance/fullstory.php?id=14122588
UTI Mutual Fund is now waiting for detailed guidelines from the
regulator for launching the first-ever exchange-traded gold fund in
the country. UTI MF is among the few AMCs which have already
conceived the gold ETF product.
The executive director of UTI MF, D.S.R. Murthy, said that the AMC
is almost ready with the product and looking at Sebi for further
clarification in this regard.
Sebi has okayed in principle the gold ETF on December 29. Murthy
indicated that the gold ETF could have options like entering the
fund by buying units in exchange of gold and then exiting the fund
with money.
"The investor could even exit with gold also as per the valuation of
his units. Now everything depends on what will be the exact
structure of the fund," he said. He was here in Kolkata for the
launch of leadership equity fund.
Expressing optimism about the valuations of the stocks, he said the
large and mid cap stocks were still looking interesting. "More FII
money will flow to Indian market in 2006 as the returns here is
exiting. In fact, U.S. pension funds have already decided to invest
in a big way in India," he added.
The regional sales head of UTI MF, T.K. Maji, said that UTI MF would
add several new schemes to its product basket to satisfy the varied
investment needs of investors.
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Ted Butler silver commentary archive:
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----------------------------------------------------
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