UTI redemptions at Rs. 2,265 cr. in June: AMFI

MUMBAI, JULY 13. The Unit Trust of India saw redemptions of Rs. 2,265 crores in June, including repurchases of Rs. 2,034 crores pertaining to the now suspended US-64 scheme for May, according to Association of Mutual Funds in India (AMFI) data.

Sales, for UTI, under all schemes were Rs. 1,858 crores with no new scheme introduced, the AMFI said in its monthly (June) data here today and added that repurchases of US-64 in the second month of the current fiscal were reported in June.

UTI, on July 2, decided to suspend the sale and repurchase in the US-64 scheme for six months.

On cumulative terms (April to June), the redemptions for UTI stood at Rs. 5,314 crores while sales were Rs. 2,684 crores, it added.

The mutual fund industry, which includes MFs sponsored by institutions and the private sector, saw sales and redemptions of Rs. 13,140 crores (Rs. 5,547 crores in the corresponding period of last year) and Rs. 9,464 crores (Rs. 4,268 crores) respectively in June, AMFI said.

The total assets under management as on June 30, 2001, were Rs. 97,953 crores (Rs. 107,728 crores), it added.

In the private sector, Indian MF players witnessed redemptions at Rs. 2,052 crores while sales were pegged at Rs. 2,959 crores during the reporting month, AMFI said.

On cumulative basis for three months, sales and redemptions for the MF industry, stood at Rs. 28,591 crores (Rs. 18,638 crores) and Rs. 21,654 crores (Rs. 14,168 crores) respectively, AMFI said.

In June, joint ventures in the private sector, predominantly Indian, sold units worth Rs. 2,220 crores while redeeming to the extent of Rs. 1,415 crores, the association said.

Predominantly foreign joint ventures, however, were the only player to introduce a new scheme in the reporting month and collected Rs. 7 crores from the same.

Sales from existing schemes amounted to Rs. 4,700 crores with redemptions at Rs. 3,320 crores, AMFI said.

Bank sponsored MFs redeemed Rs. 187 crores with sales pegged at Rs. 835 crores from the existing schemes. Institutions saw the sales and redemptions at Rs. 561 crores and Rs. 225 crores respectively, it added.

- PTI

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