UTI's Gold fund lists on the National Stock Exchange (NSE)

Mumbai, Apr 17 (UNI) Enabling investors to access the Gold market without the necessity of taking physical delivery of the precious metal, UTI's 'Gold Share', a gold exchange traded fund, was today listed on the National Stock Exchange (NSE) here.

Gold share units were allotted to the investor at the rate of Rs 944 per unit, equivalent to the price of 1 gram of gold of 99.9 per cent purity in the international market.

UTI has gathered Rs 150 crore during the new fund offer (NFO) period.

Regarding the lukewarm response to the gold fund, UTI AMC Chairman and Managing Director, U K Sinha told UNI ''More awareness needs to be created, since what we offer is an innovative service.

Investors will need some time to get accustomed to us. Another factor which contributed to the low collection amount is the provision of having de-mat account for investment in this fund.'' Like any other share listed on the stock exchange one can now buy or sell UTI's goldshare through a broker.

Goldshare offer investors a new, innovative, relatively cost efficient and secure way to access the Gold market without the necessity of taking physical delivery of Gold. Investing in this instrument is more tax efficient than investing in physical gold, Sinha explained.

UTI Mutual Fund is registered with the Securites and Exchange Board of India (SEBI). It is sponsored by the State Bank of India, Punjab National Bank, Bank of Baroda and the Life Insurance Corporation of India. It has assets under management worth Rs 35,582.65 crore and investor accounts of over 8 million under its 73 domestic schemes, UTI disclosed.

UNI