UTI Long Term Equity Fund (Tax Saving) declares dividend (gross distributable amount) of 15% (Re.1.50 per unit on face value of Rs.10) under dividend option-regular plan and dividend option –direct plan.
Distribution of above dividends are subject to the availability of distributable surplus as on record date. Dividend payout to the investor will be lower to the extent of Dividend Distribution Tax.
Pursuant to the payment of dividend, the NAV of the dividend option-regular plan and dividend option-direct plan of the scheme would fall to the extent of payout and statutory levy (if applicable).
The record date for the dividend is January 29, 2019.
All unit holders registered under the dividend option-existing plan and dividend option- direct plan of UTI Long Term Equity Fund (Tax Saving) as on the record date will be eligible for this dividend. Also investors who join the dividend option-existing plan and dividend option-direct plan of the scheme on or before the cut off time of the record date will be eligible for the dividend.
The NAV of UTI Long Term Equity Fund (Tax Saving) on January 25, 2019 under dividend option-existing plan was Rs.18.5542 and under dividend option-direct plan was Rs.23.1320.
UTI Long Term Equity Fund (Tax Saving) is an open-ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit. The investment objective of the scheme is to invest in equities, fully convertible debentures/bonds and warrants of companies. Investment may also be made in issues of partly convertible debentures/bonds including those issued on rights basis subject to the condition that, as far as possible, the non-convertible portion of the debentures/bonds so acquired or subscribed shall be disinvested within a period of twelve months from their acquisition.
Investment made by individuals under UTI Long Term Equity Fund (Tax Saving) will qualify for deduction for the amount invested subject to a maximum of Rs.1,50,000/- (along with other prescribed investments) under Section 80C of Income Tax Act, 1961 as per the prevailing tax laws.
Mr Vetri Subramaniam and Mr Lalit Nambiar are the fund managers of the scheme