Sharjah-based marketing executive Vijay Raghavan has sent the 264 bonds he got in lieu of the Unit Scheme 64 certificates he held since 1990 to the Special Undertaking of UTI. Though he has not firmed up his investment plan, Raghavan is expecting a refund soon.
Raghavan, who paid over Rs 1.5 lakh to acquire the units, is among the 1.3 million US 64 bondholders whose investment would mature with the death of India's first mutual fund scheme at midnight tonight. In July, the scheme would have turned 44 years.
The scheme, which has helped many Indians to marry off their daughters or pay for their children's education, saw a rough ride since the second half of 1990s. That prompted Raghavan's Bengaluru-based relative T Varadarajan, a retired bank executive, to exit in 1998
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app